Strengthening strict monitoring of information and combating false rumors in the stock market

At the online conference summarizing the state financial and budget work in 2023 and deploying tasks for 2024, which took place yesterday afternoon (December 27), Mr. Cao Anh Tuan, Deputy Minister of Finance, said that due to the impact of economic and political fluctuations in the world as well as domestic policy adjustments, the Vietnamese stock market in 2023 has experienced many fluctuations. The downward trend started in April, with recovery periods in May, August and late November until now.

As of December 25, the VNIndex reached 1,117.66 points, up 2.2% compared to the end of the previous month and up 11% compared to the end of 2022. The HNX-Index closed at 229.45 points, up 1.5% compared to the end of the previous month and up 11.8% compared to the end of 2022.

Strengthening information supervision to combat fake news in the stock market, picture 1 — Mr. Cao Anh Tuan, Deputy Minister of Finance. (Photo: DP)

The market capitalization of stocks on the three exchanges HOSE, HNX and UPCoM on December 25, 2023 reached VND 5,863,000 billion, up 12.2% compared to the end of 2022, equivalent to 61.6% of estimated GDP in 2022.

As of December 25, Government bonds issued VND 296,678 billion, 1.38 times higher than the whole year of 2022, equal to 74.2% of the year's plan (VND 400,000 billion), equal to 78.1% of the year's adjusted plan (VND 380,000 billion).

Regarding the insurance market, as of November 30, the insurance market had 82 insurance businesses. Of which, there were 31 non-life insurance businesses, 1 branch of a foreign non-life insurance business; 19 life insurance businesses, 2 reinsurance businesses, and 29 insurance brokerage businesses.

In 2023, the total assets of insurance companies are estimated to reach VND 908,380 billion (up 11.71% over the same period in 2022). Of which, the non-life sector is estimated to reach VND 126,809 billion, and the life sector is estimated to reach VND 781,571 billion.

To promote the above results, the Ministry of Finance determined that the development of the capital market needs to continue to be implemented synchronously. First of all, it is necessary to continue to perfect the legal framework in reviewing and amending the overall securities law and other related laws.

For the capital market, it is necessary to coordinate with international organizations and relevant ministries and branches to resolutely implement solutions to soon upgrade the stock market according to the set roadmap to support investor sentiment and attract foreign investment participation.

The Ministry of Finance will continue to restructure securities companies and fund management companies; strengthen the development of securities investment funds to balance institutional and individual investors. Focus on monitoring and inspecting margin lending activities, financial services, ensuring financial safety indicators and legal regulations at securities companies and fund management companies.

Along with that, the Ministry will strengthen the close monitoring of information, combating false rumors in the stock market. Especially rumors and bad news aimed at profiteering, causing psychological instability in the market. Strictly handle some typical cases to create deterrence, strengthen discipline in the market.

Strengthen supervision and inspection of capital mobilization and use activities of issuing organizations. Strengthen inspection of the quality of financial reports and auditing activities of auditing units and auditors. Enhance the role and responsibility of supervisory lines and continue to implement solutions to stabilize and develop the corporate bond market.

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