{"id":5236,"date":"2026-09-24T07:51:04","date_gmt":"2026-09-24T07:51:04","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=5236"},"modified":"2026-09-24T07:51:04","modified_gmt":"2026-09-24T07:51:04","slug":"vietnam-is-finally-a-ftse-emerging-market-yet-its-the-countrys-banks-not-its-exporters-thatll-benefit-most","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=5236","title":{"rendered":"Vietnam is finally a FTSE emerging market\u2014yet it\u2019s the country\u2019s banks, not its exporters, that\u2019ll benefit most"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/09\/GettyImages-2281693986.jpg?w=2048\" \/><\/p>\n<p>Vietnam\u2019s long-awaited upgrade to emerging market status is an \u201cimportant milestone\u201d for the country, experts say, yet they also warn that the inflow of foreign money will go toward companies that bear little resemblance to the country\u2019s export-manufacturing economy.<\/p>\n<div>\n<p class=\"wp-block-paragraph\">On Sept. 21, Vietnamese stocks entered FTSE Russell\u2019s emerging market ranks, capping a years-long effort by the Southeast Asian country to meet the index provider\u2019s criteria.<\/p>\n<p class=\"wp-block-paragraph\">\u201cVietnam\u2019s upgrade to emerging market status is an important milestone,\u201d says Anh Tran, a finance professor at the Bayes Business School at City St George\u2019s, University of London. \u201cIt serves as external validation of the country\u2019s economic development and financial market reforms, and places Vietnam within the universe of institutional investors that either benchmark against or track FTSE emerging market indices.\u201d<\/p>\n<p class=\"wp-block-paragraph\">This upgrade puts Vietnam alongside four other Southeast Asian countries\u2014Thailand, Malaysia, Indonesia, and the Philippines\u2014which the index provider has classified as \u201cemerging\u201d markets. Investors often use FTSE\u2019s and MSCI\u2019s benchmarks to guide their investment decisions; the upgrade could channel $6 billion in capital from foreign investors to Vietnamese companies.<\/p>\n<p class=\"wp-block-paragraph\">\u201cGeneral Secretary To Lam once said that a global financial hub cannot rely solely on domestic liquidity or traditional administrative frameworks,\u201d explains Nguyen Luong Hai Khoi, a researcher and academic at the University of Oregon. \u201cInstead, it requires a modernized capital market as its foundation.\u201d Vietnam hopes to raise $76 billion a year through its capital markets by 2030, reducing its dependence on bank credit.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">Vietnam had to reform its market regulations to win FTSE\u2019s approval. The Ho Chi Minh Stock Exchange worked with South Korea\u2019s stock market to launch a new trading system. Vietnam also eased some foreign ownership limits and pushed companies to disclose more information in English.<\/p>\n<p class=\"wp-block-paragraph\">\u201cThe FTSE upgrade is an important opportunity, rather than an endpoint,\u201d says Thu Phuong Pham, an associate professor of finance at Australia\u2019s Curtin University. \u201cIts longer-term benefits will depend on the continued development of market infrastructure and arrangements that support efficient and transparent trading.\u201d<\/p>\n<h2 class=\"wp-block-heading\"><strong>A mismatch<\/strong><\/h2>\n<p class=\"wp-block-paragraph\">As part of the upgrade, FTSE also added 27 Vietnamese companies, including Masan Group, VietJet Aviation, and Gelex Group, to its global index. Their inclusion makes some of Vietnam\u2019s largest companies more visible to global asset managers.<\/p>\n<p class=\"wp-block-paragraph\">Yet how much that visibility translates into investment is another question.<\/p>\n<p class=\"wp-block-paragraph\">\u201cIndex money follows the rules of the index, not the shape of the economy,\u201d Hanh Le, a finance lecturer at Vietnam\u2019s RMIT University, explains.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">Vietnam reported 8.2% growth in the first half of 2026, its strongest performance in 15 years, primarily due to strength in export-oriented sectors like electronics and metals. Exports rose over 20% in the first seven months of the year, despite a 20% U.S. tariff on Vietnamese goods.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">\u201cVietnam grows on foreign-invested manufacturing and exports, but very little of that is listed,\u201d Le continues. \u201cWhat passes FTSE\u2019s tests for size, liquidity and free float is overwhelmingly financial: 15 of the 27 companies in the basket are banks or securities firms.\u201d<\/p>\n<p class=\"wp-block-paragraph\">And of the 27 names, only six\u2014Vietcombank, Vingroup, Vinhomes, BIDV, VP Bank and Hoa Phat\u2014were added to the FTSE All-World Index, one of the most widely-tracked indices. <\/p>\n<p class=\"wp-block-paragraph\">\u201cEven within those six, ownership caps and thin free float limit how much foreigners can buy: only banks that absorbed weaker lenders can now go to 49%, and state-controlled Vietcombank is excluded,\u201d Le adds.\u00a0<\/p>\n<h2 class=\"wp-block-heading\"><strong>What Hanoi must do next<\/strong><\/h2>\n<p class=\"wp-block-paragraph\">For all the fanfare of Vietnam\u2019s upgrade, the VN-Index, the country\u2019s benchmark index, dropped by 0.9% on Sept. 21, and trading turnover on the Ho Chi Minh City Stock Exchange plunged 33% from the previous Friday. The VN-Index is currently down about 2% for the week.<\/p>\n<p class=\"wp-block-paragraph\">To capture and retain foreign investors, experts say Vietnam still needs to improve market infrastructure, transparency and quality. Nguyen points to corporate reporting in English, clearing frameworks aligned with international standards, and policies steering capital into high-tech manufacturing, all areas where Vietnam still lags behind more mature emerging markets.<\/p>\n<p class=\"wp-block-paragraph\">The bigger risk may be concentration. \u201cSix companies carry the foreign story, and Vingroup and Vinhomes alone accounted for most of the index\u2019s gains last year,\u201d says Le. \u201cThat is a market that is easy to exit.\u201d (In fact, foreign investors have been net sellers of Vietnamese stocks since 2022)<\/p>\n<p class=\"wp-block-paragraph\">Notably, MSCI\u2014another index provider\u2014still classifies Vietnam as a frontier market, citing the country\u2019s continued limits on foreign ownership.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">\u201cThe MSCI\u2019s requirements are distinctly more stringent,\u201d concludes Nguyen. \u201cThe FTSE is a crucial psychological and operational stepping stone, but an MSCI upgrade would require a separate, heavier set of institutional reforms.\u201d<\/p>\n<\/div>\n<p>#Vietnam #finally #FTSE #emerging #marketyet #countrys #banks #exporters #thatll #benefit<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vietnam\u2019s long-awaited upgrade&hellip; <\/p>\n","protected":false},"author":1,"featured_media":5237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3013,4320,6861,211,8313,2402,103,8312,3481,8314,5300],"class_list":["post-5236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-banks","tag-benefit","tag-countrys","tag-emerging","tag-exporters","tag-finally","tag-ftse","tag-marketyet","tag-stock-exchange","tag-thatll","tag-vietnam"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - 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