Hanoi (VNA) – Prime Minister NguyenXuan Phuc highlighted a bright outlook for Vietnam’s economy while opening astock trading session after the Lunar New Year holiday in Hanoi on February 12.

Citing international organisations’ forecasts,PM Phuc said the World Bank has predicted that Vietnam will record an economicgrowth rate of over 6.6 percent in 2019. Meanwhile, Standard Chartered and ANZbelieve the economy will enjoy the fastest growth in ASEAN and be a highlightin the world’s economic panorama.

Some organisations also perceived that there isroom for Vietnam’s economy to grow at a pace of 7 percent this year. Echoingthe view, the National Financial Supervisory Commission said the economy islikely to expand by 7 percent.

The Government leader said those forecasts showthe confidence in Vietnam’s economic development in 2019 and the followingyears.

He expressed his delight at the vigorousexpansion of the stock market in the past nearly 20 years, noting that themarket capitalisation has increased by almost 17-fold in 12 years to beequivalent to 72 percent of the gross domestic product (GDP) last year,compared to only 22.7 percent in 2006.

Private businesses’ capital mobilised throughissuing corporate bonds and stocks soared by 70 percent in 2017 and 30 percentin 2018 to 68 trillion VND (2.9 billion USD), turning Vietnam into one of theSoutheast Asian nations with the largest amount of capital raised through stockexchanges.

Via the stock market, the Government hasmobilised capital with between 20- and 30-year terms, helping it gear uplong-term capital for public investment and public debt restructuring, the PMsaid.

Pointing out the stock market’s shortcomings andthe complicated international situation, PM Phuc said the Government will presson with improving the investment and business climate, stabilising themacro-economy and reforming the growth model. It will also keep the viewpointof considering the private sector as an important driving force for economicdevelopment.

He underlined the importance of sustainablydeveloping the stock market and promoting its role in creating medium- andlong-term capital for the economy, enhancing growth quality and boosting theeconomy’s transparency.

In his speech, the PM asked the Ministry ofFinance and relevant agencies to improve the legal framework forsecurities-related activities, take measures to upgrade Vietnam’s stock marketfrom the frontier to the emerging market status in the rankings of ratingagencies, and apply achievements of the Fourth Industrial Revolution in thestock market.

He also requested inspection, monitoring andsettlement of violations be stepped up to boost discipline in the market andconsolidate the public and investors’ trust.-VNA