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Vietnam



Vietnam is currently classified as a Frontier market and was added to the Watch List in September 2018 for possible reclassification to Secondary Emerging market status.


Vietnam had not met the ‘Settlement Cycle (DvP)’ criterion and the ‘Settlement – costs associated with failed trades’ criterion, both of which were rated as ‘Restricted’. In November 2024, the Vietnamese market authorities implemented a non-prefunding (NPF) model, allowing local brokers to provide Foreign Institutional Investors (FII) with an appropriate level of capital to support their securities purchase orders. This effectively removed the pre-funding requirement for FIIs. Additionally, a formal process for handling failed trades has since been established.


The FTSE Russell Index Governance Board (IGB) acknowledges the progress made by the Vietnamese market authorities in evolving its market and acknowledges that Vietnam has met all the criteria of the Secondary Emerging market status under the FTSE Equity Country Classification Framework.


The IGB has carefully considered the feedback from FTSE Russell’s Advisory Committees regarding the limited access to global brokers for trading in Vietnam. While the use of global brokers as sole counterparties is not a requirement to attain Secondary Emerging market status, the IGB acknowledges that index users should be able to ‘replicate the index’ in accordance with the second principle of the Statement of Principles.


Given the importance of this issue to index users, the IGB has determined that addressing the access of global brokers is essential for the reclassification to proceed. FTSE Russell notes the ongoing efforts by the Vietnamese market authorities to develop a model that allows FIIs to face global brokers as counterparties. This initiative is expected to align Vietnam’s market practices with international standards, reduce counterparty risk, and strengthen investor confidence through established relationships with trusted intermediaries.


The IGB confirms, and is pleased to announce, the reclassification of Vietnam from Frontier to Secondary Emerging market status, with an effective date of Monday 21 September 2026 subject to an interim review in March 2026. This is to determine whether sufficient progress has been made in enabling access to global brokers, which is essential to index replication and to meet the needs of the international investment community. The reclassification of Vietnam to Secondary Emerging market status is expected to be implemented in multiple tranches.


FTSE Russell will continue to monitor developments closely and welcomes feedback from index stakeholders ahead of the March 2026 FTSE Equity Country Classification interim review to enable the reclassification to proceed as planned in September 2026.


Confirmation and details of the phased implementation plan will be provided in the March 2026 announcement, following consultation with FTSE Russell’s Advisory Committees and market participants.

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