Accelerate development of Stock market in 2024

VCN - At the Conference on developing the stock market in 2024 held on February 28, Prime Minister Pham Minh Chinh said that it is necessary to take measures to upgrade Vietnam’s stock market from frontier market to emerging market, especially focusing on resolving obstacles to meet criteria by strictly honoring commitments.
Focusing on five tasks so that the securities industry continues to develop in the face of intertwined opportunities, challenges Focusing on five tasks so that the securities industry continues to develop in the face of intertwined opportunities, challenges
Efforts to remove obstacles to upgrade the stock market Efforts to remove obstacles to upgrade the stock market
Securities attractive investment channel Securities attractive investment channel
Accelerate development of Stock market in 2024

Stock market must be accelerated in 2024 and made a breakthrough in 2025

According to the Prime Minister, over the past two years, the entities have overcome difficulties. If 2022 is the year of fluctuation of stock market, the market has been improved in 2023.

The Prime Minister said that the Stock market must be accelerated in 2024 and made a breakthrough in 2025. To achieve the task, it is necessary to promote the responsibilities of the Government, ministries, investors, issuers and related entities.

Talking about achievements of Vietnam's stock market since its operation until now, the Prime Minister said that Vietnam's stock market is upgraded from a primitive market to the frontier market level, and aims to become an emerging market, attracting about US$ 25 billion of foreign indirect investment each year, equivalent to direct investment.

Regarding the direction of stock market development, the Prime Minister emphasized 6 key contents as follows:

Vietnam will maintain independence, sovereignty, unity, territorial integrity, political stability, social order and safety; policies policy must be effective and consistent with the reality; the state management must be open, transparent and consistent with market rules; the Government and competent agencies protect the legitimate rights and interests of relevant entities, and share difficulties and develop policies and build a developing and facilitating Government; the Government determines to upgrade the stock market, and focus on developing the market in line with the trend of digital economy, green economy, circular economy, sharing economy, knowledge economy, rapid and sustainable development; closely contacts between the State, investors and society to perform capital supply functions; strongly develops infrastructure and stock market ecosystem.

Urgently review and revise inappropriate regulations

The Prime Minister requested the Ministry of Finance and the State Securities Committee to coordinate with the State Bank, the Ministry of Planning and Investment and relevant ministries and sectors to build and implement specific action programs on implementing the Stock Market Development Strategy until 2030.

The Ministry of Finance is required to urgently review and revise current inadequate regulations, especially regulations on transparency of corporate information, rights and responsibilities of entities such as state management agencies, businesses, securities companies, and investors, including the amendment of Decree 155/2020/ND-CP.

The Ministry of Finance and the State Securities Commission need to promote upgrading and building infrastructure systems to serve the operations of the stock market towards modernizing and strongly applying digital technology; improve the quality of market management and supervision; create maximum favorable conditions for businesses, market institutions, and investors to participate in Vietnam's stock market towards harmonizing the interests of the State - service providers - investors.

The Prime Minister requested management agencies to improve the effectiveness of stock market supervision and inspection to effectively prevent violations and strictly handle offences, ensuring the stock market develops sustainably and operates fairly, openly and transparently.

The management agencies are also requested to promote administrative reform; urgently review, abolish and amend cumbersome procedures related to production and business activities and in the field of securities and stock market.

Urgently take measures to upgrade Vietnam's stock market from frontier market to emerging market, especially focusing on resolving difficulties and obstacles to meet the criteria by strictly honoring commitments.

The Prime Minister requested securities companies to promote restructuring of securities companies and fund management companies under the Project “Restructuring the stock market and insurance market to 2020 and orientation to 2025”; to improve corporate governance capacity, risk management, to increase the competitiveness of companies in the market; and to professionally develop licensed services.

Strengthen the role of market creation, improve financial potential, human resource quality and develop in-depth technology systems.

Regarding the issuers, the Prime Minister said that it is necessary to encourage all enterprises regimes to conduct initial public offerings (IPO) associated with listing and registering for trading on the stock market; attract large-scale enterprises with good financial status and corporate governance to list on the stock market; actively support the completion of equitization and state capital divestment plans in accordance with the Law on equitization.

The issuers need to issue a variety of terms of Government bonds, Government-guaranteed bonds and local government bonds; issue green government bonds, green local government bonds and green corporate bonds; develop derivative securities and new products.

At the same time, focus on promoting the public offering of corporate bonds associated with listing; diversify bond types to meet capital mobilization needs; develop corporate bond products for the goal of implementing projects and investment projects in the form of public-private partnerships (PPP).

The Prime Minister asked investors and issuers to actively participate in ensuring social security, implementing the policy that determines people as the center, the subject, the goal, and the resource and the driving force for development.

“The Government and ministries will implement solutions to improve investment capacity, legal knowledge, analytical capacity, and enhance the responsibility of investors, because “the higher the profit, the greater the risk," the Prime Minister said.

The Prime Minister said that in 2024, Vietnam will continue to maintain macroeconomic stability, ensure major balances, and maintain political and social stability so that investors can feel secure. “We determine to upgrade Vietnam's stock market from frontier market to emerging market in 2025,” the Prime Minister said.

“We always put ourselves in the position of investors and issuers with the spirit of win-win solutions, harmonious benefits, shared risks, contributing to Vietnam's rapid and sustainable economic development in line with the policies of the Party and the State. We also always think that the Government protects the legitimate rights and interests of investors and entities related to the stock market,” said Prime Minister Pham Minh Chinh.
By Hoai Anh/Hoang Loan

Related News

Transparency evates the standing of listed companies

Transparency evates the standing of listed companies

VCN - According to the Hanoi Stock Exchange (HNX), the number of companies placed under warning, control, or restricted trading on the listed and registered markets has increased over the past two years compared to 2022.
Available foundations and drivers for strong economic growth

Available foundations and drivers for strong economic growth

VCN - Discussing the potential for Vietnam's economic growth in the coming time, Associate Professor, Dr. Tran Hoang Ngan, National Assembly delegate from Ho Chi Minh City said that Vietnam's economy has many driving forces for strong growth from exports, foreign investment and domestic consumption. At the same time, strong financial resources are also an important foundation for development.
Diversify and innovate securities products to attract foreign investors

Diversify and innovate securities products to attract foreign investors

VCN - Mr. Kojima Kazunobu, Chief Advisor of the Japan International Cooperation Agency (JICA), said that Vietnam needs to make more efforts in developing the stock market in both quality and quantity to become a potential market, attractive to foreign investors.
Accelerating green transformation for businesses

Accelerating green transformation for businesses

VCN - The green transformation of enterprises is facing many barriers due to the lack of specific regulations and detailed instructions, leading to delays compared to the international market.

Latest News

Monetary policy forecast unlikely to loosen further

Monetary policy forecast unlikely to loosen further

It will be difficult for the State Bank of Vietnam (SBV) to further loosen monetary policy due to a rising USD/VNĐ exchange rate pressure, experts said.
World Bank outlines path for Vietnam to reach high income status

World Bank outlines path for Vietnam to reach high income status

The World Bank (WB) has released a report which explores how Vietnam can upgrade its participation in global value chains to become a high-income country by 2045.
Strictly control public debt and ensure national financial security  2025

Strictly control public debt and ensure national financial security 2025

VCN – In order to achieve goal of strictly managing public debt and maintaining security and safety of the national financial system in 2025, it is necessary to ensure the borrowings and repayments of public debts is within the approved estimate; closely monitor public debt indicators to ensure that they are within the ceiling and warning thresholds approved by the National Assembly.
Revising the title of a draft of 1 Law amending seven finance-related laws

Revising the title of a draft of 1 Law amending seven finance-related laws

VCN - On November 19, 2024, the Standing Committee of the National Assembly (SCNA) discussed amendments and refinements to the draft of a law revising seven existing finance-related laws. Concluding the session, Vice Chairman of the National Assembly Nguyen Duc Hai emphasized the need for the Government to direct the drafting body and relevant agencies to collaborate closely to finalize a persuasive and widely supported report, ensuring the quality of the draft law for the National Assembly's consideration and decision.

More News

State-owned securities company trails competitors

State-owned securities company trails competitors

Contrary to the outstanding performances in the banking sector, the securities subsidiaries of major banks have yet to fully leverage their potential, despite numerous inherent advantages.
Strengthening the financial “health” of state-owned enterprises

Strengthening the financial “health” of state-owned enterprises

VCN - The state economy plays a key role in the socio-economic development process, but it is necessary to strengthen the financial health and competitiveness of state-owned enterprises (SOEs).
U.S. Treasury continues to affirm Vietnam does not manipulate currency

U.S. Treasury continues to affirm Vietnam does not manipulate currency

VCN - In its latest report, the U.S. Department of the Treasury has positively assessed Vietnam's monetary policy, reaffirming that Vietnam does not engage in currency manipulation.
Exchange rate fluctuations bring huge profits to many banks

Exchange rate fluctuations bring huge profits to many banks

Net profits from the foreign exchange trading segment of many banks have gained positive results thanks to a strong USD/VNĐ exchange rate fluctuations this year.
A “picture” of bank profits in the first nine months of 2024

A “picture” of bank profits in the first nine months of 2024

VCN - Pre-tax profits for banks during the first nine months of 2024 remained positive, exceeding 200 trillion VND, solidifying the sector's position as a market leader.
Many challenges in restructuring public finance

Many challenges in restructuring public finance

VCN - Restructuring public finance is an important step to improve state financial management, ensure resources are allocated reasonably and effectively, contributing to the country's sustainable development. In addition to the achieved results, the process of accelerating public finance restructuring also faces many pressures.
Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

VCN - E-commerce platforms that declare and pay taxes on behalf of traders not only help to reduce the number of tax declaration points but also reduce the cost of compliance with administrative procedures for the whole society because only one point as the e-commerce trading platform implements tax deduction, payment and declaration on behalf of tens, hundreds of thousands of individuals and business households on the platform.
Disbursement of public investment must be accelerated: Deputy PM

Disbursement of public investment must be accelerated: Deputy PM

Deputy Prime Minister Ho Duc Phoc has called on ministries, agencies, and localities to accelerate the disbursement of public investment from now until the year-end and further tighten investment management.
HCMC: Domestic revenue rises, revenue from import-export activities begins to increase

HCMC: Domestic revenue rises, revenue from import-export activities begins to increase

VCN - The results of State budget revenue in HCMC in the first 10 months of 2024 are estimated to increase by 10% over the same period last year, of which the highlight is that revenue from import-export activities has begun to increase.
Read More

Your care

Latest Most read
Monetary policy forecast unlikely to loosen further

Monetary policy forecast unlikely to loosen further

It will be difficult for the State Bank of Vietnam (SBV) to further loosen monetary policy due to a rising USD/VNĐ exchange rate pressure, experts said.
World Bank outlines path for Vietnam to reach high income status

World Bank outlines path for Vietnam to reach high income status

The World Bank (WB) has released a report which explores how Vietnam can upgrade its participation in global value chains to become a high-income country by 2045.
Strictly control public debt and ensure national financial security  2025

Strictly control public debt and ensure national financial security 2025

VCN - According to the plan for borrowing and repaying public debt and foreign debt of the country in 2025, the total borrowing demand of the Government in the year is expected to be at VND 815,238 billion, an increase of 20.6% compared to the Government'
Revising the title of a draft of 1 Law amending seven finance-related laws

Revising the title of a draft of 1 Law amending seven finance-related laws

On November 19, 2024, the Standing Committee of the National Assembly (SCNA) discussed amendments and refinements to the draft of a law revising seven existing finance-related laws.
Transparency evates the standing of listed companies

Transparency evates the standing of listed companies

According to the Hanoi Stock Exchange (HNX), the number of companies placed under warning, control, or restricted trading on the listed and registered markets has increased over the past two years compared to 2022.
Mobile Version