LSE: Upgrading Vietnam's market to Emerging status and establishing an International Financial Centre to attract global capital

Representing the London Stock Exchange (LSE), Tom Attenborough said Vietnam’s financial market is at a moment of strong growth and deeper integration. He pointed to Vietnam’s path toward stronger growth as FTSE Russell considers upgrading the market to Emerging Market status and as the country pursues the development of an International Financial Centre (VIFC). Attenborough said this would provide a foundation to attract large-scale capital and to partner with global investment networks.

Market outlook amid volatility

Speaking on the sidelines of the high-level Investment Forum in Ho Chi Minh City on 14 April, Attenborough said the international financial market remains broadly positive despite geopolitical volatility. He cited performance over the past year, noting that the FTSE 100 rose about 23 percent, outperforming the S&P 500 in the United States. While markets have some volatility, he said the core growth trend remains intact and large deals are progressing successfully.

Potential impact of an upgrade to Emerging Market status

Attenborough said an upgrade from frontier to emerging would likely trigger a wave of capital from funds that track emerging-market indices. He also highlighted that loosening rules on international investment and a more transparent fundraising environment would support stronger foreign capital inflows.

Role of international capital and regional champions

Attenborough praised Vietnam’s economic growth and the government’s efforts toward double-digit growth. He said international capital participation is a key factor in achieving that objective. He added that Vietnam’s importance is expanding beyond the ASEAN region and is increasingly relevant globally, with many Vietnamese companies moving beyond national leadership to become regional champions. He said LSE aims to act as a strategic gateway, helping these firms access a broader network of international investors.

MoU with HDBank and Sovico Group

A tangible sign of this connectivity, Attenborough said, is a Memorandum of Understanding (MoU) between HDBank, Sovico Group and LSE. He described the agreement as multi-faceted and covering multiple strategic objectives.

Through LSE—described as one of the world’s largest bond markets with a listed value of more than $6 trillion and the ability to raise funds in more than 50 currencies—HDBank would gain favorable access to international bond markets. Attenborough also said LSE would support HDBank’s green-finance development. He said the collaboration is intended to connect Vietnam’s business stories with global investors and strengthen investor confidence.

VIFC and alignment with global models

On the strategic move to establish the International Financial Centre in Vietnam (VIFC), Attenborough described it as a positive step. He cited similar models including DIFC in Dubai and AIFC in Astana. He said VIFC would create a streamlined, transparent legal framework that facilitates foreign capital flows and makes global norms easier to apply.

Attenborough said LSE is ready to cooperate with VIFC in various forms, including facilitating foreign fundraising for issuers and increasing VIFC’s visibility on the international financial map.