Deputy Minister of Finance Nguyễn Đức Chi beats the gong on February 19 at the Ho Chi Minh Stock Exchange to mark the stock market's first trading session in the 2024 lunar year. — VNA/VNS Photo

HCM CITY — The legal framework and policies need to be strengthened to ensure development of the stock market in the long run, Deputy Minister of Finance Nguyễn Đức Chi has said.

Speaking at the bell to start the first trading session of the new lunar year on February 19 at the Ho Chi Minh Stock Exchange (HoSE), he also emphasised the need to remove obstacles faced by the market and have proper systems for transactions, payments, deposits, and clearance for operating safely and smoothly.

The watchdogs must detect violations promptly and handle them seriously to ensure the rights of investors, he said.

All stakeholders, like the regulators, stock exchanges, other relevant agencies, market members, investors, and listed businesses need to join hands to help lift the country from frontier to emerging market soon, he said.

Information about the market should be communicated to investors and society in the best and most transparent way, he said.

Pointing to the unpredictable economic situation this year, he urged government agencies to keep a close eye on regional and global developments and be more proactive in addressing difficulties.

Nguyễn Thị Việt Hà, acting chairwoman of the HoSE, said the VN-Index ended 2023 at 1,129.93 points despite multiple challenges, 12 per cent up for the year.

Market capitalisation rose more than 9 per cent to nearly VNĐ6 quadrillion, with HoSE topping VNĐ4.56 quadrillion, up 13.4 per cent.

The final tests of the new trading system from the Korea Exchange, KRX, have been completed and it is expected to be installed soon, she said.

This year HoSE will focus on key goals such as deploying and operating the new system safely and smoothly, improving the quality of listed products, enhancing the application of information technology in management and supervision, intensifying supervision, detection and handling of wrongdoing, and improving the capacity of its employees. — VNS