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PM urges to build a stable, healthy securities market

VNGOVNet – PM Nguyễn Tấn Dũng ordered the Ministry of Finance and the State Securities Commission (SSC) to build up a stable, healthy and sustainable securities market in Vietnam during his working visit to the SSC on March 10.

March 11, 2007 8:45 AM GMT+7

 

Photo: VNGOVNet

Up to early March 2007, Vietnam has developed a relatively large securities market, with a total capital of over VND 371,000 billion. The securities index has been constantly increasing; the number of businesses listed on trading centers increased from 41 in late 2005 to 193 in March 2007. Investors also rose up in number, reaching over 158,000, five times higher than in 2005. The average daily trading value is VND 869 billion, increasing four times against 2006.

However, according to SSC President Vũ Bằng, Vietnam’s securities market contains some weaknesses, such as the big gap between stock supply and investment demand, risky “price balloon”, short-term investments, lack of necessary knowledge; various capital flows including those from some banks; great influence of OTC market; and the published information not really transparent and equal.

Concluding the working session, PM Nguyễn Tấn Dũng hailed the recent development of the securities market, which reflects the country’s socio-economic successes. He required the Ministry of Finance, the SSC and other competent agencies to promptly set up, supplement and complete legal documents instructing the enforcement of the Securities Law.

The equitization of State-owned enterprises should be boosted, more big corporations and companies listed on official trading centers, and openness and transparency of the securities market, especially OTC, increased, said the PM. All joint-stock companies which sell out their stocks to the public must be audited and made financially transparent, he added.

The PM also requested the Ministry of Finance and the SSC to improve their ability to manage, inspect, supervise and grasp the circulation of capital flows through trading centers; timely settle down all incidents and breakdowns daily; and promptly upgrade information infrastructure as well as enhance in-depth training of securities staff.

By Xuân Hồng