PM Dung urges transparency of local market in effort to improve economy

Update: February, 25/2015 - 08:44
Prime Minister Nguyen Tan Dung strikes a gong to open the lunar calendar Year of the Goat's first day of trading at the Ha Noi Stock Exchange. — VNA/VNS Photo Duc Tam
HA NOI (VNS) — Securities watchdogs are expected to take more drastic measures to boost the Vietnamese stock market this year, Prime Minister Nguyen Tan Dung said in a speech yesterday at the Ha Noi Stock Exchange.

Striking a gong to open the lunar calendar Year of the Goat's first day of trading, Dung said he expected the stock market to raise more money for the nation's economy this year.

"To achieve that goal, we must build a more transparent legal platform to ensure flexibility and alignment with international practices in the local market," he said.

Dung said Viet Nam was negotiating six free trade agreements, including with the EU, the Trans-Pacific Partnership and the Customs Union.

"These agreements require us to be more open," he said. "So our market must become more dynamic and efficient."

The country should also focus on equitising State-owned enterprises (SOE), he said. The

Government aims to restructure 400 SOEs this year.

"It should be noted that equitisation must be linked with the listing of shares on stock exchanges," he said.

Dung also encouraged the establishment of more joint stock companies, which he said would help the economy raise more money.

The HCM City Stock Exchange reviewed last year's activities yesterday and honoured the most active securities companies.

Saigon Securities Inc. (SSI) occupied the largest share in the share and fund certificate brokerage segment with 12.53 per cent. Meanwhile, Bao Viet Securities Company led in bond brokerage with a 51.4 per cent market share.

In terms of trading account growth, Maritime Bank Securities saw the highest jump, 252.4 per cent over last year, ending up at about 31,900 accounts.

The total market capitalisation of the southern bourse reached nearly VND1 quadrillion ($46.95 billion) in 2014, accounting for 88 per cent of the country's stock market.

PM lauds efforts

Chairing a cabinet meeting yesterday, Prime Minister Nguyen Tan Dung hailed efforts by ministries and localities to ensure a Tet (Lunar New Year) holiday of peace, jubilance, safety and responsible spending.

Supply of goods and services was adequate and goods made in Viet Nam dominated the market, he said, adding that prices remained stable during the February 15-23 Tet holiday.

Disadvantaged households and policy beneficiaries received special attention to enjoy a warm holiday.

Traffic ran smoothly during the holiday, while cultural and art activities were plentiful, the PM noted.

He also lauded ministries and localities for ensuring national defence and security as well as social safety and order during the festival.

The PM deplored the high number of road accidents that killed 317 people and injured 509 others.

Some localities had experienced social disorder including the illegal use of firecrackers, and trading in smuggled and fake goods, he said.

He urged all ministries and localities to resume normal operations and intensify production to make up for the long holiday break.

As the first lunar month is a festival season, he asked all authorised agencies to focus on maintaining security and social order, preventing fires and explosions, and avoiding traffic congestion. Effective provision of healthcare was also an important task, he said.

The PM also stressed the need for ministries and localities to safeguard national independence and the territorial sovereignty. — VNS