MoF points out five key tasks of securities sector in 2023

January 03, 2023 | 16:00
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Deputy Minister of Finance Nguyen Duc Chi has laid out the key tasks for the securities sector this year.

At the opening ceremony for stock trading in 2023 on January 3, Chi said that Vietnam’s stock market ran safely despite fluctuations last year.

Capital mobilisation last year still reached a high level. Most listed enterprises operated stably and profitably. The participation of both domestic and foreign investors in Vietnam’s stock market was also increasing.

Also, according to the deputy minister, 2022 saw a gradual recovery of the global economy from the pandemic. It is expected to take a long time to overcome the economic consequences caused by the pandemic. Meanwhile, many new difficulties with political instability and an armed conflict between Russia and Ukraine caused significant issues.

The National Assembly and the government promptly issued directives and decisions to support socio-economic development and stabilise the prices of essential commodities. The policies of the Party and government have been implemented synchronously, with the participation, consensus, support, and sharing of many classes of people and the business community. Our country achieved positive results in the implementation of socio-economic goals, he said.

As a result, GDP in 2022 achieved a growth rate of 8 per cent year-on-year, among the highest in the world. Many other results were stable, such as macro balance, inflation, budget revenues, public debt, and budget deficits.

The participation of domestic and foreign investors In the stock market also increased

The deputy minister said he appreciated the efforts of the State Securities Commission of Vietnam (SSC), securities depository centres, listed companies, market members, and investors in coordinating with the regulatory agency to operate the stock market.

MoF points out five key tasks of securities sector in 2023
Deputy Minister of Finance Nguyen Duc Chi

The deputy minister proposed some key tasks to achieve economic development targets in 2023.

The first is to focus on perfecting institutions, mechanisms, and policies on amending securities laws and related legal documents; continue to improve in scale. Besides that, it is necessary to focus on improving market quality and the competitive financial capacity of market participants and applying information technology systems to manage and supervise the market.

Secondly, based on the approved financial sector strategy and the stock market development strategy in 2023, Chi assigned the securities industry to develop a specific plan to deploy operations.

Thirdly, the securities industry needs to ensure the safety and stability of the trading system, and put new information technology systems into operation to ensure the synchronisation of transactions and payments, facilitate the launch of new products and facilitate new capital from investors.

The fourth is to implement quick solutions to remove difficulties and promote the equitisation and divestment of state enterprises.

The last key task is to strengthen supervision, improve the efficiency of securities market management, strictly handle violations to ensure market discipline, and protect investor interests.

The deputy minister expressed his belief that the stock market in 2023 would return strongly and develop both in size and quality, continuing to be a capital mobilisation channel for the economy and a macro management tool of the government.

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The Vietnamese stock market has fallen close to 40 per cent in 2022. Given the unprecedented level of participation of new F0 investors during the pandemic, the market downturn in Vietnam has dropped much deeper than other markets in Asia.

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The number of fresh players on the stock exchange in 2022 continued to fall back, with only just over 50 new stocks added to the list of nearly 1,700 on the Ho Chi Minh City and Hanoi stock exchanges and UPCoM.

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A number of factors are expected to underpin a brighter performance in the steel sector in 2023.

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Vietnam’s stock market will be subject to unpredictability in both the global and local economies in 2023, prompting investors to seek safe-haven stocks.

By Tung Linh

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