State securities commission awarded with Independence Order

Illustrative image (Source: VNA)

Hanoi (VNA) – The Finance Ministry’s State Securities Commission (SSC) was awarded with Independence Order, second class, during a ceremony in Hanoi on November 28 on the occasion of the 20th anniversary of its traditional day.

Speaking at the event, Prime Minister Nguyen Xuan Phuc hailed the SSC as a channel to raise mid and long-term capital for the economy, equitisation and restructure of State-owned enterprises over the past 20 years.

He asked the SSC to continue fine-tuning management mechanisms, ensuring openness, transparency, fairness and efficiency, contributing to economic restructuring, renewal of growth model, and global integration.

Finance Minister Dinh Tien Dung said the ministry will continue directing the securities sector to refine policies in line with market mechanisms and international practices while improving the State management on the securities market.

SSC Chairman Vu Bang, for his part, said more than 2 quadrillion VND (90 billion USD) has been raised since 2011 via the securities market, 1.4 quadrillion VND (63.6 billion USD) of them are via stocks, a 4.75-fold increase from 2005-2010, contributing to 23 percent of the total social investment.

Meanwhile, the bond market grows 31 percent annually – the highest among emerging economies in East Asia and ASEAN 3. In 2010-2015, more than 795.8 trillion VND (36.17 billion USD) was mobilised for the State budget.

As of November 2016, the stock market capitalisation hit 1.79 quadrillion VND (81.36 billion USD), or nearly 43 percent of the gross domestic product (GDP). Overall, the securities market value accounted for 65 percent of the GDP.

According to the SSC, the total number of securities accounts has soared from 3,000 in 2000 to more than 1.67 million, 18,500 of them are owned by foreign investors./.

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