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Restructuring the Vietnamese stock market

The paper aims at examining the situation of the Vietnamese stock exchanges and its competitiveness and suggesting a merger of stock exchanges as a feasible measure to restructure the stock market in Vietnam. | 2 | Trần Đắc Sinh Restructuring the Vietnamese Stock Market Restructuring the Vietnamese Stock Market TRẦN ĐẮC SINH* ABSTRACT The past few years have been favorable to the Vietnamese stock market as the country has enjoyed economic, political and social stability. In spite of efforts to develop the stock exchanges, the Vietnamese stock market still lacks competitive advantages and fails to meet international standards. The paper aims at examining the situation of the Vietnamese stock exchanges and its competitiveness and suggesting a merger of stock exchanges as a feasible measure to restructure the stock market in Vietnam. Keywords: Competitiveness, liquidity, Vietnamese stock exchanges, restructuring The past few years have been favorable to the Vietnamese stock market as the country has enjoyed economic, political and social stability. Growth targets are highly regarded. Despite efforts by stock market authorities to build a legal framework for the stock market, develop infrastructure, promote supplies of commodities and services, etc., admittedly, it has yet to create competitive advantages on its own. Vietnam can satisfy only eight out of the nine necessary conditions for being classified by FTSE as an emerging market like other stock markets in Southeast Asia. Thus, it will remain a frontier market if its low liquidity is not improved. In addition to liquidity, many other problems should also be addressed to create synergies with economic attractiveness and attract investors. Of these, a core problem is the restructuring of the stock market. 1. INFLUENTIAL FACTORS IN STRUCTURE OF THE MARKET The stock market is an advanced financial market and therefore substantially influenced by technological progress and globalization. These factors have shaped the global stock market. a. Technology: The operations of stock exchanges worldwide are under great influences of technological advances, especially IT. With the IT advances, geographical distances are narrowed, .