At the workshop to launch the technical cooperation project of the Japan International Cooperation Agency (JICA), held on September 23, Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission (SSC), said that by the end of August 2024, the stock market capitalization (TTCK) reached more than 7 million billion VND (280 billion USD), an increase of 19.1% compared to the end of 2023, equivalent to 69.2% of the estimated GDP in 2023.
Year-to-date, the average trading value has reached nearly $1 billion, up 31.3% from last year. Foreign investors hold about $50 billion worth of stocks, equivalent to more than 17% of market capitalization.
Chairwoman of the State Securities Commission Vu Thi Chan Phuong speaks at the Workshop. (Photo: ST)
Faced with new challenges in the stock market, the State Securities Commission has launched a cooperation project with JICA to support the development of the Vietnamese stock market in line with the Industry Development Strategy.
At the same time, this cooperation can help the SSC strengthen its management and supervision capacity, aiming to achieve the goal of ensuring publicity and transparency, enhancing management, supervision, inspection and enforcement capacity, protecting investors' interests and market confidence.
“This new project promotes the Vietnamese stock market to deeply integrate into the ASEAN and international markets,” said the Chairman of the State Securities Commission.
The project includes components related to enhancing the capacity of the State Securities Commission and exchanges in inspecting and supervising the market and managing the listing and issuance of securities to the public.
At the same time, strengthen the capacity of the State Securities Commission in supervising and developing market intermediaries (securities companies and fund management companies) towards enhancing investor protection; promoting fairness, transparency and efficiency of the Vietnamese stock market.
“This marks the beginning of a new development phase of the stock market, aiming at the goals of the Stock Market Development Strategy to 2030. The project's results are consistent with the Party and State's policies to implement the Government's Resolutions on developing a safe, transparent, efficient and sustainable capital market,” said Ms. Phuong.
Regarding this issue, Mr. Satoru Kawasaki, Deputy Commissioner for International Affairs, said that Japan experienced the collapse of the bubble economy in 1990 and spent 15 years dealing with bad debt and economic crisis. After 30 years, Japan has completely escaped deflation and entered a new economic growth cycle.
"With its lessons learned, Japan is ready to help Vietnam take the right direction in economic development in general and stock market development in particular in a sustainable, safe and transparent manner," Mr. Satoru Kawasaki affirmed.
Mr. Vu Chi Dung, Director of the Department of International Cooperation, State Securities Commission, said that the general goal of Vietnam's Stock Market Development Strategy to 2030 is stability and sustainability. Making the stock market a major capital mobilization channel to maintain growth and improve quality; developing green and sustainable finance; implementing digital transformation in the securities sector and enhancing international integration.
Specifically, Vietnam aims for stock market capitalization to account for 120% of GDP by 2030 and outstanding bonds to account for 47% of GDP by 2025, 58% of GDP by 2030. The derivatives market will grow by 20% - 30% per year in the period 2021 - 2030. Vietnam strives to upgrade its stock market to an emerging market and aim to be among the top 4 ASEAN countries by 2025.
Source: https://www.congluan.vn/nhat-ban-se-ho-tro-thi-truong-chung-khoan-viet-nam-phat-trien-ben-vung-post313557.html
Comment (0)