Vietnam's Stock Market Hits 25-Year High After FTSE Russell Upgrade
Vietnam's stock market has hit a 25-year high following its upgrade by FTSE Russell. The move, hailed as a milestone by Minister of Finance Nguyen Van Thang, has sparked a surge in investor confidence, with foreign investors ending a 15-session net-selling streak and buying VND233.9 billion worth of stocks on the HoSE.
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) climbed over 12.5 points, reaching 1,697.83, its highest level since 1997. This rebound was driven by FTSE Russell's upgrade of the domestic market, which has been seen as a significant step towards global integration by Minister Thang. Over 180 stocks rose, and liquidity surged to over VND33.2 trillion (US$1.3 billion) on the southern market. Vinamilk shares surged 3.3 percent, contributing to the market's recovery.
The Ministry of Finance has pledged to continue facilitating access for investors, enhancing the legal framework, and promoting modernization of the stock market. State authorities have been tasked with implementing a comprehensive reform program to align the market with the highest international standards, aiming to create a transparent, efficient, and internationally compliant exchange.
The upgrade by FTSE Russell has boosted Vietnam's stock market to unprecedented heights, with Minister Thang expressing that this is a significant milestone in the country's stock market journey. The Ministry of Finance is committed to further improving the market, with plans to enhance investor access, strengthen the legal framework, and promote modernization. The market's sharp rebound and increased liquidity indicate a positive outlook, with investors showing renewed confidence in Vietnam's stock market.
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