American listing helps Vietnam firms elevate standing: US commissioner
The key values that fuel the U.S. capital markets such as strong corporate governance and transparency through public disclosures help elevate the standing of foreign companies, including those from Vietnam, that are listed on U.S. securities markets, said Caroline D. Pham, commissioner of the Commodity Futures Trading Commission (CFTC).
The fact that Vietnamese firms are interested in U.S. capital markets highlights “how the United States has the deepest and most liquid capital markets in the world, which is where people come from all over the world to access funding which helps to promote growth,” Pham told Vietnamese media in Hanoi on Monday.

Caroline D. Pham, commissioner of the Commodity Futures Trading Commission, speaks to Vietnamese media in Hanoi, November 13, 2023. Photo by The Investor/Minh Tuan.
U.S. listing “showcases the strength of not only the United States securities markets, but our securities regulation under the leadership of the SEC,” said the Vietnamese-American commissioner, referring to the U.S. Securities and Exchange Commission.
She went on to say that the U.S. is “very eager” to promote investment in the U.S. and to attract companies to come and do business with the U.S.
“One of the key things about the exchange and the priorities for trade or for investment is to have a strong workforce that has training and skills, particularly when you think about some of the growth sectors for the Vietnamese economy like manufacturing and technology,” she added.
EV maker VinFast, a subsidiary of private conglomerate Vingroup, is the latest Vietnamese firm to list shares on the Nasdaq on August 15. Its stock closed down 2.8% at $5.9 a share on Monday, giving it a market cap of $13.76 billion, after peaking at $93.
In response to The Investor’s question regarding management of cryptocurrencies in Vietnam despite the government ban, Pham mentioned numerous risks around the trading of cryptocurrencies, in particular because of significant frauds and scams.
She said customer protection must be one of the first priorities. With respect to cryptocurrency fraud, the CFTC has brought almost 100 different enforcement actions against different cryptocurrency firms, and has prosecuted them for billions of dollars. “It's something the CFTC will continue to do as part of our role to keep markets and the public safe.”
Talking about her trip to Vietnam, Pham said it was meant to build upon the momentum from Secretary Yellen’s visit in July before the upgrade of bilateral ties to a comprehensive strategic partnership during President Biden's visit in September.
During her stay, Pham had bilateral engagements with the State Bank of Vietnam, the Ministry of Foreign Affairs, and the State Securities Commission. Her meetings helped improve the exchange of ideas and learning and information which will help her “better support the CFTC's mission around responsible innovation, promoting fair competition, support growth and access to markets.”
Caroline D. Pham was sworn in as CFTC commissioner on April 14, 2022, after being nominated by President Biden and unanimously confirmed by the U.S. Senate. She was the first Vietnamese American woman nominated by the president and confirmed by the Senate.
The mission of the Commodity Futures Trading Commission is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.
The Commission consists of five commissioners appointed by the president, with the advice and consent of the Senate, to serve five-year terms.
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