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Prime Minister directs seven key tasks for stock market’s development

09:56 | 22/07/2020

VCN- On July 20, at a ceremony markingthe 20thanniversary of the Vietnamese stock market and Ho Chi Minh Stock Exchange (HOSE), Prime Minister Nguyen Xuan Phuc has requested the Ministry of Finance, State Securities Commission and central and local ministries, sectors make great efforts toperform seven key tasks.

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Prime Minister Nguyen Xuan Phuc gave a statement at the ceremony.

According to the PM, Vietnam is entering a new stage of development with many opportunities and advantages but also difficulties and challenges, especially the impacts of the Covid-19 pandemic and complex developments in the global and regional geopolitical situation. The mobilised financial resources for investment and development needs are enormous. Tasks set for the financial and banking industry and the development of the stock market is arduous, in which, over the past 20 years, the stock market needs breakthrough development in the scale and quality to meet the medium and long-term capital demand of the economy, contributing to the development of business systems and the private sector more efficiently and sustainably.

To achieve this important goal, the Prime Minister asked the Ministry of Finance, the State Securities Commission and other central and local ministries and sectors to make great efforts on well performing the following tasks.

Firstly, it is necessary to have breakthrough thinking and drastic actions in the completion of institutions, mechanisms and policies for the synchronous development of the financial - monetary markets and stock market. This year, it is necessary to promulgate a comprehensive system of decrees and documents guiding implementation of the Securities Law, the Enterprise Law and the Investment Law and amend the Law on Credit Institutions and related laws and decrees in the following years. The legal document system should follow aspirit of innovation with a long-term vision andcreate a conducive business environment and fair opportunities for businesses and investors.

Second, ministries and sectors need to coordinate closely to comprehensively develop markets, including the stock, monetary and insurance markets; aiming at a complete market structure to promote synergy of markets in macroeconomic stability and to promote economic development.

Third, promote solutions to quickly develop the scale and quality of the stock market such as accelerating the equitisation of State-owned enterprises, attaching equitisation with listing, registering for transaction on the stock market; promote private sector development, increase transparency in the stock market through application of international accounting standards, improve the quality of audit services and encourage enterprises to apply international standards and practices on corporate governance.

Fourth, it is necessary to complete the structure of the stock market in the direction of quickly preparing technical infrastructure to implement corporate bond trading activities on a specialised system, urgently complete and put other derivative products into operation to serve investors.

Fifth, strengthening management capacity, supervision and enforcement to ensure the market operates transparently and protects the rights and interests of investors. The coordination mechanism between the Ministry of Finance, the State Securities Commission and relevant ministries and sectors should be improved to strengthen forecast capacity and take timely measures to deal with sudden changes to ensure security and safety for the stock market and the financial and monetary markets.

Sixth, focus on fundamentally renovating information technology systemand take advantage of the achievements of the Fourth Industrial Revolution in transaction, payment, supervision and financial services to enhance operational efficiency; study the digitalisation of trading assets on the stock market soon.

Seventh, integrate the stock market into the international financial market to approach the best practices and standards, strive to soon upgrade Vietnam's stock market from afrontier market to anemerging market according to the roadmap approved by the Government, and strive to make Vietnam's stock market a destination for major international financial institutions.

By Le Thu/Ngoc Loan