An upgrade of Vietnam’s stock market from “Frontier” to “Emerging” would affirm its position and enhance its image, improving liquidity and quality and approaching international practices. While there are many benefits from such an upgrade, the greatest challenges would include ensuring that the stock market continues to develop stably and sustainably, maintains its new rating, and avoids a subsequent downgrade. In addition to directions from the government, the Prime Minister, and management agencies, Vietnam must also refer to lessons learned in other countries around the world.