### The Launch of the Việt Nam Stock Exchange
On a significant note in the history of Vietnam’s financial markets, the Việt Nam Stock Exchange (VNX) officially commenced operations on a clear Saturday morning. This event not only serves as a milestone for the country’s economic landscape but also marks a transformative shift in how investment and capital flow will be managed domestically.
### The Opening Ceremony
The launch was celebrated with an opening ceremony held simultaneously in Hà Nội and Ho Chi Minh City, with portions streamed online, demonstrating inclusivity and broad participation. Deputy Prime Minister Lê Minh Khái was present to ceremonially hand over the operations to the Board of Directors of VNX, signifying governmental support for this ambitious endeavor. The gathering was attended by various dignitaries and stakeholders in the finance sector, each keen to witness this pivotal moment.
### Structural Changes in the Stock Market
At the core of this new exchange is a parent-subsidiary model that combines the Hà Nội Stock Exchange (HNX) and the Hồ Chí Minh Stock Exchange (HoSE). By centrally consolidating these two pivotal exchanges, VNX is positioned to create a more cohesive and robust market structure. With a charter capital of VNĐ3 trillion, the VNX will not only serve as a limited company owned entirely by the state but will also act as the parent company for HNX and HoSE.
### Roles and Responsibilities Post-Establishment
The establishment of VNX brings a clear delineation of responsibilities between HNX and HoSE. HNX will focus on managing derivatives, bonds, and other securities markets, while HoSE will concentrate on organizing the main stock market activities. This clear segmentation allows for specialized growth and strategic focus, providing a more streamlined approach to market operations.
### Government Perspectives on Market Development
Deputy Prime Minister Khái emphasized the importance of developing the stock market as a crucial channel for medium- and long-term capital mobilization aimed at economic growth. He highlighted the government’s consistent policy focus on modernizing technology infrastructure to improve efficiency. This initiative is not just about numbers but also about ensuring that Vietnam’s financial markets evolve in line with global standards.
### Embracing Digital Transformation
One critical aspect of VNX’s strategy involves digital transformation. The government and the VNX Board have acknowledged that to foster a thriving market environment, it’s essential to embrace modern technologies. This transformation will be pivotal not only for enhancing operational efficiency but also for implementing effective risk management practices, ultimately safeguarding the integrity of the stock market.
### Addressing Previous Market Fragmentation
Nguyễn Thành Long, the chairman of the VNX Board of Directors, pointed out that the fragmentation evidenced in Vietnam’s stock market hindered its potential. Prior to the establishment of VNX, there were inconsistencies in indices, and a unified market representation was lacking. Long argues that the unification of exchanges is a necessary move that aligns with global financial trends, aimed at bolstering Vietnam’s position in international investment circles.
### Regulatory Developments and Future Plans
Since the VNX’s inception, significant regulatory advancements have been made. By September, the exchange had introduced seven new regulations and a strategic plan designed to restructure the corporate bond market, which is set for introduction in December. These measures are essential in ensuring compliance, transparency, and efficiency within the newly unified market system.
### Strategic Development Goals
Looking ahead, VNX is not simply resting on its laurels. A strategic plan covering the next three years is in development, with a forward-thinking approach towards longer-term objectives. This comprehensive planning is aimed at ensuring that VNX can navigate the evolving landscape of global finance while addressing the specific needs of the Vietnamese market.
Through this structured approach, VNX not only elevates Vietnam’s stock market but also paves the way for better economic resilience and opportunities for investors. With a focus on transparency, efficiency, and modernization, the future appears promising for Vietnam’s financial landscape.