Hanoi (VNA) – Japan will continue its support for the State Securities Commission (SSC), stock exchanges and relevant parties in Vietnam to improve the equity market’s fairness and transparency under a technical assistance project from the Japan International Cooperation Agency (JICA), heard a workshop in Hanoi on September 23.
The agency will provide the Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange, and the Unlisted Public Company Market (UPCoM) with consultations and help them develop capacity on various related issues.
The project, the continuation of the one carried out during 2019-2023, will focus on monitoring and inspecting the stock market, supervising market intermediaries, managing listings, making public offerings in accordance with international standards, and raising public awareness of the responsibility to protect investors. It is expected to help Vietnam upgrade the stock market and promote the sustainable development of the socio-economy.
According to SSC Chairwoman Vu Thi Chan Phuong, the Vietnamese stock market has recorded standout achievements on the back of various incentives and effective legal reform. As of the end of August, Vietnam's stock market capitalisation totaled over 7 quadrillion VND (280 billion USD), or 69.2% of the GDP in 2023 and up 19.1% from the end of the year.
Currently, there are 728 listed stocks and 878 shares on UPCoM with a total listed value of 2.24 quadrillion VND (91.27 billion USD), and foreign investors hold 50 billion USD, Phuong said, describing this as a demonstration for the robust development of the Vietnamese stock market.
She expressed her belief that JICA, boasting considerable experience in the area, will continue helping the SSC enhance its management and supervision capacity towards ensuring the market’s transparency.
JICA Chief Representative Sugano Yuichi said with experience in settling financial bubble burst and bad debt, Japan stands ready to support Vietnam in developing the economy and the equity market in particular in a sustainable, safe, and transparent manner./.
