Business

PM instructs action for stock market upgrade

Prime Minister Pham Minh Chinh has instructed the Ministry of Finance, State Bank of Vietnam and the Ministry of Planning and Investment to address obstacles in relevant sectors for upgrading the stock market from frontier to emerging status.
PM instructs action for stock market upgrade ảnh 1The Ho Chi Minh Stock Exchange in Ho Chi Minh City. (Photo: VNA)
Hanoi (VNS/VNA) - Prime Minister Pham Minh Chinh has instructedthe Ministry of Finance, State Bank of Vietnam and the Ministry of Planning andInvestment to address obstacles in relevant sectors for upgrading the stockmarket from frontier to emerging status.

On February 15, 2024 the Prime Minister signed Directive 06/CT-TTg onaccelerating key tasks after the Lunar New Year holiday, including requirementsto implement measures to meet the criteria for upgrading the stock market.

In Official Dispatch 1360/CD-TTg of December 13, 2023, the government leaderhad requested relevant agencies to promote the safe, transparent, efficient andsustainable development of the stock market.

The dispatch stated that the stock market has maintained stable and safeoperations, becoming more substantial, efficient and transparent. It hasgradually restored order and discipline, continuing to strengthen investorconfidence both domestically and internationally. Efforts have been made toattract investment and promote the image of the Vietnamese stock market, withthe goal of upgrading it from frontier to emerging status.

However, it is necessary to urgently implement measures to enhance the qualityof goods in the stock market, and improve the efficiency of marketparticipants, securities companies and fund management companies.Diversification of the investor base is needed to attract the participation ofinstitutional investors, professional investors and investment funds, whileactively providing information and financial-securities knowledge training forindividual investors.

In the Stock Market Development Strategy towards 2030, approved by Deputy PrimeMinister Le Minh Khai on December 29, 2023, the government aims to achieve amarket capitalisation of stocks equivalent to 100% of GDP by 2025 and 120% ofGDP by 2030. The number of securities trading accounts is expected to reach 9million by 2025 and 11 million by 2030.

The market debt of bonds should reach at least 47% of GDP, with corporate bonddebt accounting for at least 20% of GDP, by 2025. By 2030, it aims to reach atleast 58% of GDP, with corporate bond debt accounting for at least 25% of GDP.The derivatives market is projected to grow at an average rate of 20 to 30%annually in 2021-2030.

The strategy strives to upgrade the Vietnamese stock market from a frontiermarket to an emerging market by 2025, according to the criteria ofinternational organisations for stock market classification./.
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