PM requests developing transparent, sustainable capital market
How to develop a safe, transparent, effective, and sustainable capital market to ensure macro-economic stability is the focus of a conference held under the chair of Prime Minister Pham Minh Chinh on April 22.
Prime Minister Pham Minh Chinh speaks at the conference on April 22. (Photo: VNA)
Hanoi (VNA) – How to developa safe, transparent, effective, and sustainable capital market to ensuremacro-economic stability is the focus of a conference held under the chair of PrimeMinister Pham Minh Chinh on April 22.
Vietnam’s capital market has recordedfast growth in recent years, expanding by 28.5 percent annually on averageduring 2016 - 2021. It was equivalent to 134.5 percent of GDP last year, rising3.5-fold from 2015. In particular, the stock market was equivalent to 93.8percent of GDP while the bond market 39.7 percent, according to a report deliveredat the meeting.
However, the rapid growth of the stockand bond markets has also posed latent risks, it noted, pointing out some casesof market manipulation, bond mobilisation for wrong purposes, and lawinfringement.
Addressing the meeting, PM Chinhunderlined the Government’s viewpoint that wrongdoings must be strictly handledso as to make the market transparent and protect investors and businesses.
The Government stays persistent inthe target of stabilising the macro-economy, controlling inflation, andeffectively implementing the socio-economic recovery and development programme,he affirmed.
Highlighting the main tasks toachieve that target, he said at first, relevant ministries, sectors, andagencies have to keep the investment climate stable, especially the consistencyof policies.
The PM also ordered a legal corridor bebuilt to protecting investors in the stock and bond markets, measures taken forensuring balanced development of the capital and monetary markets, and thestock market developed healthily and sustainably to facilitate the mobilisationof medium- and long-term capital.
Hestressed the Party and State’s consistent policy of not criminalising economicrelations and issuing support policies to encourage enterprises to comply withlaws and operate effectively and transparently, thus contributing to nationaldevelopment./.
The domestic stock market has still been assessed positive despite recent adverse impacts, partially thanks to its internal factors, the head of the State Securities Commission (SSC) affirmed on March 31.
Any act that aims at manipulating the stock and corporate bond markets to gain illicit profits will be punished strictly, according to the Ministry of Finance.
The Ministry of Public Security’s Investigation Police Agency on April 8 launched criminal proceedings against and detained two other suspects for assisting Trinh Van Quyet, former Chairman of the FLC Group JSC, in manipulating the stock market.
The average daily trading value on Vietnam’s stock market has reached more than 30.84 trillion VND (1.34 billion USD) per session so far this year, up 15.9 percent from the last year’s figure and now the second largest in ASEAN, only after Thailand, according to the Ministry of Finance.
The Ministry of Public Security on April 20 issued a decision to conduct investigations into a case accused of manipulating the stock market at Tri Viet Securities Corp, Louis Holdings Group, Louis Capital JSC and relevant agencies, and detained four people.
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Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
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PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
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Prime Minister Pham Minh Chinh speaks at the conference on April 22. (Photo: VNA) 
