After nearly a decade on the watchlist, Vietnam has officially been reclassified from Frontier to Secondary Emerging Market status by FTSE Russell — but what does this mean in practice? In this episode, host Hugo Bosch sits down with HSC's Chief Market Strategist Tyler Nguyen to cut through the noise. They break down the timeline for passive inflows, which stocks stand to benefit most, what history tells us from Saudi Arabia and Kuwait's own upgrades, and whether this puts Vietnam on the path to the bigger prize: MSCI Emerging Market status. Spoiler — the billion dollars matters less than what it signals.