Capital market crucial for socio-economic development: Deputy PM hinh anh 1Deputy Prime Minister Truong Hoa Binh said capital market has an important role to the country’s socio-economic development. (Photo: VNA)

HCM City (VNA) – The capital market has an important role to the country’s socio-economic development as it connects indirect investment flow through the securities market, said Deputy Prime Minister Truong Hoa Binh.

He made the statement at the “Gateway to Vietnam 2017” conference held by the Sai Gon Securities Incorporation (SSI) in Ho Chi Minh City on October 25.

As an open economy, Vietnam is encouraging various growth models based on advantages of young labourers, and socio-political and macro-economic stability, he noted, adding that investors should grasp investment opportunities in the country.

He stressed that improved legal regulations are creating favourable conditions for enterprises to run in the long term and Vietnam achieved an average growth of 6.5 percent in the past years.

The country also paid due attention to fine-tuning the finance-monetary system, and consistently promoting the privati​sation in state-owned enterprises, he underlined.

The country regarded developing the private economic sector as an important driving force to spur economic growth, Binh added.

For his part, SSI Chairman and General Director Nguyen Duy Hung said that “Gateway to Vietnam 2017”, the fourth edition, features a wide range of assets and products in the capital market.

With the attendance of Vietnamese leading enterprises and nearly 200 domestic and foreign investment funds, the event is expected to connect Vietnamese firms with potential investors, he added.

After 17 years of operation, the Vietnamese stock market has been known as the youngest with the most modest scale. It has, however, recorded the strongest growth in both scale and liquidity in ASEAN and Southeast Asia.

Stock market capitalisation in 2006 made up 22 percent of the national GDP and the figure rose to over 63 percent so far this year.

The country is currently home to 700 listed companies, including 23 firms valued at over 1 billion USD and most of them have reported sound business results in 2017.-VNA