Prime Minister chairs first stock market conference

Prime Minister chairs first stock market conference 29/02/2024 16:38:00 51

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Prime Minister chairs first stock market conference

29/02/2024 16:38:00

VGP - Prime Minister Pham Minh Chinh requested upgrading the status of the Vietnamese stock market from the frontier status to an emerging market by 2025.

Prime Minister Pham Minh Chinh chairs first stock market conference, Ha Noi, February 29, 2023 - Photo: VGP/Nhat Bac

Prime Minister Pham said that he always keeps a close watch on the stock market as it reflects the health of businesses as well as the performance of the Government.

Since its establishment nearly 25 years ago, the stock market is still relatively young compared to others in the region and the world. However, it proved to have become mature quickly with potential and positive outlook, and gradually established itself as a channel for medium- and long-term capital mobilization in the economy, thereby considerably helping with socio-economic development.

He underlined the task of developing a comprehensive, safe, healthy, effective, and sustainable stock market consistent with the country’s financial market and integrates into the world.

Prime Minister Pham pledges to protect legitimate rights of investors and expressed his willingness to help spur the market in 2024 and make breakthroughs in 2025.

Ministries, sectors, localities, businesses, market members, and investors were tasked to join hands to strongly and sustainably bolster the stock market to generate harmonious interests for all.

As of December 29, 2023, the benchmark VN-Index on the Ho Chi Minh City Stock Exchange (HOSE) reached 1,129.93 points and the HNX-Index on the Hanoi Stock Exchange (HNX), 231.04 points, respectively rising 12.2 percent and 12.5 percent from the end of 2022, which were good growth rates compared to many other Asian countries.

By the end of 2023, the market capitalization valued VND5.937 quadrillion (USS$241 billion), up 13.6 percent from 2022 and equivalent to 58.1 percent of the estimated GDP of 2023.

Viet Nam is home to 739 stocks and exchange traded funds listed on the two trading platforms, and 862 stocks registered for transactions on the unlisted public company market (UPCoM). Their value totaled VND2.128 quadrillion, up 7.3 percent from the end of 2022.

Meanwhile, new investors joining in the market continued increasing sharply. Last year, the number of investors’ accounts were 395,290 from 2022 to more than 7.29 million, equivalent to 7.5 percent of the population, exceeding the target of 5 percent set by the Government.

Deputy Prime Minister Le Minh signed Decision No. 1726/QD-TTg approving the stock market development strategy until 2030 on December 29, 2023. The strategy also aims to improve risk resistance for the market, making it an important medium and long-term capital mobilization channel for the national economy.

According to the strategy, stock market capitalization would equal to 100 percent of GDP by 2025 and 120 percent by 2030. Outstanding bonds would represent at least 47 percent of GDP by 2025 and 58 percent by 2030. The proportion of Government bonds held by non-banking investors would rise to 55 percent by 2025 and 60 percent by 2030. The number of stock traders would reach 9 million by 2025 and 11 million by 2030.

Kim Anh

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