and Taiwan, which are significantly higher. Both Thailand and South Korea demonstrate similar effectiveness in financing local economic activity indicated by market capitalization to GDP (0.94x and 0.90x respectively) and market capitalization per listed company (THB 20.27 billion and THB 22.65 billion per listed company respectively), following by Malaysia with 2.17x in market capitalization to GDP and THB 30.81 billion GDP per listed company. While Taiwan capital while Vietnam has the lowest performance of 0.43x market capitalization to GDP and market capitalization to listed companies at THB 5.14 billion per listed company. Thailand and Malaysia show comparable liquidity and retail investor participation, both remaining relatively low compared to South Korea and Taiwan. Vietnam, however, has outperformed Thailand and Malaysia in retail investor numbers. South Korea stands out as a benchmark, with high liquidity and a substantial retail investor base. In 2024, South Korea and Taiwan recorded value traded at roughly 9-10x that of has surpassed Thailand with approximately 1 million retail investors and continues to grow24. However, it should be noted that Vietnam stillfaces misconduct and volatility issues, by virtue of being an emerging market. Note: Retail investor penetration has been normalized based on Total Addressable Market, i.e., population with the ability to invest in each market 24 FinGroup, Vietnam Securities Sector - Navigating a Retail-Dominated Market, 2025 25 World Bank, Population,total - Thailand, 2025 26 Department of Household Registration (Taiwan), 2025 27 Government News (Viet Nam), Viet Nam is third populous country in Southeast Asia, 2025