DNVN - The technical cooperation project between the State Securities Commission and the Japan International Cooperation Agency (JICA) on "Enhancing capacity to promote the efficiency of Vietnam's stock market" has just been announced to strengthen investor protection and promote fairness and transparency of the market.
Speaking at the opening ceremony of the Japan International Cooperation Agency (JICA) technical cooperation project launching workshop "Enhancing capacity for promoting the efficiency of Vietnam's stock market" on the morning of September 23, Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong said that by the end of August 2024, the stock market capitalization reached more than VND 7 million billion (USD 280 billion), an increase of 19.1% compared to the end of 2023, equivalent to 69.2% of the estimated GDP in 2023.
Since the beginning of the year, the average trading value has reached nearly 1 billion USD, up 31.3% compared to the average of last year. Foreign investors hold about 50 billion USD worth of stocks, equivalent to more than 17% of market capitalization. These results demonstrate the strong development of the Vietnamese stock market.
Chairwoman of the State Securities Commission Vu Thi Chan Phuong speaks at the workshop.
The technical cooperation project between the State Securities Commission and JICA on "Capacity enhancement for promoting the efficiency of Vietnam's stock market" announced at the conference is a continuation of the success of the Project "Capacity enhancement for improving the fairness and transparency of Vietnam's stock market" (2019-2023).
With extensive experience in building and developing the Japanese stock market, JICA continues to support the development of the Vietnamese stock market in line with the industry's development strategy. This project meets the urgent need to improve capacity in the management, supervision and operation of the Vietnamese stock market.
This new project promotes the deep integration of Vietnam's stock market into the ASEAN and international markets. 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.
Sharing at the conference, 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 the main 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.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/thuc-day-hop-tac-bao-ve-nha-dau-tu-chung-khoan/20240923101338661
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