On December 15, in Nha Trang, Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong attended the interdisciplinary workshop "Unlocking the potential of Vietnam's capital market" organized by the World Bank.
Ms. Carolyn Turk, World Bank Country Director for Vietnam, assessed the strong potential of Vietnam's capital market. According to Ms. Carolyn Turk, developing the capital market requires coordination between different agencies.
Ms. Carolyn Turk, World Bank Country Director for Vietnam, delivered the opening speech at the Workshop. (Photo: SSC)
"The goal of upgrading the stock market from a frontier market to an emerging market requires close cooperation between the capital market regulator and the banking regulator due to the role of commercial banks in the payment process," said Carolyn Turk.
The World Bank representative hopes to promote solutions to exploit the potential of the capital market, open the door for international investors to invest in Vietnam as well as develop modern capital markets to support Vietnam's goal of becoming a high-income country by 2045.
Mr. Ketut Ariadi Kamusa, Senior Financial Specialist, Financial Sector Coordinator of the World Bank in Vietnam, shared that in recent years, Vietnam's capital market has demonstrated its strong growth potential thanks to stable macroeconomic conditions. However, some areas need to be improved to develop Vietnam's capital market.
"In order to attract foreign investment capital into the Vietnamese stock market, it is necessary to have measures to improve current obstacles in terms of deposit and pre-blocking of securities before trading; limits on foreign ownership and remaining foreign room; and equal access to information," Mr. Ketut Ariadi Kamusa emphasized.
Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission. (Photo: SSC)
Meanwhile, Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, said that in the context of the current rapid development of the stock market, the increase of cooperation activities with the World Bank within the framework of the Joint Capital Market Development Program (J-CAP) is very necessary.
Ms. Phuong said that the World Bank has played a bridging role between the State Securities Commission and international organizations and institutions so that all parties have the opportunity to share, update and discuss the practical development of the market, as well as make efforts to remove obstacles and limitations in operations, especially issues related to the upgrading process of the Vietnamese stock market.
The Chairman of the SSC affirmed that the contributions of experts from the World Bank group will certainly be a particularly useful source of reference, supporting the SSC with the necessary tools to address the challenges ahead.
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