Prime Minister Pham Minh Chinh chairs the conference. (Photo: SGGP)
Deputy Prime Minister Le Minh Khai, leaders of ministries, localities, business associations, corporations, banks, companies, associations, international organizations, the Chairman of the State Securities Commission of Vietnam, and economic experts attended the conference.
In his opening speech, PM Pham Minh Chinh stated that the capital and monetary markets play a crucial role, being the lifeblood of the economy.
Over the past time, Vietnam's capital market has grown rapidly in width and depth. The scale, product, and liquidity increased rapidly, contributing to mobilizing financial resources, which is extremely important for the economy, supporting and supplementing the traditional capital supply channel - bank credit.
The capital market has been fully established and operated with all components, including the stock market, bond market, and derivatives market. The average growth scale was 28.5 percent per year in the 2016-2021 period, reaching 134.5 percent GDP in 2021, 3.5 times higher than in 2015. The daily trading value has increased sharply. From the beginning of the year to now, the average trading value has reached VND30.8 trillion, up 15.9 percent over the same period last year. The number of newly-opened securities accounts is three years ahead of the set target.
However, according to the PM, besides the achieved positive results, it is necessary to frankly recognize that the capital market still has limitations and shortcomings in market structure, infrastructure, technology, human resources, and market information system. Especially, some organizations and individuals even violate the law when participating in the market.
PM Pham Minh Chinh affirmed that the violations are only a minority. It is necessary to handle violations to protect the legitimate rights and interests of the majority of genuine investors and enterprises, which operate healthily and comply with the law. It is also a necessary step to clean up the market so that the market is better, healthier, safer, and more sustainable.
The PM stated that the Government and the PM had issued many directions from the second half of 2021, with three throughout and consistent viewpoints.
Firstly, it is to encourage and create all favorable conditions for organizations and individuals to participate in the market, operate healthily and efficiently, and strictly comply with the provisions of the law.
Secondly, it is to resolutely handle individuals and organizations who intentionally violate regulations, group interests, and illegal profiteering and protect the interests of investors and enterprises that respect and comply with the law.
Thirdly, it is to take all necessary measures to stabilize and develop an open, transparent, safe, healthy, and sustainable market, contributing to promoting socio-economic development that brings happiness and wealth to the people.
In his opening speech, PM Pham Minh Chinh stated that the capital and monetary markets play a crucial role, being the lifeblood of the economy.
Over the past time, Vietnam's capital market has grown rapidly in width and depth. The scale, product, and liquidity increased rapidly, contributing to mobilizing financial resources, which is extremely important for the economy, supporting and supplementing the traditional capital supply channel - bank credit.
The capital market has been fully established and operated with all components, including the stock market, bond market, and derivatives market. The average growth scale was 28.5 percent per year in the 2016-2021 period, reaching 134.5 percent GDP in 2021, 3.5 times higher than in 2015. The daily trading value has increased sharply. From the beginning of the year to now, the average trading value has reached VND30.8 trillion, up 15.9 percent over the same period last year. The number of newly-opened securities accounts is three years ahead of the set target.
However, according to the PM, besides the achieved positive results, it is necessary to frankly recognize that the capital market still has limitations and shortcomings in market structure, infrastructure, technology, human resources, and market information system. Especially, some organizations and individuals even violate the law when participating in the market.
PM Pham Minh Chinh affirmed that the violations are only a minority. It is necessary to handle violations to protect the legitimate rights and interests of the majority of genuine investors and enterprises, which operate healthily and comply with the law. It is also a necessary step to clean up the market so that the market is better, healthier, safer, and more sustainable.
The PM stated that the Government and the PM had issued many directions from the second half of 2021, with three throughout and consistent viewpoints.
Firstly, it is to encourage and create all favorable conditions for organizations and individuals to participate in the market, operate healthily and efficiently, and strictly comply with the provisions of the law.
Secondly, it is to resolutely handle individuals and organizations who intentionally violate regulations, group interests, and illegal profiteering and protect the interests of investors and enterprises that respect and comply with the law.
Thirdly, it is to take all necessary measures to stabilize and develop an open, transparent, safe, healthy, and sustainable market, contributing to promoting socio-economic development that brings happiness and wealth to the people.
“The message given by the Government and the Prime Minister is to purify and make healthy the market, protect the legitimate rights and interests of the investor and business community, and put the market on a fast-developing, effective, and sustainable trajectory,” the Prime Minister stated.
Many reputable domestic and international financial and monetary institutions and international and domestic experts affirmed that the Vietnamese capital market and stock market have solid foundational factors from the potential and prospects of the economy and the dynamism and efficiency of the production and business sector with the support of international friends. With those conditions, Vietnam can become one of the most successful emerging markets in the region and the world. Therefore, PM Pham Minh Chinh asked delegates to discuss clearly what needs to be done for the market to develop stably, safely, and sustainably. It is necessary to assess the current situation and the movement and development trend of the market, identify key policy issues, specific measures to tackle in the short term, and orient strategy and solutions in the medium and long term. What does the macro environment need to do, what should the institution do, and what do infrastructure and technology need to do for the market to develop stably, safely, effectively, and sustainably? At the same time, regarding the market management, inspection, and supervision mechanism, it is necessary to answer the following questions: Why are there still cases of market manipulation and violations of the law on corporate bond issuance? Is it because inspection and supervision remain weak, not strict enough, or the coordination between the authorities is still not close? Or is it because violations are too sophisticated and difficult to detect? What are specific solutions and under the responsibility of which agency, organization, or individual for the market to develop healthily, sustainably, and effectively? The PM also requested clarification on the issue of market information, publicity, transparency, and accountability. Why do market participants still not comply well with regulations on disclosure and accuracy of information? What are the responsibilities of management, inspection, supervision, and auditing agencies? What specific solution is needed to overcome this situation soon? On the other hand, what mechanisms, policies, and measures are needed to ensure the legitimate rights and interests of market participants, investors, and enterprises? The PM also asked the question of why there is still rampant fake news, confusing public opinion and reducing investor confidence? What are effective approaches, problem-solving, and media solutions?
