Chairing an investment promotion conference in Singapore on August 6, Phoc noted that Vietnam and Singapore still have much room for development cooperation, especially in the financial sector.
Through the conference Vietnam hopes to help businesses and investors better understand its policies and directions, as well as the potential of its economy in general and its financial markets in particular, said the minister.
In his view, Vietnam’s stock market is developing more and more effectively, becoming an important medium- and long-term capital channel for the economy. During more than 20 years of operation, the market has proven its attractiveness, through the number of shares changing hands on the floor, high liquidity and strong participation of domestic and foreign investors.
As of July 2024, there were a total of more than 1,600 stocks and fund certificates listed for trading on the market, with market capitalization reaching about US$278 billion, equivalent to 65% of GDP in 2023. The number of investors has grown strongly with approximately 8 million accounts, equivalent to more than 10% of the adult population.
Within ASEAN, Vietnam’s stock market is a dynamic market with liquidity of up to about US$1 billion per day.
“Vietnam is making efforts to meet the criteria for upgrading its stock market and expects to be upgraded to an emerging market in the near future,” said the minister.
With regard to investment attraction into the financial sector, Phoc said that the Government of Vietnam always creates favourable conditions for investors to cooperate, develop and compete with each other on an equal footing.
Vietnam welcomes businesses and investors in Singapore in particular and in the region in general to increase new investments and expand investment scale in the country for the win-win results, he stressed.
Also at the conference, the State Securities Commission (SSC) of Vietnam provided Singaporean investors with an update of the country’s stock market, prospects and goals, and market development policies in the future.
Representatives from securities companies, fund management companies, and large listed enterprises on the Vietnamese stock market talked about the growth potential of the country’s stock market, their preparations as well as cooperation opportunities in the context of the future upgrade of the stock market.
