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Handle violations to create healthy and transparent environment for stock market

13:38 | 01/08/2022

VCN – The membership meeting on the development of the stock market was chaired by the leader of the Ministry of Finance Ho Chi Minh City Stock Exchange (HOSE) on July 28.

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Handle violations to create healthy and transparent environment for stock market
Deputy Minister of Finance Nguyen Duc Chi meets with members of stock market.

In 2021, the strong growth of liquidity in the market required a solution to handle the overload of the trading system at HOSE. The State Securities Commission, HOSE and FPT Joint Stock Company of Sovico Group coordinated the overload and provided a solution into the system’s operation, meeting the liquidity needs of the market.

A year on from implementation, the solution for anti-order congestion satisfied the trading needs of the market. The leading members of the Stock market as Sovico Group, Dragon Capital Vietfund Management (DCVFM), HSC Securities Joint Stock Company, SSI Securities Joint Stock Company and VNDirect Securities Joint Stock Company coordinated with the HOSE and FPT (FIS) to maintain and operate the solution towards the goal of stable, safe and effective operation of the market. DRAGON CAPITAL VIETFUND MANAGEMENT (DC

Speaking at the meeting, Deputy Minister of Finance Nguyen Duc Chi praised the great efforts and contribution by the members for the market’s development in aspects. The members increasingly showed the high professionalism and long-term cooperation to the development of Vietnam's stock market.

Handle violations to create healthy and transparent environment for stock market
Deputy Minister of Finance Nguyen Duc Chi.

“The achievements of the Stock market, the solidarity, sharing and companionship of the members with the Ministry of Finance, regulatory agencies, stock exchanges are key role in policies and direction of stock market development of the Party, the State and the Government,” Deputy Minister Nguyen Duc Chi said.

At the meeting, the Deputy Minister expressed his belief and expectation for the development of Vietnam's stock market in the near future. After the rapid growth during Covid-19 pandemic, from the early year, the Vietnam’s stock market has adjusted to a downward trend.

However, the Deputy Minister said: “Vietnam’s economy shows the strong restoration, especially the high growth rate of the GDP, which is expected to be remain in the foreseeable. The inflation pressure is still large and should be controlled. However, Vietnam’s inflation index is still within the target. The State budget revenue still grew positively while implementing many support programs for economic recovery. Enterprises listed on the market showed a sustained recovery and positive growth in business results. These fundamental factors will actively support the Vietnamese stock market to recover and grow more sustainably in the near future.”

The Ministry of Finance and relevant agencies commit to creating all the most favorable conditions to support the stock market’s growth. Regarding the information technology infrastructure for the market, the KRX system has been quickly installed so the members can believe in the official operation in the near future. In addition, the ministry has proposed to build more other technology projects, meeting the long-term development needs of the market in the future.

The Deputy Minister affirmed that the management agency must strictly handle violations in the market to create a healthy and transparent stock market, facilitating the legitimate members, enterprises and investors.

In addition, the Ministry of Finance has directed units to implement solution to improve the legal framework, create new and quality products, and promote the upgrading process for stable and transparent development of the stock market.

By Hien Nguyen/Ngoc Loan