NDO - Although there may still be many unpredictable fluctuations, the Vietnamese stock market is expected to have brighter colors in 2025. Along with the strong determination to innovate of the Party and State leaders, the attention and close direction of the Government, the Ministry of Finance, the support of ministries, branches, localities... will create a breakthrough in macroeconomic growth and the investment and business environment of enterprises...
The positive intrinsic factors of the Vietnamese macro economy and stock market will continue to create fundamental conditions for the market to maintain stability, good liquidity, and parallel growth in both scale and quality in the new year of At Ty 2025.
This is the sharing of Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong about the factors affecting and orientations and solutions for developing the Vietnamese stock market in 2025 and the coming time.
Reporter (PV): Madam, in 2025, many comments say that the world economy and Vietnam will continue to recover positively, however, difficulties and challenges are still unpredictable. Can you tell us what factors may affect the development of the Vietnamese stock market this year?
Ms. Vu Thi Chan Phuong: Despite many fluctuations due to many impacts from the world economic, trade and geopolitical situation, in general, in 2024, the Vietnamese stock market basically maintained stability, safety and development, continuing to affirm its role as an important medium and long-term capital channel for the economy and businesses; the market maintained stability, good liquidity, strengthened discipline, increased transparency and sustainability.
Along with the market, under the close attention and direction of the Ministry of Finance, 2024 is also a year that records many milestones in the management, operation and supervision of the securities market of the securities industry, in which the most typical is the work of perfecting the legal framework when the amended Securities Law was issued, or before that, Circular 68/2024/TT-BTC removed important bottlenecks for the upgrading process...
I believe that the above positive results are not only the efforts of the Securities industry, but also the result of the accumulation of the entire industry over many years, along with the participation of the entire political system, which has created an important foundation for the development of the stock market in recent years. I hope that the achievements will continue to create momentum for the Vietnamese stock market to develop more strongly, with better quality and sustainability in the new year 2025 and the following years.
We must agree that the stock market always depends on many factors, both subjective and objective. The performance of the stock market is a reflection of the combination of domestic and international macro factors, the health of enterprises, etc. through the lens of investors' confidence and expectations in the market. Therefore, the performance of the stock market this year and in the coming time will continue to depend largely on macroeconomic policies and economic prospects in the country as well as the world.
In its World Economic Outlook 2025 report, the International Monetary Fund (IMF) forecasts global economic growth to reach 3.2%, the same level as in 2024. Meanwhile, the Organization for Economic Cooperation and Development (OECD) forecasts that the global economic stability will be maintained in 2025 and 2026 with the same GDP growth rate of 3.3%. However, the IMF also warns that there will be many unstable and unpredictable factors for the global economy, including potential trade conflicts, geopolitical tensions, an excessively strong US dollar and the weakening of some countries' economies.
We believe that the world's advantages and challenges will continue to have multi-dimensional impacts on Vietnam's macroeconomic situation in general and the stock market in particular.
Domestically, with the Government’s solutions and the drastic participation of ministries, branches and localities, Vietnam has many opportunities to achieve the GDP growth target set by the Government. Along with that, with the Government’s reform and innovation solutions, the investment, production and business environment will continue to improve, actively supporting the development momentum of enterprises in the coming year. In addition, some internal factors that are expected by investors’ psychology such as more positive foreign cash flow, prospects for upgrading, etc. can also be mentioned.
Therefore, overall, the domestic stock market in 2025 is forecast to have brighter colors, thanks to breakthrough expectations from Vietnam's internal factors.
Along with the attention and close direction of the Government, the Ministry of Finance, the support of ministries, branches, and localities, the above positive factors will hopefully continue to create the foundation for the Vietnamese stock market to maintain stability, good liquidity, and parallel growth in both scale and quality.
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To upgrade the stock market, the Ministry of Finance is actively working with market rating organizations, such as FTSE Russell and MSCI. (Photo: VNA) |
PV: As you just shared, the upgrading work was a highlight of the past year and there will be more positive signals in 2025. What is your assessment of the solutions to upgrade the stock market that have been implemented by the management agency?
Ms. Vu Thi Chan Phuong: Upgrading the stock market from frontier to emerging is a major and correct policy of the Government and has been closely directed by the Prime Minister in recent times. The year 2025 is the target for the Vietnamese stock market to be upgraded from frontier to emerging according to the Stock Market Development Strategy to 2030 approved by the Prime Minister.
Upgrading the stock market from a frontier market to an emerging market not only brings many opportunities for the Vietnamese stock market and market participants in particular; but also contributes to improving the image, investment environment, and promoting economic development in general. International financial organizations, experts, and market members all believe that when upgraded, the Vietnamese stock market will attract a large amount of capital, promoting growth in market size and liquidity. Therefore, this is a great determination and a task that the State Securities Commission has always actively implemented under the close direction of the leaders of the Ministry of Finance.
As we know, Circular 68/2024/TT-BTC has been officially issued, marking an important step forward, removing legal bottlenecks, meeting the criteria for upgrading the FTSE Russell organization. Through practical records, the implementation of non-prefunding transactions by foreign institutional investors has been favorable, meeting the trading needs of investors and ensuring safety and transparency from market members and related parties. Along with that, the Securities Law (amended) has also been issued, including many additional regulations to meet the standards for upgrading the stock market.
The State Securities Commission has been actively and regularly working with rating organizations and major international investors to promote the policies, orientations and determination of the Vietnamese Government in upgrading the market; strengthening coordination with foreign institutional investors to answer questions and acknowledge and resolve difficulties of foreign investors when investing in Vietnam; at the same time, seeking the support of foreign investors for the goal of upgrading Vietnam's stock market.
Chairwoman of the State Securities Commission Vu Thi Chan Phuong
In addition, the Ministry of Finance and the State Securities Commission are continuing to work with relevant ministries and sectors such as the State Bank and the Ministry of Planning and Investment to coordinate in providing solutions to meet the upgrading criteria. The ministries and sectors are also actively implementing solutions to create more favorable conditions for foreign investors' investment activities in the Vietnamese market, such as amending legal regulations related to procedures for opening indirect investment capital accounts in the direction of minimizing procedures and shortening account opening time, updating and fully disclosing the maximum state ownership ratio for conditional business lines, and limiting access for foreign investors.
In addition, the SSC has been actively and regularly working with rating organizations and major international investors to promote the policies, orientations and determination of the Vietnamese Government in upgrading the market; strengthening coordination with foreign institutional investors to answer questions and acknowledge and resolve difficulties of foreign investors when investing in Vietnam; at the same time, seeking the support of foreign investors for the goal of upgrading Vietnam's stock market.
Upgrading the stock market depends on the objective assessment of international rating organizations through the practical experience of foreign investors. However, according to the records of international and domestic organizations, Vietnam has many opportunities for FTSE Russell to upgrade according to the roadmap. On the management side, the highest efforts are still being made to carry out the next tasks to remove bottlenecks such as implementing the central clearing partner (CCP) mechanism, coordinating proposals to expand foreign room, implementing information disclosure in English... to meet the upgrading criteria according to MSCI standards.
PV: In the context of many breakthrough policies and solutions to bring the country into a new era, what solutions will the securities industry have to make the stock market develop more strongly in both "quality" and "quantity", madam?
Ms. Vu Thi Chan Phuong: 2025 is a year with many important milestones, a pivotal year to end the socio-economic development plan for the period 2021-2025; 80 years of the founding of the country, 50 years of national reunification; for the financial sector and financial market, it is also a year with important events such as 80 years of the founding of the financial sector, 25 years of the stock market organization and operation.
Under the leadership and direction of the Party, Government, Ministry of Finance; the efforts, determination, solidarity of the collective leadership and cadres, civil servants, public employees, workers in the entire securities industry and the support and joint efforts of market members, enterprises, domestic and international investors... with the above important solutions, the Vietnamese stock market will seize the opportunity to make a breakthrough in both quality and scale, raise its position and be ready and confident to enter the new era of the nation.
Chairwoman of the State Securities Commission Vu Thi Chan Phuong
Assigning tasks to the Securities industry, Finance Minister Nguyen Van Thang emphasized that the Securities industry must make continuous efforts from all market members, from infrastructure reform, improving service quality, especially attracting international investors, attracting medium and long-term capital for the state budget, for businesses and for the economy. At the same time, it is necessary to create a transparent, safe and attractive investment environment, so that the Vietnamese stock market becomes a reliable destination for domestic and foreign investors.
To achieve the Minister's expectations, in the coming time, the Securities industry will continue to synchronously deploy many solutions to ensure the sustainable development of the Vietnamese stock market, affirming its role as an important and main medium and long-term capital channel of the economy, contributing effectively to the country's economic growth, focusing on important groups of solutions, specifically as follows:
Firstly , continue to improve the legal framework and policies for developing the stock market, focusing on completing documents guiding the implementation of the Securities Law (amended) when approved by the National Assembly, protecting the legitimate rights and interests of investors, creating motivation to promote the sustainable development of the Vietnamese stock market; continue to implement solutions, meet the criteria, towards the goal of upgrading.
Second , continue to focus on synchronously implementing solutions to arrange, classify, and expand the market; restructure the commodity base; restructure securities trading organizations in the market; restructure the investor base and restructure the market organization to further expand opportunities for businesses to mobilize capital.
Third , in terms of investor base, we will focus on the strategy of developing institutional investors through expanding the scale and developing diverse types of investment funds in the stock market. In addition, we will continue to synchronize solutions, striving to soon upgrade the stock market from frontier to emerging to better attract the attention and investment participation of foreign organizations.
Fourth , strengthen the capacity to manage, supervise, inspect, examine and handle violations in securities and the securities market; tighten market discipline, strictly handle violations so that the securities market develops transparently and sustainably; continue to invest in and upgrade modern information technology systems, ensure security and safety of information technology systems and databases to serve well the management and supervision of the market, ensure safe market operation, protect the rights and legitimate interests of investors.
Fifth, actively integrate into the world financial and securities markets, meet the requirements of financial security, improve competitiveness, risk management, apply international standards and practices; continue to improve the quality of corporate governance and risk management of listed companies and public companies according to international practices.
Sixth, promote information and propaganda activities, training, improve understanding and knowledge of finance and securities for investors, form classes of securities investors with basic knowledge, professional trading skills, and increase the number of institutional investors participating in the market.
Under the leadership and direction of the Party, Government, Ministry of Finance; the efforts, determination, solidarity of the collective leadership and cadres, civil servants, public employees, workers in the entire Securities industry and the support and joint efforts of market members, enterprises, domestic and international investors... with the above important solutions, the Vietnamese stock market will seize the opportunity to make a breakthrough in both quality and scale, raise its position and be ready and confident to enter the new era of the nation.
PV: Thank you!
Source: https://nhandan.vn/chung-khoan-2025-co-nhung-gam-mau-sang-ky-vong-tao-su-dot-pha-ve-quy-mo-va-chat-luong-post858691.html
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