- Vietnam to be reclassified from Frontier to Secondary Emerging market status
- Greece to be reclassified from Advanced Emerging to Developed market status
- Slovakia to be added to the FTSE World Government Bond Index (WGBI)
FTSE Russell, the global index provider, has published the results of its annual country classification review for countries monitored by its global equity and fixed income indices.
Equities
FTSE Russell is pleased to announce that Vietnam will be reclassified 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 support index replication and meet the needs of the international investment community. FTSE Russell recognises the progress made by the Vietnamese market authorities in evolving its market by removing the prefunding requirement for Foreign Institutional investors (FII) with the implementation of a non-refunding (NPF) model and establishing a formal process for handling failed trades. FTSE Russell acknowledges that Vietnam has met all the criteria of the Secondary Emerging market status under the FTSE Equity Country Classification Framework. FTSE Russell will continue to monitor developments closely and welcomes feedback from index stakeholders to enable the reclassification to proceed as planned in September 2026.
Mr. Nguyen Van Thang, Minister of Finance of Viet Nam, says: "Over the past two years, under the leadership of the Government, Prime Minister, and with the close guidance of the Ministry of Finance, the State Securities Commission has implemented a comprehensive reform program to align Vietnam’s securities market with highest international standards. The official recognition and upgrade of Vietnam’s securities market is clear evidence of the country’s sound development path and its growing capacity to integrate deeply into the global financial system. The Ministry of Finance remains committed to advancing deeper and broader reforms, maximising accessibility for both domestic and international investors, while accelerating the modernisation and digitalisation of its market infrastructure – with the objective of establishing an increasingly transparent and efficient market."
David Sol, Global Head of Policy at FTSE Russell, says: “FTSE Russell congratulates the Vietnamese market authorities on the significant progress made in aligning with international standards. The reclassification of Vietnam reflects the implementation of key market infrastructure enhancements, and we look forward to continued collaboration to ensure sustained progress ahead of the target reclassification date in September 2026."
Greece is currently classified as an Advanced Emerging market and was added to the Watch List from September 2024 for possible reclassification to Developed market status. FTSE Russell is pleased to announce that Greece meets all the requirements to be reclassified from Advanced Emerging to Developed market status effective in conjunction with the FTSE Global Equity Index Series (GEIS) September 2026 semi-annual review, which is effective from the open on Monday 21 September 2026.
Yianos Kontopoulos, CEO of the Athens Exchange Group, commented: “The reclassification of the Athens Stock Exchange to Developed Market status by FTSE Russell is a landmark achievement. It validates our ongoing strategy to upgrade our infrastructure and services, positioning the Greek capital market alongside the world’s most established exchanges. This development is also expected to significantly expand the pool of international investors eligible to invest in the Greek capital market, attracting substantial capital inflows from funds tracking Developed Market indices. It is a development that creates new opportunities for growth and financing for our listed companies.”
David Sol, Global Head of Policy at FTSE Russell, says: “The promotion of the Greek equity market from Advanced Emerging to Developed market status reflects the concerted effort by the Athens Stock Exchange to align the Greek financial market with international best practice. FTSE Russell congratulates the Athens Stock Exchange with reaching this important milestone.”
Egypt is being added to the Watch List for possible reclassification from Secondary Emerging to Frontier market status as the market fails to meet the minimum securities count requirement for retaining Emerging market status within FTSE Russell Equity Indices.
Nigeria is being added to the Watch List for possible reclassification from Unclassified to Frontier market status as the market meets the five FTSE Quality of Markets criteria required for attaining Frontier market status.
Fixed income
FTSE Russell announces that Slovakia will be added to the FTSE World Government Bond Index (WGBI) effective with the June 2026 index profiles. As part of the FTSE Fixed Income Country Classification Process, objective index inclusion criteria for market size and credit rating are assessed on a semi-annual basis to ensure a consistent approach to market inclusion. Having recently met the market size inclusion criteria, the local currency fixed-rate Slovak government bond market meets all three eligibility criteria (market size, credit rating and a minimum Market Accessibility Level of “2”) for entry into the FTSE WGBI as of the September 2025 review.
In October 2024, FTSE Russell announced the reclassification of the Market Accessibility Level for South Korea from “1” to “2” and the inclusion of South Korean government bonds in the FTSE WGBI. As previously announced, the change will be effective with April 2026 index profiles and phased-in on a monthly basis over an eight-month period in eight equal tranches.
Fiona Bassett, CEO at FTSE Russell, comments: “FTSE Russell’s country classification framework is grounded in the principle of accessibility to global financial markets. Through ongoing, collaborative dialogue with the investment community, exchanges, regulators, and other key stakeholders, we maintain best practice, ensuring our indices accurately represent real investment opportunities and remain aligned with the needs of the market.”
More information on the September 2025 Announcement - Equity and September 2025 Announcement - Fixed income can be found on our website. The next update will be published in April 2026.
Contacts
LSEG Press Office
+44 (0)20 7797 1222
newsroom@lseg.com
www.lseg.com
About FTSE Russell, an LSEG business
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by LSEG.
For more information, visit FTSE Russell.
© 2025 London Stock Exchange Group plc and its applicable group undertakings (“LSEG”). LSEG includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) FTSE Fixed Income Europe Limited (“FTSE FI Europe”), (5) FTSE Fixed Income LLC (“FTSE FI”), (6) FTSE (Beijing) Consulting Limited (“WOFE”) (7) Refinitiv Benchmark Services (UK) Limited (“RBSL”), (8) Refinitiv Limited (“RL”) and (9) Beyond Ratings S.A.S. (“BR”). All rights reserved.
FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, WOFE, RBSL, RL, and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “Refinitiv” , “Beyond Ratings®”, “WMR™” , “FR™” and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and/or service marks owned or licensed by the applicable member of LSEG or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, WOFE, RBSL, RL or BR. FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator. Refinitiv Benchmark Services (UK) Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.
All information is provided for information purposes only. All information and data contained in this publication is obtained by LSEG, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical inaccuracy as well as other factors, however, such information and data is provided "as is" without warranty of any kind. No member of LSEG nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness, merchantability of any information or LSEG Products, or of results to be obtained from the use of LSEG products, including but not limited to indices, rates, data and analytics, or the fitness or suitability of the LSEG products for any particular purpose to which they might be put. The user of the information assumes the entire risk of any use it may make or permit to be made of the information.
No responsibility or liability can be accepted by any member of LSEG nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any inaccuracy (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of LSEG is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information.
No member of LSEG nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing in this document should be taken as constituting financial or investment advice. No member of LSEG nor their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any asset or whether such investment creates any legal or compliance risks for the investor. A decision to invest in any such asset should not be made in reliance on any information herein. Indices and rates cannot be invested in directly. Inclusion of an asset in an index or rate is not a recommendation to buy, sell or hold that asset nor confirmation that any particular investor may lawfully buy, sell or hold the asset or an index or rate containing the asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
