Minister of Finance Dinh Tien Dung beats the gong at the Lunar New Year ceremony at the HCM Stock Exchange (Photo: VNA) HCM City (VNA) - The Government and the StateSecurities Commission plan to carry out key measures to develop the stockmarket in a rapid and effective but safe manner, Minister of Finance Dinh TienDung has said.
Speaking at the Lunar New Year ceremony held by the ministryat the HCM Stock Exchange on February 23, the minister said the stock markethas played well its role as a channel for mobilising medium- and long-termcapital for the economy.
It has also contributed greatly to the equitisation ofState-owned enterprises and attraction of foreign investment.
According to the minister, this year the Government willcontinue to implement policies to stabilise the economy, control inflation,promote sustainable development, develop the private sector, and speed upequitisation of and divestment of stakes in State-owned enterprises.
He directed the State Securities Commission to coordinatewith relevant ministries and agencies to complete the legal framework forsecurities to create a transparent environment for businesses and investors,and improve the quality of the market by adopting global principles andpractices and risk management.
The minister also urged launching new products, enhancingthe use of digital technology and improving market management and oversight.
Le Hai Tra, a member of the HOSE board of managers, saidfollowing its solid growth last year, the new lunar year has started well forthe stock market, with liquidity increasing sharply to over 8 trillion VND (352.1million USD) per session.
According to analysts at local and foreign brokerages andfunds, Vietnam’s economy stability offers a good platform for its stock marketto grow strongly.
HOSE has plans for many action programmes this year,including coordinating with official agencies and market participants to revisethe Securities Law, launch new products, focus on research, support therestructure of State-owned enterprises, and attract domestic and foreigninvestment.
It would also speed up modernisation of infrastructure andIT systems to improve oversight and flexibility to meet the requirements ofinternational integration, Tra said.
The market saw a breakthrough in 2017 with the successfulintroduction of derivatives market.
With many big businesses listing, the market capitalisationis already equivalent to over 70 percent of GDP, a target earlier set for 2020.
The VN Index topped 1,100 points, up 62 percent from 2016and the liquidity of the stock market rose by more than 63 percent on averagelast year compared to 2016.
The average revenue and profit of listed companies grew by19 percent and 28 percent.
The bond market also developed strongly last year.-VNA
VNA
