DNVN - A technical cooperation project between the State Securities Commission of Vietnam and the Japan International Cooperation Agency (JICA) on "Enhancing capacity to promote the efficiency of the Vietnamese securities market" has just been announced, aiming to strengthen investor protection and promote fairness and transparency in the market.
Speaking at the opening of the technical cooperation project launch workshop of the Japan International Cooperation Agency (JICA) "Enhancing Capacity for Promoting the Efficiency of the Vietnamese Stock Market" on the morning of September 23rd, the Chairwoman of the State Securities Commission (SSC), Vu Thi Chan Phuong, stated that as of the end of August 2024, the stock market capitalization reached over 7 trillion VND (280 billion USD), an increase of 19.1% compared to the end of 2023, equivalent to 69.2% of the estimated GDP in 2023.
From the beginning of the year to date, the average transaction value has reached nearly $1 billion, a 31.3% increase compared to the previous year's average. Foreign investors hold approximately $50 billion worth of shares, equivalent to more than 17% of the market capitalization. These results demonstrate the strong development of the Vietnamese stock market.
Chairperson of the State Securities Commission, Vu Thi Chan Phuong, delivered a speech at the workshop.
The technical cooperation project between the State Securities Commission of Vietnam (UBCKNN) and JICA on "Capacity Building for Promoting the Efficiency of the Vietnamese Stock Market," announced at the conference, is a continuation of the success of the project "Capacity Building for Improving Fairness and Transparency of the Vietnamese Stock Market" (2019-2023).
With its extensive experience in building and developing the Japanese stock market, JICA continues to support the development of the Vietnamese stock market in line with the industry's development strategy. This project addresses the urgent need to enhance capacity in the management, supervision, and operation of the Vietnamese stock market.
This new project promotes the deeper integration of the Vietnamese stock market into ASEAN and international markets. The project includes components related to strengthening the capacity of the State Securities Commission and stock exchanges in market supervision and management of listing and public issuance of securities.
At the same time, it is necessary to strengthen the capacity of the State Securities Commission in supervising and developing market intermediaries (securities companies and fund management companies) to enhance investor protection; promote fairness, transparency, and efficiency of the Vietnamese stock market.
“This marks the beginning of a new phase of development for the stock market, aiming towards the goals outlined in the Stock Market Development Strategy until 2030. The project's outcomes are in line with the Party and State's policy of implementing Government resolutions on developing a safe, transparent, efficient, and sustainable capital market,” Ms. Phuong stated.
Speaking at the conference, Mr. Vu Chi Dung, Director of the International Cooperation Department of the State Securities Commission, stated that the overall goal of Vietnam's stock market development strategy until 2030 is stability and sustainability. This includes making the stock market the main channel for capital mobilization to maintain growth and improve quality; developing green and sustainable finance; implementing digital transformation in the securities sector; and strengthening international integration.
Specifically, Vietnam aims for stock market capitalization to reach 120% of GDP by 2030 and bond debt to reach 47% of GDP by 2025 and 58% of GDP by 2030. The derivatives market is projected to grow by 20%-30% annually during the 2021-2030 period. Vietnam strives to upgrade its stock market to emerging market status and aims to be among the top four ASEAN countries by 2025.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/thuc-day-hop-tac-bao-ve-nha-dau-tu-chung-khoan/20240923101338661
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