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A New Vision for Vietnam’s Financial Sector: The Eight Key Tasks for the Capital Markets in 2025

22 December, 2024

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Minister Nguyen Van Thang – Minister of Finance directs at the Conference

According to the report at the Conference, in 2024, despite facing many challenges due to the impact of the world geopolitical situation, with the flexible direction and timely policies to support the economy of the Government, the Ministry of Finance, the Vietnamese stock market in 2024 still maintained its growth momentum. As of December 12, 2024, the VN-Index reached 1,267.35 points, up 12.2% over the previous year, the market capitalization scale of the stock market on the three floors HOSE, HNX and UPCoM increased by nearly 20% over the previous year; equivalent to 70% of estimated 2023 GDP. The number of accounts has reached more than 9.1 million accounts, equivalent to 9% of the population, exceeding the target set by the Strategy for Securities Market Development by 2030.

Under the close leadership and direction of the Party, Government, Ministry of Finance, SSC has achieved positive results in the work of perfecting the legal framework; management, supervision and handling of violations in the stock market; foreign affairs and international cooperation, personnel organization, modernization of information technology and administrative reform…

Especially, in early December 2024, following the direction of Comrade General Secretary To Lam at the 13th Party Central Committee on streamlining the organization of the political system, at the same time, implementing Directive No. 03/CT-BTC dated December 5, 2024 of the Minister of Finance; The State Securities Commission has urgently reviewed and built a plan to arrange units under the Commission to report to the leaders of the Ministry of Finance for submission to competent authorities for consideration and decision.

Speaking at the conference, Minister of Finance Nguyen Van Thang appreciated the results achieved by the SSC in 2024.

To continue developing the stock market into an important channel for capital mobilization, mainly in the national financial system and contributing to improving the competitiveness of the Vietnamese economy; Minister Nguyen Van Thang requested the SSC to focus on and continue to make efforts in eight key tasks in 2025.

First, focus on completing the Decrees and guiding documents for the implementation of the amended and supplemented Securities Law in Law No. 56/2024/QH15; synchronously deploy solutions set out in the Strategy for Securities Market Development by 2030 approved by the Prime Minister.

Second, drastically and urgently deploy the arrangement and streamlining of the apparatus according to the direction of the Party, Government and Ministry of Finance, ensuring a streamlined apparatus, operating effectively and efficiently, fully functioning according to international practices and meeting the requirements for managing and developing the stock market stable, safe, quality and sustainable.

Third, continue to organize the stable and smooth operation of the market, ensuring security and safety; speed up the progress of deploying new information technology systems for the stock market; soon deploy other information technology projects to modernize the management and supervision of the stock market.

Fourth, continue to build the stock market to develop towards efficiency and modernity, gradually approaching international standards and practices.

Fifth, rearrange the market, classify listed companies in accordance with market development conditions; study and develop a secondary carbon credit market, a market for innovative start-up businesses.

Sixth, focus on implementing the digital transformation plan, perform well the administrative reform, modernize the business to continue to facilitate businesses and the market to operate effectively.

Seventh, strengthen international cooperation, improve the image and position of Vietnam in the international arena, towards upgrading the market in 2025; successfully organize the Conference of the Asia-Pacific Regional Subcommittee (APRC) – IOSCO; actively participate in international cooperation forums.

Eighth, strengthen supervision, inspection, inspection and strict handling of violations in the stock market to enhance discipline and discipline in the market; at the same time, strengthen communication and propagation of knowledge about securities, the stock market and risk prevention, fraud in the market, encouraging long-term investors, contributing to the stable and sustainable development of the market.

“I believe that, with the unity and efforts of the entire staff of the SSC, the close coordination of ministries, branches and the support of the business community, the Vietnamese stock market will continue to develop strongly and sustainably, affirming its role as an effective medium and long-term capital mobilization channel for the economy and an important macro-management tool of the Government, making an increasingly important contribution to the cause of construction and national development” – The Minister affirmed.

Dong Tu