Speaking at the Lunar New Year ceremony held by the ministry at the HCM Stock Exchange on February 23, the minister said the stock market has played well its role as a channel for mobilizing medium- and long-term capital for the economy.
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Minister of Finance Dinh Tien Dung beats the gong to start the first trading session of the lunar new year. (Photo: thoibaotaichinhvietnam.vn) |
It has also contributed greatly to the equitization of State-owned enterprises and attraction of foreign investment.
According to the minister, this year the Government will continue to implement policies to stabilize the economy, control inflation, promote sustainable development, develop the private sector, and speed up equitization of and divestment of stakes in State-owned enterprises.
He directed the State Securities Commission to coordinate with relevant ministries and agencies to complete the legal framework for securities to create a transparent environment for businesses and investors, and improve the quality of the market by adopting global principles and practices and risk management.
The minister also urged launching new products, enhancing the use of digital technology and improving market management and oversight.
Le Hai Tra, a member of the HOSE board of managers, said following its solid growth last year, the new lunar year has started well for the stock market, with liquidity increasing sharply to over VND 8 trillion (USD 352.1 million) per session.
According to analysts at local and foreign brokerages and funds, Vietnam’s economy stability offers a good platform for its stock market to grow strongly.
HOSE has plans for many action programs this year, including coordinating with official agencies and market participants to revise the Securities Law, launch new products, focus on research, support the restructure of State-owned enterprises, and attract domestic and foreign investment.
It would also speed up modernization of infrastructure and IT systems to improve oversight and flexibility to meet the requirements of international integration, Tra said.
The market saw a breakthrough in 2017 with the successful introduction of derivatives market.
With many big businesses listing, the market capitalization is 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 2016 and the liquidity of the stock market rose by more than 63 percent on average last year compared to 2016.
The average revenue and profit of listed companies grew by 19 percent and 28 percent.
The bond market also developed strongly last year.
Source: VNA