First trading session of Vietnamese stock market in 2021 opens

The first trading session of Vietnam’s stock market in 2021 opens on January 4 with a gong-beating ceremony. (Photo: VNA)

Hanoi – The first trading session of Vietnam’s stock market in 2021 opened on January 4, with a gong-beating ceremony held by the State Securities Commission and the Hanoi Stock Exchange (HNX).

Addressing the ceremony, Minister of Finance Dinh Tien Dung said macro-economic stability along with the Securities Law and pragmatic measures undertaken by the Government will facilitate the development of the domestic stock exchange in 2021 in terms of both scale and quality, and affirm its role as an effective capital mobilisation channel for the national economy in the year.

The 13th National Party Congress, to take place from January 25 to February 2, will create a firm foundation for the national economy, he said, adding that major economic decisions and policies of the Party and the State will create impacts on the economy in general and the stock market in particular.

In addition, the enforcement of the revised Law on Investment, the Law on Enterprises and the Securities Law will lay the new legal foundation for the market, and promoted transparency and sustainable development of market players, Dung said.

The minister urged the State Securities Commission and relevant agencies to focus their effort on implementing major targets and tasks set for 2021, first of all completing institutions and mechanisms exclusively for the market by drafting documents guiding the implementation of the revised Securities Law and submitting them to the Government for promulgation.

He ordered speeding up the restructuring of the stock and insurance markets, covering the apparatus rearrangement of the HNX and the HCM Stock Exchange (HSX).

The sector must ensure safe and stable transactions, the minister requested, stressing information-technology applications in the two major stock exchanges, and the Vietnam Securities Depository.

The State Securities Commission and relevant units should take solutions to push ahead with equitisation of State-owned enterprises and State capital pestment, increase the market scale and liquidity, and introduce new products in the year.

The minister said it is necessary to improve the efficiency of market management and supervision, saying any violations must be strictly handled to protect rights and interests of investors.

In the face of COVID-19, the finance ministry has adopted an array of solutions to stablise and develop the domestic market such as cutting fees for investors and promoting market attractiveness, thus helping to maintain the development and scale of the market.