FiinRatings Partners with UK Government’s MOBILIST Programme to Advance Capital Market Development in Southeast Asia

On 12 October 2026, FiinRatings, in collaboration with the MOBILIST programme of the UK Foreign, Commonwealth & Development Office (FCDO), hosted a seminar in Hanoi titled “Developing Public Products for Capital Market Development in Viet Nam, Indonesia and the Philippines.”

The seminar presented the findings of a capital market assessment across the three countries and recommendations to develop publicly traded investment products and mobilise long-term capital. It also provided a platform to discuss barriers and practical solutions to greater institutional investor participation, with a particular focus on Viet Nam.

MOBILIST is a flagship UK Government programme led by the FCDO. It aims to mobilise institutional investment for sustainable and inclusive growth through publicly listed investment products. The programme invests equity capital, provides technical assistance funding and works with stock exchanges to bring new products to market. Its support can extend across the pre-IPO, IPO and post-IPO stages to enhance liquidity, improve valuations and attract institutional investor demand in emerging and frontier markets.

FiinRatings was selected by the FCDO to undertake MOBILIST’s public capital markets assessment covering Viet Nam, Indonesia and the Philippines, working alongside Mandiri Institute (Indonesia) and Ipsos (Philippines). The study is funded by the FCDO and the Swiss State Secretariat for Economic Affairs (SECO). It examines market structures, investor bases, intermediary capabilities and market infrastructure, identifies barriers to listings, equity and bond issuance, and develops country-specific recommendations to address them.

At the seminar, Mr. Ross Ferguson, Senior Private Sector Adviser at the FCDO, introduced the MOBILIST programme and outlined its criteria for selecting companies for potential technical assistance and investment, as well as opportunities to attract other institutional investors. Representing the State Securities Commission of Viet Nam (SSC), Mr. Nguyen Khac Chien, Deputy Director of the Department of Legal and International Affairs, shared insights into Viet Nam’s ongoing capital market reforms and the investment outlook following FTSE Russell’s upgrade of Viet Nam to Secondary Emerging Market status.

The seminar brought together representatives from the FCDO, the British Embassy in Hanoi, SECO, the World Bank, IFC and other development finance institutions, alongside regulators, stock exchanges, institutional investors and corporates.

Discussions focused on the challenges facing Viet Nam’s capital markets compared with Indonesia and the Philippines, particularly issuer readiness, corporate governance standards, the institutional investor base and measures being implemented in each market. Participants also explored market development priorities and opportunities for future collaboration and technical assistance.

Viet Nam’s recent upgrade to Secondary Emerging Market status by FTSE Russell presents new opportunities to attract international investment. To fully realise this potential, however, the country will need to continue deepening its capital markets, diversifying investment products and strengthening transparency to meet institutional investors’ requirements. These are also essential foundations for building investor confidence and improving Vietnamese companies’ access to medium- and long-term financing.

Through international research collaboration and policy dialogue, FiinRatings remains committed to providing independent assessments and actionable recommendations, working with stakeholders to address market constraints, strengthen Viet Nam’s capital markets and expand access to long-term funding for Vietnamese businesses.

👉 Access the seminar presentation materials at: THIS LINK

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