World Bank highly appreciates the solution to upgrade Vietnam's stock market

On July 10, at the World Bank Office in Vietnam, Chairwoman of the State Securities Commission Vu Thi Chan Phuong had a working session with Ms. Mariam Sherman, the new Country Director of the World Bank.

Also attending the meeting, on the side of the State Securities Commission (SSC), there were representatives of the leaders of the following units: Market Development Department, International Cooperation Department, Office and Securities Magazine. On the side of the World Bank, there was Mr. Ketut Kusuma - Chief Financial Specialist and representatives of the staff who have participated in the SSC support programs in the recent past.

Overview of the working session between the State Securities Commission and the World Bank. Photo: SSC

At the meeting, Chairwoman of the SSC Vu Thi Chan Phuong congratulated Ms. Mariam Sherman, who was appointed as the World Bank Country Director for Vietnam, Laos and Cambodia. The Chairwoman of the SSC shared that in recent years, the SSC has always received support from the World Bank in policy advice, sharing of international experiences as well as in the development of specialized assessment reports. In particular, the advisory reports on technical assistance in developing the Securities Law, as well as regulations, training programs to improve the capacity of officials working in securities market management and supervision in the joint capital market development program (J-cap) that has been implemented since 2018.

Currently, the Ministry of Finance and the State Securities Commission are making efforts to implement solutions to meet the criteria of international credit rating organizations to upgrade the Vietnamese stock market from a frontier market to an emerging market. With the support of the World Bank, the State Securities Commission has organized many conferences, scientific seminars, meetings with international credit rating organizations, the Asian Financial Markets Association (ASIFMA), and foreign investors to exchange and listen to comments to improve documents, mechanisms, and policies to help the Vietnamese stock market upgrade in the coming time. The solutions proposed by the State Securities Commission have also received consensus from international organizations, market members, and scientists, and are assessed to be highly feasible and practical.

Through this, the Chairman also expressed his gratitude to the World Bank for its technical support to the State Securities Commission in the past time and hoped that Ms. Mariam Sherman would continue to effectively promote the cooperation program between the World Bank and the Government of Vietnam, including the program to support the Ministry of Finance and the State Securities Commission.

Sharing at the meeting, Ms. Mariam Sherman, the new Country Director of the World Bank, thanked the information that the Chairman of the State Securities Commission had shared about the cooperation process between the World Bank and the Ministry of Finance, the State Securities Commission and the programs and projects that the World Bank has implemented in the securities sector in Vietnam. She said that the World Bank will consider continuing to implement the J-Cap program for the Vietnamese stock market because of the role and effectiveness that the program has brought in the past time.

She highly appreciated the solutions that the Ministry of Finance and the State Securities Commission are implementing to achieve the goal of upgrading the Vietnamese stock market. In the coming time, the World Bank will continue to accompany the Ministry of Finance and the State Securities Commission in implementing programs and projects to enhance market management and supervision capacity, and deploy solutions to achieve the goal of upgrading the stock market.

Source: https://laodong.vn/kinh-doanh/world-bank-danh-gia-cao-giai-phap-nang-hang-thi-truong-chung-khoan-viet-nam-1364610.ldo