Attending the Conference were Deputy Prime Minister Le Minh Khai; leaders of various ministries, agencies, foreign diplomatic corps, international organizations, banks, associations, and listed enterprises on the Vietnam Stock Exchange.
Prime Minister Pham Minh Chinh attending the Conference – Photo: VGP/Nhat Bac
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Presenting a summary report on the situation of the Vietnamese stock market in 2023 and the prospects for 2024, Chairwoman of the State Securities Commission Vu Thi Chan Phuong said: In 2023, the stock market continued to affirm its role as an effective capital mobilization channel for the economy. Despite facing many challenges and difficulties from the global and domestic economic context, capital mobilization through the stock market in 2023 showed remarkable progress, with a total value of capital mobilization reaching VND 418.271 trillion, an increase of 33.5% compared to 2022.
Second, the stock market trends reflect positive market expectations about the economic outlook and the activities of enterprises. Along with the economic recovery, the Vietnam Stock Index increased by 12.2% compared to the previous year, creating favorable conditions for enterprises to mobilize capital through the stock market. The production and business results of listed companies, large-scale public companies still faced difficulties but showed signs of recovery in the last months of the year. Securities business organizations improved the quality of their operations, maintaining 81 out of 82 active securities companies with a 180% financial safety ratio, 43 asset management companies operating with total assets under management at the end of 2023 reaching about VND 639 trillion, an increase of nearly 16% compared to the end of 2022, and 107 securities investment funds, an increase of 10 funds compared to 2022.
Third, the securities industry has resolutely formulated and implemented solutions for developing the stock market. The SSC has submitted to the Ministry of Finance for the Prime Minister’s approval the Decision No. 1726/QD-TTg dated December 29, 2023, approving the Development Strategy of the Vietnamese Stock Market until 2030, which provides a direction for long-term development of the stock market. The SSC actively participates in cooperative activities and economic integration, supports investment attraction, and stock market development such as signing a Memorandum of Understanding on cooperation with the Nasdaq Stock Exchange during the Prime Minister’s working visit to the US in September 2023, and organizing an indirect investment promotion conference in Luxembourg, Los Angeles in November 2023, a dialogue conference with the international investor community and market rating agencies in Hong Kong, China; working with agencies, organizations, market members to resolve obstacles in achieving Vietnam’s stock market upgrading target.
Fourth, the securities industry has strengthened supervision and law enforcement to ensure the smooth and safe operation of the stock market. In the context of market fluctuations, the compliance consciousness of some organizations and individuals still needs to be further improved, violations of the securities market have occurred. The SSC has closely coordinated with Stock Exchanges to enhance market supervision, enhance the role and responsibility of the monitoring system, conduct inspections, and impose penalties for securities violations, and work closely with functional agencies in handling law-violating cases in the market. In general, in 2023, in the context of complex international and domestic economic environment, although the stock market faced difficulties and challenges, it also faced great pressure from the complex developments in the international financial and stock market, with the support of a stable macroeconomic foundation and the proactive, flexible, and resolute direction and management of the Government, the Prime Minister, the Ministry of Finance, the close coordination of relevant agencies, the resolute management, and supervision of the SSC, the Vietnam stock market in 2023, although had certain difficulties and limitations, witnessed good recovery, achieved many positive results, performed well the role of a capital mobilization channel for the country’s socio-economic development.
In 2024, the domestic and international economic environment will continue to face difficulties and complex developments. The growth of the global economy is forecasted to remain weak in the short term. The bright spot is the forecasted economic growth of the East Asia and the Pacific region which is expected to be higher than other regions. In the country, right from the early days of the year, the Government issued Resolution No. 01/NQ-CP dated January 5, 2024, on tasks and key solutions to implement the socio-economic development plan and the state budget estimates in 2024, identifying 2024 as a year of acceleration, breakthroughs, which is of special importance in the successful implementation of the 2021-2025 socio-economic development plan, with six viewpoints, focusing on directing and managing 12 groups of tasks and solutions.
For the stock market, 2024 will be a year to establish the basis for the long-term development of the stock market, contributing to the implementation of the tasks and solutions for the economic development in 2024.
 Chairwoman of the State Securities Commission Vu Thi Chan Phuong presenting the summary report on the situation of the Vietnamese stock market in 2023 and the prospects for 2024 – Photo: VGP/Nhat Bac
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Therefore, the securities industry plans to implement the following key tasks and solutions:
First, resolutely implement the solutions and tasks in the development strategy of the stock market until 2030 and the Official Dispatch No. 1360/CD-TTg dated December 13, 2023, of the Prime Minister, to promote the safe, transparent, efficient, and sustainable development of the stock market. Build and organize the implementation of the Action Plans of the Ministry of Finance and the State Securities Commission to implement the development strategy of the stock market until 2030.
Second, manage and operate the stock market to ensure safety, transparency, and create favorable conditions for capital mobilization to serve economic development; implement solutions to remove barriers to indirect foreign investment attraction, aiming to upgrade the stock market; support the activities of enterprises through the implementation of single contact point information disclosure, administrative procedure reform.
Third, strengthen supervision, law enforcement to ensure the discipline, order, and healthy operation of the market; promote the application of information technology, cleanse investor data, and establish a centralized data center to support management and supervision work.
Fourth, promote the diversification of commodity products in the market, encourage public offering, initial public offering and listing on the Stock Exchange; enhance the capacity and financial safety of the securities business system through restructuring securities companies, asset management companies, and at the same time strengthening management, supervision, and rectification of the operations of securities business organizations to ensure compliance with legal regulations.
Fifth, strengthen information dissemination to the public to improve their understanding of laws and the operations of the stock market, contribute to helping investors have knowledge and information to prevent fraudulent activities in the stock market and on cyberspace. Dear distinguished delegates, the Conference is honored to hear and absorb the valuable directions and tasks of the Prime Minister Pham Minh Chinh regarding the orientation and tasks of the securities industry in 2024, the directions of Minister of Finance Ho Duc Phoc. The Conference also warmly welcomes and acknowledges the valuable opinions and contributions from the leaders of ministries, departments, agencies, and market members in exchange and contribute to perfecting the solutions and key tasks in 2024 of the industry, thereby helping the securities industry to achieve its set goals, contributing to the overall development of the industry and the stock market of Vietnam.
