27/07/2015 10:11 GMT+7 Email Print Like 0

PM encourages more transparent, effective stock market

Ho Chi Minh City, July 26 (VNA) – Prime Minister Nguyen Tan Dung urged Vietnam’s stock market to become more transparent and effective in line with market economy principles during a ceremony to celebrate the 15th anniversary of the HCM City Stock Exchange (HOSE) on July 25.

Addressing the event, PM Dung called on the Ministry of Finance (MoF), the State Securities Commission (SSC) and the Hanoi and HCM Stock Exchanges to finalise legal frameworks, mechanisms and policies in the field according to market economy principles and international practice to increase the transparency and efficiency of stock markets.

He also asked the MoF and the SSC to accelerate the restructuring of the stock market and the equitisitation of State-owned enterprises as well as encourage private companies to equitise and participate in stock markets.

Over the past 15 years of development, HOSE has transformed into the largest stock exchange in Vietnam listing the biggest companies in the nation.

According to the HOSE’s chairman of the Board of Director, Tran Dac Sinh, there were 303 companies listed on HOSE as of June 30 with a market capitalization of 1.1 quadrillion VND (50.5 billion USD).

HOSE has 87 member securities companies with 1.5 million investor accounts. The total traded value in the past 15 years reached 2.7 quadrillion VND (112 billion USD).

HOSE also listed an exchange-trade fund and 30 company and local government bonds. Listed companies on average doubled their charter capital after listing on the market.

On the occasion, the HOSE was warded the First Class Labour Order.
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