Ministry of Finance organizes investment promotion conference in Singapore

Minister of Finance Ho Duc Phot speaks at the Conference

The investment promotion conference attracted more than 250 delegates from leading enterprises of Singapore and Vietnam, including financial institutions, banks, investment funds, securities companies and enterprises of both countries.

On the side of the Ministry of Finance and the diplomatic agency of Vietnam, the Conference was attended by Mr. Mai Phuoc Dung - Ambassador Extraordinary and Plenipotentiary of Vietnam to Singapore, Ms. Vu Thi Chan Phuong - Chairwoman of the State Securities Commission, leaders of a number of units under the Ministry of Finance, the State Securities Commission, the Vietnam Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation.

On the Singapore side, the conference was attended by Mr. Kee Rui Xiong, Director General of the Information Disclosure and Corporate Finance Department, Monetary Authority of Singapore (MAS); Mr. Chew Chin Yee, Chief Executive Officer, Singapore Stock Exchange.

Speaking at the opening of the Conference, Minister of Finance Ho Duc Phoc said that over the past 50 years of establishing diplomatic relations, including more than 10 years of strategic partnership, Vietnam - Singapore is an important and special bilateral relationship that has made remarkable and effective progress in many fields. Economic, trade and especially investment cooperation has grown rapidly.

The Minister believes that Vietnam and Singapore still have a lot of room for development, especially in the fields of financial markets, capital markets, and securities. Accordingly, the Ministry of Finance, in coordination with partners, organized this Conference with the hope of providing more investment opportunities and creating a substantive dialogue channel to help businesses and investors better understand the policies, orientations, and potentials of the Vietnamese economy in general and the financial markets in particular.

Overview of the Investment Promotion Conference in Vietnam in Singapore on the morning of August 6, 2024

The Minister of Finance shared that under the attention and direction of the Government, the Vietnamese stock market has developed more and more effectively, qualitatively and sustainably, becoming an important medium and long-term capital channel for the economy. In more than 24 years of operation, the Vietnamese stock market has proven its attractiveness, through the number of goods on the floor, high liquidity and strong participation of domestic and foreign investors.

As of July 2024, there are a total of more than 1,600 stocks and fund certificates listed and registered for trading on the market; the stock market capitalization reaches about 278 billion USD, equivalent to 65% of GDP in 2023. The number of investors has grown strongly with 8 million securities accounts, equivalent to more than 10% of the adult population. In the ASEAN region, the Vietnamese stock market is a very dynamic market with liquidity of up to about 1 billion USD/day, ranking first and second in the region in terms of liquidity. And interestingly, the liquidity of the Vietnamese and Singaporean stock markets is similar.

In particular, regarding the development of the green capital market, Minister Ho Duc Phoc also informed that this is one of the goals included in the Strategy for the development of the stock market until 2030 approved by the Prime Minister, and is one of the important solutions to mobilize capital for green and sustainable growth. In recent years, implementing the policy of the Government, the Ministry of Finance and the State Securities Commission have always paid attention to policies and created favorable conditions and mechanisms for enterprises to mobilize capital, as well as promote green and sustainable development.

The Minister of Finance said that the Vietnamese Government always considers the foreign-invested economic sector an important part of the economy; therefore, it always creates favorable conditions for long-term development, cooperation and fair and equal competition. Accordingly, the Minister affirmed that the Vietnamese Ministry of Finance is committed to accompanying and creating favorable opportunities for partners, businesses and investors to seek investment and cooperation opportunities that bring the highest efficiency. The Ministry of Finance welcomes businesses and investors from Singapore in particular and the region in general to increase new investment and expand the scale of investment in Vietnam, further promoting the effectiveness of cooperation and investment for mutual success and common prosperity.

Also at the conference, the SSC provided information to Singaporean investors on the overview of the Vietnamese stock market, prospects, and goals and policies for market development in the coming time. In addition, representatives from securities companies, fund management companies, and large listed companies on the Vietnamese stock market shared about the growth potential of the Vietnamese stock market, the preparations of securities companies, custodian banks, and cooperation opportunities in the context of upgrading the Vietnamese stock market.

Next, Minister of Finance Ho Duc Phoc chaired the Policy Dialogue with the participation of Chairwoman of the State Securities Commission Vu Thi Chan Phuong and representatives of several units under the Ministry of Finance on the potential and investment opportunities in Vietnam. Many Singaporean investors expressed their interest in the macro prospects and investment opportunities in Vietnam, especially solutions to attract investment in the capital market, green finance as well as the work of upgrading the Vietnamese stock market from a frontier market to an emerging market.

Chairwoman of the State Securities Commission Vu Thi Chan Phuong shared at the Conference

Sharing about the work of upgrading the stock market, Chairwoman of the State Securities Commission Vu Thi Chan Phuong said that upgrading the Vietnamese stock market from a frontier market to an emerging market is one of the major goals that the Vietnamese Government is aiming for. In recent times, the Ministry of Finance and the State Securities Commission have carried out many activities and exchanged information with relevant parties to implement solutions to meet the criteria for upgrading the Vietnamese stock market. Currently, the Ministry of Finance has drafted a Circular amending and supplementing 04 circulars on transactions, registration, depository and clearing, securities company operations and information disclosure. In order to make the application of the circular feasible and most effective after its promulgation, the Ministry of Finance has widely solicited comments from market members, experts and scientists and has collected and absorbed the comments, completed the final draft and published it on the Ministry of Finance and the State Securities Commission's e-portal before promulgation. According to the assessment of domestic and foreign experts, the new solutions and regulations in the draft circular are appropriate and highly feasible. The circular will be issued by the Ministry of Finance soon.

The conference was successfully held with the participation of many people and especially the active exchange and discussion of delegates from the two countries. The event created a connecting forum, thereby opening up greater and more effective opportunities for cooperation and development of businesses, investment funds, investors and the stock markets of the two countries, as well as the common prosperity of Vietnam - Singapore.

Comment (0)