On February 19, 2024 (the 10th day of the first lunar month of the Year of the Horse), the Ho Chi Minh City Stock Exchange (HOSE) held the Spring Stock Trading Opening Gong Ceremony. This is an annual traditional activity for regulatory agencies and market participants to gather and demonstrate their determination to develop the Vietnamese stock market and contribute to the country’s economic development.
The ceremony was attended by Mr. Nguyen Duc Chi – Deputy Minister of Finance; Mr. Nguyen Van Dung – Vice Chairman of Ho Chi Minh City People’s Committee; Ms. Vu Thi Chan Phuong – Chairwoman of the State Securities Commission; Mr. Pham Van Hoang – Director General of the Vietnam Stock Exchange; leaders from Vietnam Securities Depository & Clearing Corporation, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, as well as representatives from listed companies and media agencies.
In her opening speech, Ms. Nguyen Thi Viet Ha – Chairwoman of the Ho Chi Minh City Stock Exchange, stated that in 2023, despite the complex domestic and international economic and social situation, thanks to proactive and flexible policy direction and management by the Government, the macroeconomic indicators were maintained, supporting the stable growth of the stock market and instilling confidence in investors. At the end of 2023, the VN-Index reached 1,129.93 points, up 12.2%, and the market capitalization of listed stocks on HOSE reached about VND 4.56 quadrillion, up 13.4% compared to the previous year.
In 2023, with the principle of “Safety – Efficiency – Sustainability,” HOSE achieved several results in market organization: smooth trading operations, enhanced supervision activities, and a spirit of sustainable development spread throughout the listed business community. The information technology project with a Korean contractor also made significant progress, completing the final user acceptance testing (FAT) and moving towards system deployment in the near future.
At the event, Mr. Nguyen Duc Chi – Deputy Minister of Finance highly appreciated the important achievements of the stock market in 2023, the improvement of market discipline and the protection of rights and interests of market participants, which strengthened public trust in investment. This demonstrates that the stock market is still a long-term capital mobilization channel for the economy. The Deputy Minister of Finance expressed his gratitude to the leaders of Ho Chi Minh City People’s Committee and relevant departments, who have created favorable conditions for HOSE to fulfill its assigned tasks.
In 2024, to continue developing the stock market amidst opportunities and challenges, the Deputy Minister of Finance has directed the securities sector to focus on the following tasks:
Firstly, review, amend, and supplement securities and stock market-related regulations to ensure the tightness, consistency, and effectiveness towards the stable development of the stock market.
Secondly, ensure the stable, continuous, secure, and smooth operation of the trading, depository, clearing, and settlement system on the stock market.
Thirdly, maintain market discipline, enhance inspection and supervision effectiveness, promptly detect and handle all violations, and ensure the legitimate rights and interests of market participants, preventing any entity from taking advantage of the market.
Fourthly, bring the stock market to a new level of development in terms of quality, synchronize measures to upgrade the market as soon as possible. All state management agencies, market operators, market participants, and listed companies need to proactively specify the solutions and steps to help the market enter a new phase of development.
Fifthly, provide the best and most transparent information about stocks and the stock market to help investors fully understand and voluntarily comply with the legal regulations on the stock market, maintain market discipline.
To achieve these goals, it requires resolute and close guidance from management agencies as well as the determination and efforts of market participants. The Ho Chi Minh City Stock Exchange, Vietnam Securities Depository & Clearing Corporation will take the lead and proactively and efficiently coordinate with regulatory agencies in organizing the stock market’s safe, efficient, transparent, and sustainable operations on a stable macroeconomic foundation. The Ministry of Finance will continue to support and create the most favorable conditions for units to fulfill their assigned tasks.
Ms. Vu Thi Chan Phuong – Chairwoman of the State Securities Commission, on behalf of the securities sector, has absorbed the guidance of Deputy Minister of Finance Nguyen Duc Chi and specified the guidance into an action plan, outlining specific solutions, tasks, and a determination to best fulfill the assigned tasks to bring strong innovation, efficient operation, transparency, and sustainable development to the stock market in 2024, in line with the Party and the State’s socio-economic development direction.
