On September 18, Vietnam's stock market was officially included in the FTSE Russell Global Equity Index Series, marking the final trading session before the market formally transitions to secondary emerging market status on September 21.

Vietnam's elevation is about more than the prospect of additional capital flows. It opens the door to greater international visibility, deeper engagement with global investors, and higher expectations for corporate governance and transparency.

For Thuy Vu Dropsey, chief of Corporate Development & Strategic Finance at Vingroup, the milestone carries a significance that goes beyond market classifications or index-related flows.

“September 18 is a moment of pride for Vietnam. It has been many years in the making, and it reflects the progress that the country and our capital markets have made,” she said, going on to explain the development presented two important opportunities for Vietnamese companies.

The first is access to a larger, more sophisticated and deeper pool of capital to support growth. The second is the opportunity to strengthen engagement with investors while raising standards of governance and transparency and improving the way companies communicate their growth stories.

“Both of these are areas that Vingroup has been focusing on all along. We have focused on communicating our financial results while also explaining what we are building, how we allocate capital and how we create value,” stated Dropsey.

“The question now is how we unlock all these capabilities. At Vingroup, we see three directions – going deeper at home, building what Vietnam needs next, and taking Vietnamese capabilities abroad,” she added.

The NYSE congratulates Vietnam on its inclusion in the FTSE Russell Global Equity Index Series. Photo: State Securities Commission

For banks, the implications extend beyond their own access to international capital.

Luu Thi Thao, standing deputy CEO cum senior executive managing director of VPBank, said the upgrade could bring a dual benefit for financial institutions, combining greater recognition for individual businesses with a broader opportunity to act as a bridge between international capital and the Vietnamese economy.

“For us, there are dual benefits. First, like any national company or business, greater recognition is a direct benefit to us. But as a bank, we also have another role because we are a capital connector for enterprises,” said Thao.

“The greater recognition and confidence associated with Vietnam’s new market status could help banks deepen their access to international investor and funding communities, allowing them to channel more capital into the domestic market at a time when financing needs are expected to rise alongside Vietnam’s next stage of development,” she added.

Thao said VPBank had already built a significant track record in accessing international funding. The bank currently raises around $2 billion to $3 billion annually from international commercial banks and financial institutions such as the International Finance Corporation and the Asian Development Bank.

“This has been a long journey. We have consistently worked on a philosophy of going beyond regulatory requirements, strengthening corporate governance and building confidence within the international community,” she added.

“For VPBank, therefore, the market upgrade represents both an opportunity and a responsibility. Currently, we see the development as very positive. At the same time, it also creates a responsibility for us to live up to the expectations,” Thao said.

That combination of opportunity and responsibility is also increasingly relevant for large Vietnamese corporates as international investors gain greater access to the market.

For Masan Group, the upgrade comes at a time when the company sees Vietnam’s growth story extending well beyond foreign direct investment (FDI) and infrastructure.

"This is a very exciting moment for the country. Masan is a listed company, so we clearly care about this development," said Michael Hung Nguyen, deputy CEO of Masan Group. "But the opportunity should also be viewed through the lens of Vietnam's rapidly evolving consumer economy. Vietnam is not just about FDI and infrastructure – it is also about consumers."

Nguyen noted that as incomes rise, Vietnamese consumers are increasingly seeking better products, services, and experiences, creating opportunities across housing, financial services, retail, and consumer brands.

“We are a consumer and retail organisation, and we believe that as people earn more, they want to live better lives,” he explained. “Whether that means a better home, financial services that reflect their growing wealth, or the brands they hope to buy and how they wish to shop, these trends are all part of Vietnam’s development.”

For Masan, the upgrade matters both for the investment flows it could bring to listed companies and for the visibility it gives to the broader growth story of Vietnam's private sector and consumer economy.

“As a result, being part of the index and the broader market, and seeing this upgrade take place, makes us very excited about the opportunities ahead,” said Nguyen.