Vietnam encourages qualified Vietnamese enterprises to list on Nasdaq: stock market authority

Vu Thi Chan Phuong, chairwoman of the State Securities Commission of Vietnam (SSC), said the stock market watchdog encourages qualified Vietnamese enterprises to list on international exchanges, particularly Nasdaq, and is also interested in facilitating depositary receipt (DR) issuances in the United States.

Phuong made the statement at a meeting with Bob McCooey, vice chairman and head of international listings at Nasdaq, at the SSC headquarters in Hanoi on Wednesday.

In July, the SSC and Nasdaq co-hosted a regional seminar on IPOs and DR listings with ASEAN partners.

McCooey congratulated Vietnam on being officially upgraded from a frontier market to a secondary emerging market by global index provider FTSE Russell from September 21 next year, a milestone expected to boost foreign investor interest in one of Asia’s fastest-growing economies.

Phuong noted that the meeting took place at a significant moment following FTSE Russell’s announcement. She recalled their previous meeting in New York earlier this year, when Prime Minister Pham Minh Chinh attended the signing of a letter of intent on cooperation between the SSC and Nasdaq.

The SSC chairwoman said Vietnam has been actively improving its legal framework and reforming administrative procedures to develop a more efficient and transparent capital market.

One of the latest initiatives is a regulation allowing companies to submit applications for both initial public offering (IPO) approval and listing registration simultaneously - a step aimed at streamlining the capital-raising process and strengthening investor protection.

She expressed hope that Nasdaq would continue close cooperation with the SSC, supporting information dissemination and awareness campaigns to help Vietnamese firms explore opportunities for overseas listings and capital raising.

McCooey called the FTSE Russell upgrade for Vietnam a “remarkable achievement” that reflects growing investor confidence in the country’s market reforms and economic potential.

He reaffirmed Nasdaq’s readiness to collaborate with the SSC in areas of mutual interest and said he looked forward to seeing more Vietnamese companies succeed internationally.

McCooey praised Vietnam’s entrepreneurial dynamism, saying dual listings - both domestic and overseas - could enhance Vietnam’s image on the global financial stage.

“Vietnam is one of the most dynamic economies in Asia, with strong potential to attract investors from the U.S. and around the world,” McCooey said, adding that Nasdaq aims to serve as a bridge for cooperation not only in listings and fundraising, but also in technology and market surveillance, building on its partnerships with more than 130 exchanges globally.