Monday , May 27 2024

Prime Minister orders swift upgrade to stock market

A transaction conducted at an office of Bảo Việt Securities in Hà Nội. — VNA/VNS Photo 

HÀ NỘI — The Ministry of Finance (MoF) and other agencies are required to carry out necessary tasks to swiftly upgrade the Vietnamese stock market from a frontier to an emerging market, according to an official dispatch issued by the Prime Minister. 

In the document, the PM said that the international financial market is expected to experience complicated and unpredictable turbulence in the near future, affecting the domestic capital, currency, and stock markets.

Therefore, the PM has directed the MoF to take the lead and work with other ministries and sectors to swiftly and effectively implement the tasks and solutions outlined in Resolution No. 86/NQ-CP to help the Vietnamese stock market develop in a safe, transparent, efficient, and sustainable manner.

The management of monetary, fiscal, and other macroeconomic policies should be closely coordinated. As a result, this will create favourable conditions to support the development of a safe, transparent, efficient, and sustainable stock market, which serves as an effective channel for medium- and long-term capital allocation in the economy.

In order to promptly execute suitable measures to manage and monitor the stock market in accordance with the situation, the MoF must also actively monitor and closely supervise developments in the domestic and international stock markets as well as capital flows into and out of the market. 

The ministry has to take immediate action to raise the standard of products offered in the stock market and boost the effectiveness of securities firms, fund management firms, and market players.

Specifically, it must lead and collaborate with SBV, the Ministry of Planning and Investment, and relevant agencies to swiftly enhance the Vietnamese stock market from frontier to emerging status, aiming at attracting foreign and institutional investments.

Authorities also have to step up inspections, exams, and oversight to crack down on stock market violations, follow the laws and rules, while staying alert, issue warnings on time, and have backup plans to handle potential risks, ensuring a secure, reliable, and transparent stock market.

The PM has directly ordered the MoF to work closely with the State Securities Commission (SSC) and the Vietnam Securities Depository and Clearing Corporation (VSDC) to thoroughly review and purify investor data, helping boost market safety and transparency.

Additionally, the SBV will collaborate with the MoF and the SSC to manage monetary and fiscal policies, ensuring the development of the stock market and the synchronicity between the money market, capital market and stock market.

Media agencies are required to provide truthful and timely information. Strict measures will be taken against those who violate regulations and negatively impact investor sentiment and market stability. — VNS

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