Vietnam s challenge to turn market reform into long term capital

Mickey Maini, founder of Solstice Laboratory, explained that Vietnam's market upgrade was "a receipt, not a prize." In 2024, foreign investors stopped pre-funding shares, while Vietnamese investors absorbed the selling, maintaining the index near record levels. The barrier at the market's border was eliminated gradually, allowing smaller risks and better pricing.

Vietnamese investors recognized the progress early on. Maini advised Vietnamese managing wealth to identify stress sources and invest in scarce and needed assets, rather than those whose value depends solely on continual growth. He emphasized measuring wealth against real things, not just paper money.

Maini provided advice for founders raising capital today: understand that the investment story has changed, targeting technology and resources. Vietnam, with its consumers, resources, and engineers, offers a unique opportunity. He suggested five rules: investing in technology and the real economy, verifiable businesses, owning something difficult to replicate, taking capital that raises standards, and making the company the easiest first investment for new owners.

Vietnam should focus on the queue in four key areas: global production rerouting, power grid development, minerals processing, and market infrastructure. Maini expressed concern about the pace of market development but remained optimistic, citing Vietnam's growth from just two listed companies in 2000 to over 1,600 today. Over the past 40 years, Vietnam's market has grown significantly, demonstrating a promising long-term outlook.