Vietnam’s stock market is approaching a milestone with its market status upgrade. From the perspective of a securities firm backed by an international financial group, how do you assess the market’s prospects after the upgrade and the key changes that could take place in the coming period?

This is an important milestone. What we expect after the upgrade is not simply how many billions of dollars in international capital Vietnam can attract, but also whether the stock market becomes more transparent, more deeply integrated and increasingly aligned with international standards.

I believe the market will see several notable changes. First, institutional investors, particularly foreign investors, could account for a larger share of trading and holdings. Foreign investors have accounted for around 11-14% of total market trading value in recent months.

As Vietnam is included in FTSE Russell indices under a roadmap running from September 2026 to September 2027, the participation of international investors, particularly index-tracking funds, is expected to increase further. FTSE Russell is also implementing Vietnam’s inclusion in the FTSE Global Equity Index Series in four tranches, with investment weights to be added in increments of 10%, 20%, 35% and 35%, respectively.

Second, requirements for information transparency, corporate governance and investor relations will become increasingly stringent as listed companies are required to meet standards closer to international practices.

Third, more sophisticated financial products and services will develop to meet the increasingly diverse needs of domestic and international investors.

I believe this is only the beginning of a journey in which Vietnam’s capital market is poised to become more deeply connected with the regional and international financial ecosystem.

In your view, what opportunities will the upgrade create in terms of attracting international capital, liquidity, the quality of listed companies and the development of Vietnam’s capital market? What factors will determine whether these opportunities translate into a long-term growth driver?

According to our estimates, the upgrade could help Vietnam attract around $6-8 billion in foreign capital over the next two to three years. This is a medium-term timeframe based on FTSE’s assessment, not a prediction that capital will flow in immediately after the upgrade.

Fresh inflows from passive funds tracking the FTSE Emerging Markets index have already helped ease net selling pressure from foreign investors in August and September. Although we have seen a clear increase in international investors’ interest in Vietnam, active funds remain cautious amid global headwinds such as interest rate levels, a wave of major technology IPOs and geopolitical risks. In the long run, active investment flows will be the key factor supporting both market liquidity and valuations.

Notably, around three-quarters of the estimated capital inflows are likely to come from active investment funds rather than passive ETFs alone. This is very important because active funds typically conduct in-depth research, take a long-term investment view and impose more stringent requirements on corporate quality.

From this perspective, the biggest opportunity created by the upgrade lies not only in the additional capital flowing into the market, but also in the impetus it provides for listed companies to improve their governance, transparency and disclosure quality to meet the standards of international institutional investors. As corporate quality improves, the ability to attract capital will also strengthen, creating a virtuous cycle for the entire market.

However, to turn this opportunity into a long-term growth driver, the key is not the capital inflows during the first few quarters after the upgrade, but the market’s ability to sustain its reform process. This requires continuous improvements in the legal framework, corporate governance, information transparency, the scale of listed securities and international investors’ market access.

As the stock market expands and becomes more deeply integrated with international markets, which business segments will offer securities firms the greatest growth opportunities? How should their business models change to meet new demands?

Securities firms will no longer be able to provide only traditional brokerage services. They will need to diversify their services and deliver greater value to clients.

As the market grows, opportunities will come from higher-value-added segments such as investment banking (IB), capital-raising advisory, M&A advisory, wealth management, fund management, structured products, derivatives trading and investment solutions for institutional clients and high-net-worth individuals.

In the long term, firms capable of transforming themselves into institutions providing comprehensive financial solutions, rather than merely acting as securities trading intermediaries, will be the biggest beneficiaries of the development and elevation of Vietnam’s capital market.

For Maybank Investment Bank, what specific opportunities in Vietnam arise from its regional financial network and ability to connect international investors? Which areas of development is the company prioritizing in this new phase?

Our advantage lies not only in our presence in Vietnam, but also in our ability to connect Vietnam with Maybank’s extensive network of financial institutions and investors across ASEAN and around the world. I believe this role will become even more important in the new phase.

On the one hand, we can introduce Vietnamese growth stories and well-positioned companies to the international investment community through research, corporate-investor engagement and investment promotion programs. Every year, we organize numerous visits and on-the-ground meetings, bringing international investors and funds to explore the market and engage directly with Vietnamese companies.

Since the upgrade, we have seen growing interest in Vietnam from investment funds. Some funds that had previously stopped trading have even returned to explore the market. This is a very positive signal.

At the same time, we will continue to strengthen our technology systems to better serve the trading and information-access needs of institutional clients, particularly major investment funds around the world. Institutional clients are playing an increasingly important role in the quality of capital flows and market liquidity. This will therefore be one of our key development priorities in the coming period.

Conversely, we also want to bring international capital and financial solutions closer to Vietnamese companies. In addition to raising capital through the equity market, we have been working with many businesses on bond-market fundraising, financial advisory services and access to international syndicated loans. These activities help companies diversify their funding sources while gradually improving their ability to meet international financial market standards.

I believe the role of a securities firm in this new phase is not merely to facilitate investors’ trading, but also to help connect capital with businesses and projects capable of creating value for the economy.

After the upgrade, listed companies need to view the capital market as a long-term partnership rather than simply a fundraising channel to use when needed. In this relationship, the quality of corporate governance, transparency and the ability to maintain regular dialogue with investors will become increasingly important.

This is also the role we want to play in this new phase of development: not only connecting foreign capital with Vietnam, but also connecting Vietnamese companies with major opportunities across ASEAN and around the world.

To capitalize on post-upgrade opportunities, what do securities firms need to prepare in terms of capital, technology, risk management, service quality and human resources? In your view, which capabilities need to be developed immediately?

An adequate capital base will enable securities firms to expand margin lending, implement non-prefunding mechanisms in trading and develop investment banking activities, while better serving institutional investors. In addition, firms need to invest in technology infrastructure, data and AI to improve their trading capabilities, customer management and operations. Risk management systems must also be upgraded to international standards to ensure effective control of market, liquidity and compliance risks.

In the long term, competition will no longer be driven primarily by brokerage fees, but will shift towards service quality and the ability to provide comprehensive financial solutions. The capabilities that need investment now are therefore capital strength, technology and data, risk management, and high-quality personnel in areas such as investment banking, wealth management and research for institutional clients. These will provide the foundation for securities firms to capitalize effectively on growth opportunities as the market enters a new phase of development following the upgrade.

In the new era of Vietnam’s capital market, how do you view the mission of a securities firm’s leader? What message would you like to convey to the next generation of entrepreneurs and young people pursuing careers in finance and securities?

In this new phase of Vietnam’s capital market development, leaders of securities firms cannot focus solely on their own companies’ growth targets. We operate in an industry that plays a direct role in allocating capital across the economy. Every business decision not only creates value for clients but also helps shape the quality and depth of the capital market over the long term.

Our mission, therefore, is not simply to participate in the market, but to help build it. This starts with very practical steps: raising governance standards, promoting transparency, building investor trust, developing high-quality human resources, and creating financial products and services that genuinely meet the needs of the economy.

I attach particular importance to our responsibility to the next generation. We are benefiting from the foundations built by previous generations. Our responsibility is to continue building a better market so that the next generation can develop on a stronger foundation. To me, that is the true long-term meaning of sustainable development.

For the next generation of entrepreneurs and young people entering the finance and securities sector, I would like to share two things: ambition broad enough to see the opportunities ahead, and the discipline needed to build value sustainably. Do not focus solely on becoming the best in a particular field. Strive instead to deeply understand the problems you are solving, the clients you serve and the broader picture in which you operate.

Professional knowledge is an important foundation, but a lasting career is built on credibility, a commitment to continuous learning and the ability to adapt. Technology can change very quickly, and so can the market, but customer trust and the real value we create for clients are what endure.

Vietnam is entering a period full of opportunities. The responsibility of today’s business leaders is not only to seize those opportunities, but also to help build a more transparent and professional capital market capable of mobilizing resources for the country’s long-term development goals.

If we fulfil our role well today, what we leave to the next generation will not simply be larger companies or higher growth figures, but a better capital market, a stronger foundation and more opportunities for the next generation to continue writing Vietnam’s development story.

AI is having an increasingly profound impact on the finance and securities industry. In your view, which jobs will change most noticeably, and could AI replace a significant part of the role of analysts, brokers or investment advisers?

For analysts, AI can provide substantial support in data collection, financial statement processing, news monitoring and the development of forecasting models. However, assessing corporate quality, identifying pivotal changes and developing investment theses still require human experience, critical thinking and an understanding of the market context.

Similarly, the roles of brokers and investment advisers will shift from providing information towards advising on solutions and building client relationships. AI can answer basic questions, recommend products and help manage portfolios, but it will be difficult for it to fully replace trust, an understanding of clients’ needs and the ability to provide advice during periods of sharp market volatility.

In the future, competitive advantages will belong to companies and individuals that can effectively combine AI technology with professional expertise, experience and an understanding of clients.

When AI can process data and deliver analysis quickly, where will securities professionals demonstrate their value? Which skills will become more important for the industry’s workforce in the future?

In a world where AI can generate similar answers for many people, differentiation will come from a deep understanding of companies, industries, investor psychology and market conditions. These areas require practical experience, critical thinking and decision-making skills - qualities that AI still struggles to replace completely.

Therefore, the most important skills in the future will be analytical thinking, the ability to ask the right questions, assess corporate strategies, communicate and advise clients. In addition, the ability to use AI and extract value from data effectively will become a basic requirement rather than an added advantage.

I believe we should not ask whether humans or AI will win. The more important question is how effectively people can use AI to improve the quality of their work and create greater value for clients.