Government targets MSCI stock market upgrade, fintech sandbox by 2030
Vietnam has approved a comprehensive financial reform plan toward 2045 aimed at boosting capital markets, adopting fintech sandboxes, and establishing the International Financial Center in HCMC and Da Nang City.
Vietnam has approved a comprehensive financial reform plan aimed at boosting the country's capital markets and establishing the International Financial Center in HCMC and Da Nang City by 2030. The "Comprehensive Reform Plan for Vietnam’s Financial Market Linked to Sustaining High Growth Targets by 2045" was signed by Deputy Prime Minister Nguyen Van Thang, marking a critical milestone in refining institutions, modernizing, and improving the operational efficiency of Vietnam's financial market.
The plan emphasizes positioning financial reform within the broader macroeconomic framework, leveraging institutional changes to bolster state management capacity and transparency. By 2045, Vietnam expects stock market capitalization to reach 120 percent of GDP and bond market debt to be 60 percent of GDP. Key objectives include upgrading the stock market to an MSCI Emerging Market by 2030, deploying a Central Counterparty (CCP) clearing mechanism, and establishing a carbon credit trading market by 2029.
The Plan also calls for stricter bank credit standards by 2030 and the expansion of the capital market to alleviate excessive reliance on bank credit.
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