In his remarks, ASIC chairman Joseph Longo praised the strong cooperative relationship with the SSC. "This MoU exemplifies the robust relationship between our two agencies and our shared commitment to fostering the development of our capital markets," Longo stated.

Longo stressed that the MoU would establish a formal information-sharing mechanism, enhance technical cooperation in market management and supervision, and promote best practices and investor protection activities.

"This agreement is a testament to ASIC's commitment to supporting Vietnam’s capacity building and economic growth. We will continue to provide technical assistance, training, and infrastructure support to the SSC," he added.

Longo also acknowledged Vietnam's recent progress, noting its emergence as a dynamic and resilient economy in the region. He expressed confidence in the continued growth and development of Vietnam's capital markets.

"The signing of this MoU marks the beginning of a new chapter in our cooperative relationship, reflecting our shared vision of developing dynamic capital markets governed by robust regulatory frameworks," Longo highlighted.

SSC chairwoman Vu Thi Chan Phuong echoed these sentiments, underscoring the growing importance of Vietnam's stock market as a critical medium and long-term capital channel for businesses and the economy, and as an attractive investment destination for both domestic and international investors, including those from Australia.

Phuong highlighted the valuable support received from the Australian government, including funding for the World Bank’s Joint Capital Market Development programme, which has assisted Vietnam in addressing criteria and solutions for market upgrades, as well as training and capacity-building initiatives from ASIC.

"On behalf of the SSC, I extend our gratitude to ASIC and the Australian Department of Foreign Affairs and Trade for their continuous support and cooperation over the years," Phuong stated.

She also noted the significant growth and development of Vietnam's stock market over the past 28 years. As of July, the market capitalisation of listed stocks reached approximately $278 billion, equivalent to 65 per cent of the country's GDP in 2023, with over 1,600 listed and registered securities.

"The number of investor accounts has surged to eight million, representing about 10 per cent of the adult population," Phuong stated. "In the ASEAN region, Vietnam's stock market is exceptionally dynamic, with liquidity reaching around $1 billion per day, making it the most liquid market in the region."

Furthermore, Phuong shared that Vietnam's ongoing efforts to meet international standards and implement solutions to elevate the market's status. "We are committed to addressing the necessary criteria and introducing measures to upgrade our market, ensuring it aligns with global practices," she added.