Celebrating its 25th anniversary since launching in July 2000 with only two stocks, Vietnam’s stock market has evolved into a vital channel for medium- and long-term capital, with a capitalization of approximately VND7 quadrillion ($280 billion)—about 70% of GDP—and over 10 million investor accounts. The market has complemented the banking system, supported corporate growth, and strengthened Vietnam’s global financial integration. Recent milestones include the VN-Index reaching 1,531 points, driven by domestic capital inflows, especially from individual investors. Major private firms like Vingroup and Hoa Phat are increasingly leveraging the stock market to fund expansion. Reforms such as the KRX system, non-prefunding mechanism, and planned CCP in 2026 aim to modernize the market through T+0 settlement and short selling. Transparency, governance, and product diversification are crucial to attract foreign capital and achieve an emerging market upgrade. The market’s resilience has been tested by major global shocks (e.g., the 2007 crisis, Covid-19), yet it has emerged stronger. Experts highlight the importance of synchronised development with broader institutional reforms, investor education, and corporate capability. State-owned enterprises like Sabeco, PetroVietnam Gas, and Vietnam Airlines have benefited from equitisation, reinforcing governance and accountability. Improved liquidity and foreign interest signal growing confidence, but further regulatory upgrades, foreign ownership reforms, and expanded product offerings are needed to sustain momentum. Vietnam’s stock market now stands as a symbol of reform and integration—central to the country's next economic chapter. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam Investment Review