PM requests developing transparent, sustainable capital market

Monday, Apr 25, 2022 08:42

Prime Minister Pham Minh Chinh speaks at the conference. — VNA/VNS Photo

Developing a safe, transparent, effective, and sustainable capital market to ensure macro-economic stability was the focus of a conference chaired by Prime Minister Pham Minh Chinh on Friday.

Viet Nam’s capital market has recorded fast growth in recent years, expanding by 28.5 per cent annually on average from 2016 to 2021. It was equivalent to 134.5 per cent of GDP last year, rising 3.5-fold from 2015. In particular, the stock market was equivalent to 93.8 per cent of GDP while the bond market 39.7 per cent, according to a report delivered at the meeting.

However, the rapid growth of the stock and bond markets has also posed latent risks, it noted, pointing out some cases of market manipulation, bond mobilisation for wrong purposes, and law infringement.

Addressing the meeting, PM Chinh underlined the Government’s viewpoint that wrongdoings must be strictly handled to make the market transparent and protect investors and businesses.

The Government stays persistent in the target of stabilising the macro-economy, controlling inflation, and effectively implementing the socio-economic recovery and development programme, he affirmed.

Highlighting the main tasks to achieve that target, he said at first, relevant ministries, sectors, and agencies must keep the investment climate stable, especially the consistency of policies.

The PM also ordered a legal corridor be built protecting investors in the stock and bond markets, ensure balanced development of the capital and monetary markets, and that the stock market develops healthily and sustainably to facilitate the mobilisation of medium- and long-term capital.

He stressed the Party and State’s consistent policy of not criminalising economic relations and issuing support policies to encourage enterprises to comply with laws and operate effectively and transparently, thus contributing to national development. — VNS

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