Vietnam’s stock market is currently in the Frontier Market category, reflecting the significant speculative nature of trading activities, leading to investment funds that access the market often having small scale and high speculative tendencies, and is considered a major barrier for investment funds in developed countries looking to enter the local stock market. Therefore, an upgrade to Emerging Markets status would create many significant benefits. However, once Vietnam’s stock market is upgraded, the competitive pressure with other markets will be quite fierce. This is likely to affect the proportion of Exchange Traded Funds (ETFs) investing in Emerging Markets. In the context of improving the quality and performance of its stock market, Vietnam will need short-term and long-term solutions to remove existing bottlenecks and develop its stock market in a sustainable manner post-upgrade.