Vietnam matches Singapore in daily stock trading value: minister

Within the ASEAN region, Vietnam’s stock market is “dynamic”, with 1,600 stocks and fund certificates, he told 300 investors at an investment promotion event in Singapore on Tuesday.

The total market cap of Vietnam’s stocks is now at $278 billion, equivalent to 65% of the country’s GDP last year, he said.

There are now 8 million stock trading accounts, or over 10% of the adult population, he added.

Phoc said that Vietnam is developing a transparent and open stock market to ensure the interests of all participants.

“We are striving to meet the criteria of an Emerging market status”. Vietnam stock market is now classified as Frontier by London-based FTSE Russel and New York City-based MSCI, two companies that track and license indices.

The country targets to reach the Emerging market status by next year, and the status upgrade can help it attract $25 billion in foreign investment by 2030, according to an estimate by the World Bank.

Singapore is a major financial hub in Asia where many financial companies, banks and investment funds are located.

Vietnam and Singapore have significant potential for development and investment, especially in the capital and stock markets.

“Vietnam guarantees the legitimate rights and interests of investors,” he said, adding that the business investment environment will be continuously improved to ensure investors feel confident in the long run.

Singapore is the second-largest foreign direct investor in Vietnam, with nearly $75 billion in committed capital to date.

In the first seven months, Singaporean businesses pledged to invest nearly $6.52 billion in Vietnam, accounting for about 36% total pledge.