On the morning of February 28, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired the Conference on deploying the task of developing the stock market in 2024, jointly organized by the Ministry of Finance and the Government Office.
At the conference, Ms. Vu Thi Chan Phuong - Chairwoman of the State Securities Commission (SSC) said that in 2024, the domestic and foreign economic environment will continue to face difficulties and complicated developments when the growth of the world economy is forecast to remain weak in the short term.
The bright spot is that economic growth in the East Asia and Pacific region is forecast to continue to be higher than other regions.
Chairwoman of the State Securities Commission Vu Thi Chan Phuong speaks at the conference.
Regarding the stock market, Ms. Phuong emphasized that 2024 will be the year to create the foundations for the development of the stock market in the medium and long term, contributing to the implementation of tasks and solutions for economic development in 2024.
Therefore, Ms. Phuong said that the securities industry will resolutely implement solutions and tasks in the Stock Market Development Strategy to 2030 and the Prime Minister's Official Dispatch No. 1360 to promote the safe, transparent, effective and sustainable development of the stock market. Develop and organize the implementation of the Action Plans of the Ministry of Finance and the State Securities Commission to implement the Stock Market Development Strategy to 2030.
In addition, the management and operation of the stock market must ensure safety and smoothness, facilitating capital mobilization for economic development; implementing solutions to remove obstacles to attract foreign indirect investment, aiming to upgrade the stock market; supporting business operations through implementing a single-point information disclosure and reforming administrative procedures.
Strengthen supervision and law enforcement to ensure order, discipline and healthy operation of the market; promote the application of information technology, clean up investor data and research the construction of a centralized data center to support management and supervision work.
Improve the capacity and financial safety of the securities business organization system through continuing to restructure securities companies and fund management companies while strengthening management, supervision and rectification of the activities of securities business organizations to ensure compliance with legal regulations.
Promote information dissemination to the investing public to improve understanding of the law and activities of the stock market, contributing to helping the investing public gain knowledge and information to prevent fraudulent activities on the stock market and in cyberspace.
Deputy Governor of the State Bank of Vietnam Pham Thanh Ha speaks at the conference.
On the State Bank's side, Deputy Governor Pham Thanh Ha affirmed that the development of the stock market plays an important role and significance for the development of the economy, demonstrated through supporting businesses to mobilize capital from issuing bonds and stocks to meet capital needs for investment, production and business activities.
As the state management agency for currency, banking and foreign exchange activities, in its operations, the State Bank has proactively followed macroeconomic and monetary developments to flexibly and proactively manage monetary policy tools.
At the same time, promptly coordinate with the Ministry of Finance and relevant ministries and branches in coordinating the management of monetary policy, fiscal policy and other policies to contribute to stabilizing the macro economy, controlling inflation, supporting economic growth; thereby, supporting the development of the stock market, moving towards the goal of upgrading the stock market from a frontier market to an emerging market.
In 2024 and the following years, the SBV will closely follow market developments and the domestic and foreign economic situation, closely coordinate with fiscal policy to proactively, flexibly and synchronously manage monetary policy tools and solutions to control inflation, contributing to stabilizing the macro economy and restoring sustainable economic growth.
The State Bank of Vietnam will continue to flexibly manage open market operations, ensuring liquidity for the credit institution system; actively and flexibly manage interest rates and exchange rates, in line with macroeconomic balance, inflation and monetary policy targets; reasonably manage credit growth and structure, meeting the credit capital needs of the economy to contribute to controlling inflation and supporting economic growth...
This will contribute to making policies to attract foreign capital more effective; help build investors' confidence in a stable business environment; and create stepping stones in attracting more foreign capital to invest and develop the stock market in the future.
However, in the context of the economy's large demand for medium and long-term capital and its main reliance on the banking system, medium and long-term credit accounts for a fairly large proportion and is creating pressure and risks for the credit institution system when the main source of capital is short-term .
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