Stock Market Development Conference to be held in 2024

The conference is expected to have the participation and direction of Government leaders, along with the participation and sharing of opinions from representatives of ministries, branches, international financial institutions, listed enterprises and market members.

Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission at the gong-beating ceremony to open the stock exchange in the spring of Giap Thin 2024. Photo: Le Toan

Brighter color gamut

Sharing on the sidelines of the Gong Ceremony to Open the First Trading of the Year of the Dragon 2024 at the Ho Chi Minh City Stock Exchange (HoSE) on the morning of February 19, 2024 about the important orientations and solutions of the management agency to support the Vietnamese stock market, Chairwoman of the State Securities Commission Vu Thi Chan Phuong expects and believes that the stock market will have many more positive and strong changes, continuing to be an attractive destination for domestic and foreign investment capital flows, and an important medium- and long-term capital channel for the economy.

Despite many challenges, according to Ms. Vu Thi Chan Phuong, the Vietnamese stock market is forecast to have brighter colors in 2024 thanks to many positive supporting fundamental factors.

The Government and the Prime Minister have been proactively and resolutely directing ministries, branches and localities to implement many solutions to remove difficulties, stabilize and promote economic growth such as: reducing lending interest rates; stabilizing the foreign exchange market; promoting disbursement of public investment capital; implementing credit packages to support industries and sectors, removing difficulties and obstacles in the real estate market, corporate bond market, exempting, reducing and extending taxes and fees to support businesses...

Therefore, the more positive trend continues to be maintained in many industries and fields, thereby creating better conditions for business health to continue to recover. Vietnam's economic prospects are still highly appreciated by international organizations, maintaining a fast recovery rate, belonging to the group of countries with the leading growth rate in the region and the world.

Along with the attention and close direction of the Government, the Ministry of Finance, the support of ministries, branches, and localities... the above positive factors are expected to continue to create the foundation for the Vietnamese stock market to maintain stability, good liquidity, and parallel growth in both scale and quality.

“The positive results of the market in 2023 and the positive changes in macroeconomic growth, as well as improved business results of enterprises, have increased investor confidence in the market in the first period of 2024,” the Chairman of the State Securities Commission also emphasized. The VN-Index officially surpassed the 1,200-point mark in the opening session of the Year of the Dragon and closed at 1,209.7 points. The positive start in the first period of the year creates expectations for the Vietnamese stock market to have a more prosperous 2024, when fundamental factors such as macroeconomics and business health are forecast to continue to improve more positively.

Urgently prepare for the Stock Market Development Conference

Sharing about the work of upgrading the stock market from frontier to emerging, in recent times, the management agency has made great efforts to implement many solutions to complete the important criteria set forth by international rating organizations. Specifically, the State Securities Commission organized many meetings with ministries and branches; at the same time, organized meetings and worked with international rating organizations, major international financial institutions and market members at home and abroad to jointly study and propose solutions to remove the remaining problems in the work of upgrading the Vietnamese stock market.

Two key groups of issues that need to be focused on improving and having measures to resolve in order to facilitate foreign investors to participate in the stock market in the coming time have been pointed out. They are: Prefunding requirements and foreign ownership limits. The head of the State Securities Commission also emphasized that these issues require practical coordination from relevant ministries and branches to resolve.

“In parallel with perfecting the main criteria of international rating organizations, we continue to perfect domestic regulations based on research on international regulations and practices to promote the sustainable development of Vietnam's stock market, creating a favorable environment to attract international investors and foreign indirect investment flows,” Ms. Chan Phuong emphasized.

According to the Chairman of the State Securities Commission , with the approval of the Ministry of Finance's leaders, this agency is urgently preparing for the 2024 Stock Market Development Conference. The conference is expected to have the participation and direction of the Government leaders, the participation and sharing of opinions of representatives of ministries, branches, international financial institutions, listed enterprises and market members.

For regular solutions in 2024, the management agency will continue to perfect the legal framework and policy system for market development, focusing on completing the development of a plan to effectively implement the Stock Market Development Strategy project to 2030.

At the same time, the State Securities Commission will strengthen the construction of infrastructure systems, apply information technology, and respond to the trend of the 4.0 technology revolution, both creating conditions for management and operation, and creating favorable conditions for businesses, market institutions, and investors to participate.

Along with that, we will continue to restructure the stock market based on the main pillars that have been proposed, focusing on strengthening the management of securities trading organizations and securities practitioners; diversifying the investor base, developing the institutional investor system, encouraging long-term foreign investment, and training individual investors.

To ensure market discipline, the management agency will strengthen inspection, examination and supervision to ensure the stock market develops sustainably, openly and transparently, and promptly and strictly handle violations of the law on the stock market.

In addition, foreign affairs and international cooperation, organizing investment promotion programs abroad, working with foreign investors and rating organizations to upgrade the Vietnamese stock market will also be promoted. It is expected that in March, under the direction of the Ministry of Finance, the State Securities Commission will coordinate with functional units under the Ministry to develop an Investment Promotion Program in Korea and Japan, with the Minister of Finance as the head of the working group.

The State Securities Commission will focus on preparations for the Asia-Pacific Sub-regional Securities Commission Conference to take place in Vietnam in 2025.

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