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Vietnam sets targets for securities sector
06/08/2010 - 149 Lượt xem
The State Securities Commission (SSC) organized the conference to discuss ways to develop the securities market in Vietnam. It stated the modernization of the trading center and passing the draft law on securities, expected to be passed late this year, as vital.
SSC experts suggested the HCMC Securities Trading Center be transformed into a HCMC Securities Exchange for better regulation of trading activities.
At the conference, deputy minister of finance Le Thi Bang Tam warned of fraud and speculation, which could easily infiltrate the fledgling market once it enjoyed vigorous growth. She also asked the SSC to exercise tighter control on unofficial securities markets in the country.
Last year, Vietnam’s stock market capitalization (market value of all listed stocks) accounted for 1.2 percent of the country’s GDP. This year, the SCC hopes to achieve a 3 percent mark.
The number of foreign investors in the market has increased two-fold as the volume of securities trading jumped considerably last year. So far, around 5,000 foreign-invested companies have been equitized in Vietnam.
The investment law, due to take effect as of July 1 will serve to develop the market further by offering numerous incentives to foreigners.
In the future, the SCC is to get involved more actively in the equitization of state-owned enterprises, cooperate with the State Treasury to develop a government bond market, and reform stock market functions and management.
Source: Vietnamnet, 21/02/2006
