PM requests developing transparent, sustainable capital market

Prime Minister Pham Minh Chinh speaks at the conference on April 22. (Photo: VNA)

Hanoi – How to develop a safe, transparent, effective, and sustainable capital market to ensure macro-economic stability is the focus of a conference held under the chair of Prime Minister Pham Minh Chinh on April 22.

Vietnam’s capital market has recorded fast growth in recent years, expanding by 28.5 percent annually on average during 2016 - 2021. It was equivalent to 134.5 percent of GDP last year, rising 3.5-fold from 2015. In particular, the stock market was equivalent to 93.8 percent of GDP while the bond market 39.7 percent, according to a report delivered at the meeting.

However, the rapid growth of the stock and bond markets has also posed latent risks, it noted, pointing out some cases of market manipulation, bond mobilisation for wrong purposes, and law infringement.

Addressing the meeting, PM Chinh underlined the Government’s viewpoint that wrongdoings must be strictly handled so as to make the market transparent and protect investors and businesses.

The Government stays persistent in the target of stabilising the macro-economy, controlling inflation, and effectively implementing the socio-economic recovery and development programme, he affirmed.

Highlighting the main tasks to achieve that target, he said at first, relevant ministries, sectors, and agencies have to keep the investment climate stable, especially the consistency of policies.

The PM also ordered a legal corridor be built to protecting investors in the stock and bond markets, measures taken for ensuring balanced development of the capital and monetary markets, and the stock market developed healthily and sustainably to facilitate the mobilisation of medium- and long-term capital.

He stressed the Party and State’s consistent policy of not criminalising economic relations and issuing support policies to encourage enterprises to comply with laws and operate effectively and transparently, thus contributing to national development.