Ho Chi Minh City is looking to Nasdaq as a pivotal partner in its endeavor to establish an international financial center (IFC), a move that city leaders believe will also unlock greater cooperation opportunities and facilitate Vietnamese businesses' access to global capital markets.
During a meeting on October 9 with Mr. Robert H. McCooey, Vice Chairman and Head of International Listings at Nasdaq, during his working visit to Vietnam, Chairman of Ho Chi Minh City's People's Committee, Mr. Nguyen Van Duoc, underscored the city's commitment to the project.
He emphasized that the city is in the process of forming the IFC, which is envisioned to become a diverse, modern, and specialized financial ecosystem.
"With the experience of cooperation between Nasdaq and the Ho Chi Minh Stock Exchange dating back to 2008, the city is confident that Nasdaq will play a significant role in supporting the city throughout the process of building and developing the IFC," Mr. Duoc said.
Mr. McCooey affirmed Nasdaq's commitment, stating that its exchange activities would support the development of Vietnam's IFC in HCM City. He noted that the goal is to foster a diverse and modern financial ecosystem not only for Vietnam but also with a broader reach towards Southeast Asia and the global market.
He highlighted Nasdaq's standing as the second-largest stock exchange in the United States, operating as the world's first and largest electronic exchange. Nasdaq is renowned for listing leading technology companies such as Apple, Microsoft, Google, Amazon, Meta (Facebook), Tesla, Paypal, and Intel. The exchange functions entirely on an electronic platform.
Nasdaq's listed companies span various sectors, with technology accounting for 50%, consumer services 20%, healthcare 10%, consumer goods 7.6%, finance 6.6%, and industrial 6.0%. Currently, Nasdaq lists 4,000 companies with a market capitalization of $15.43 trillion and serves over 10,000 corporate clients.
Google translate