More technology systems needed for the stock market

July 30, 2022 - 08:11
The Ministry of Finance is studying and proposing to build more technology projects to meet long-term development demand in the future.

HÀ NỘI — Although the stock market has slipped from its highs in recent months, market experts are confident of its long-term prospects, with new technology systems enhancing transparency and sustainability.

Nguyễn Đức Chi, Deputy Minister of Finance (MoF), discussed the current market situation at a meeting with market participants in HCM City on Thursday.

The Deputy Minister expressed confidence in the future growth of the Vietnamese stock market during the event, and he added that the ministry is researching and proposing to establish more technology projects to meet the demand for long-term growth.

Following the global trend, the market witnessed a correction to the downside since the start of the year after rapid growth during the COVID-19 period.

However, Chi stated that underpinning expectations for growth is the nation's robust economic recovery, with consistently high GDP growth rates.

Although inflation pressure remains high and will require more containment measures, it is still under control. State budget revenue still grew positively as the Government implemented support programmes for economic recovery.

Listed enterprises on the market showed a resilient recovery and positive growth in business results.

The Deputy Minister said these are the fundamental factors that will actively support the Vietnamese stock market to recover and grow more sustainably in the future.

Regarding the direction of management and organisation of market operations, he said that the MoF and related units have committed to continuing to create the most favourable conditions to support the development of the stock market.

Meanwhile, the KRX system is being deployed quickly and will be operational in a few months, according to the ministry's leader.

As it is necessary to guarantee the consistency and modernity of the technology system, the MoF is also studying and proposing to build other technology projects to meet the long-term development needs of the market in the future.

The management agency will strictly handle violations in the market so that the stock market can enjoy a healthy and transparent operating environment, creating favourable conditions for members, businesses and investors, Deputy Minister Chi stressed.

In addition, the ministry also directed units to implement solutions to improve the legal framework, create new and high-quality products, and boost the upgrade of the stock market to develop it in the direction of transparency and sustainability. VNS