Australia supports Vietnam's stock market development

The State Securities Commission of Vietnam (SSC) and the Australian Securities and Investments Commission (ASIC) on August 2 signed a Memorandum of Understanding (MoU) to enhance cooperation.

The signing was made during the on-going visit to Australia by a delegation from the Ministry of Finance, led by Minister Ho Duc Phoc.

Under the MoU, the two sides will increase information sharing and enhance dialogues and discussions, technical cooperation, and experience exchange through a program on improving capacity between the two sides as sponsored by the Australian Department of Foreign Affairs and Trade.

From now to the end of 2024, the ASIC is scheduled to organize training programs to help improve capacity for SSC staff.

ASCI Chairman Joseph Longo noted that the MoU demonstrated Australia’s commitment in enhancing support and improving capacity for the development of stock market of Vietnam.

The market capitalization of Vietnam’s stock market was estimated at approximately $278 billion as of July, 2024. The figure is equivalent to 65% of the GDP in 2023, according to Chairwoman of the SSC Vu Thi Chan Phuong.