Business

Stock market to be turned into main medium and long-term capital channel

After 25 years of development, the Vietnamese stock market is playing a more important role in attracting capital, supporting the commercial banking system. Therefore the target is to turn the market into the main channel of medium and long-term capital for the economy.
Stock market to be turned into main medium and long-term capital channel ảnh 1Two investors looking at a stock trading board on a laptop. (Photo: vneconomy.vn)
Hanoi (VNS/VNA) - After 25 years of development, the Vietnamese stockmarket is playing a more important role in attracting capital, supportingthe commercial banking system. Therefore the target is to turn the market intothe main channel of medium and long-term capital for the economy.

At a recent seminar “The stock market: Releasing resources for businesses,profitable investment channels and assets" launched by Bao Dau Tu (Investment Review), Nguyen DucChi, Deputy Minister of Finance, said that the ministry is working with otherministries to report to the Government and the Prime Minister on thedevelopment strategy of the country’s stock market to 2030, with an outlook to2045. 

The fundamental factors for creating the strategy are based on the country'ssocio-economic development, the Party's orientations and resolutions, and theParty's guidelines and policies.

The general target is to build and develop the stock market into the mainmedium and long-term capital channel for the economy, Chi said. The25 years of development show that the stock market is playing a morecrucial role in attracting capital, supporting the commercial banking system.

In the past, before the establishment of the stock market, the short, mediumand long-term capital channels were banks’ responsibility. Now the stock marketaccounts for a larger proportion in the capital channel

The perspective of market development should refer to synchronous and unifieddevelopment of the financial market, associated with innovation in thegrowth model and economic structure and linking with the global market andeconomy. 

In addition, it has to be developed on the basis of technology and requirementsof digital transformation.

"The stock market needs to link with the regional stock market, integratewith the international stock market, and apply the right internationalpractices and standards to develop the Vietnamese stock market," Chiadded.

The stock market will develop in depth and market quality and liquidity, withthe target of reaching at least 85 percent of GDP (adjusted) by 2025, and 110percent of GDP in 2030.

For bonds, it aims for 47 percent of GDP in 2025 and 58 percent of GDP in 2030,with a reasonable structure of stocks, corporate bonds and government bonds.

Regarding the derivatives market, the target is achieving a growth rate of20-30 percent/year, with the number of investors reaching 5 percent of thepopulation by 2025 and 8 percent in 2030.

To organise the market effectively, the Vietnam Stock Exchange will beestablished, restructuring the model of parent and subsidiary companies. ThePrime Minister and the Ministry of Finance have reached a consensus onpreparing for the model of the Vietnam Stock Exchange to go online as soon aspossible. 

In addition, the Vietnam Securities Depository Center will be reorganised andchanged to the Securities Depository and Clearing Corporation, synchronisingsecurities trading and payment technology, and aiming to upgrade the marketunder MSCI’s and FTSE’s standards before 2025./.
VNA
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