Thursday , December 1 2022

PM Chinh seeks NYSE support for Vietnam stock market development


Vietnam looks to tap the New York Stock Exchange’s expertise in developing its stock market, Prime Minister Pham Minh Chinh said Monday after ringing the closing bell at the exchange.

He wished that the NYSE and Vietnamese partners forge a stable and mutually beneficial relationship, contributing to the Vietnam-U.S. comprehensive partnership.

Vietnam is handling disruptions created by some speculators to ensure the market’s transparency and efficiency, Chinh said. His NYSE was part of his working trip to the U.S. between May 11 and 17.

Chinh witnessed the exchange of banking, finance and investment cooperation documents between relevant agencies of both countries, including one between the Vietnam’s State Securities Commission (SSC) and the NYSE.

Speaking with executives of leading enterprises listed on the NYSE, the PM said Vietnam has maintained a stable economy and is launching a package equivalent to 4 percent of the country’s GDP to aid post-Covid recovery.

A Deutsche Bank rep said they were working with the SSC to support listed companies and asked what can be done to aid Vietnamese businesses listing on foreign stock exchanges, including New York’s.

He responded that the Vietnamese government was responsible for helping its companies achieving sustainable, law-binding development.

Legality is an important area in which the government and enterprises need to cooperate, he said.

But companies should strive for success on their own, be ready to research new technologies and diversify the supply chain.

He also called for support for Vietnamese firms operating in the U.S., including lender Vietcombank, IT giant FPT Corporation and automaker VinFast.

“The Government has created opportunities and favorable conditions for [local] businesses. As they strive to grow, they need the support of foreign partners, including U.S. enterprises.”

A Goldman Sachs representative said they wanted to learn more about the foreign ownership limit in the banking sector as well as accessibility to foreign currencies.

Vietnam is perfecting its legal framework and improving regulations for the finance and banking sector, Chinh said.

But its approach would be different from the U.S., Japan, or South Korea, given infrastructure, policies and experience limits.

A cautious approach in this context would benefit both foreign investors and the country, Chinh said.

Chinh stressed that Vietnam consistently and persistently seeks to build an independent economy that actively integrates with the world in tandem.

The country is open to investment in finance, energy, digital transformation, healthcare, pharma and other sectors, he said.

It is committed to creating a favorable environment for foreign businesses to invest in Vietnam, Chinh added.

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