VCN- In the morning of January 2, 2019, the State Securities Commission in coordination with the Hanoi Stock Exchange held a ceremony by striking the gong to open the first trading session in 2019. Minister of Finance Dinh Tien Dung was present and presided over the ceremony.
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Market capitalization scale reached nearly 3.9 million billion VND
Speaking at the ceremony, Minister Dinh Tien Dung assessed the stock market, saying that although the VN-Index recorded a 9.3% decrease in the overall trend of the international stock market, but the scale and Market liquidity continued to grow strongly. The market capitalization scale reached nearly 3.9 million billion VND, an increase of 10.6% compared to 2017, equivalent to 70.2% of GDP in 2018, exceeding the target of 70% of GDP set at the Vietnam stock market Development Strategy Period 2011 - 2020. Average trading value of shares reached 6,500 billion VND /session, an increase of 29% compared to 2017.
Along with that, in the bond market, the listed value reached 1.12 million billion VND, up 10.5% compared to 2017, equivalent to 20.3% of GDP in 2018. Bond transactions are basically still keeping an exciting level with trading value of 8,834 billion VND / session. The derivative stock market, although only having been launched for more than a year with the first product, its futures contract on the VN30 index has confirmed its role with an average volume of 78,800 contracts / session, an increase of nearly 7 times compared to 2017 and the year-end open position reached nearly 21,653 contracts, up 2.7 times compared to the end of 2017. Especially, foreign indirect investment capital still reached 2.8 billion USD, basically equal to the record of 2.9 billion USD of 2017. The value of foreign investors' portfolio is estimated at over 32.8 billion USD.
2018 also recorded the remarkable progress of businesses. In the first 9 months of the year, listed companies had revenue increased by 20.5%, profit increased by 24.9%. Securities companies had profit after tax increased by 40% compared to the same period last year. The stock market continues to affirm that it is an effective capital mobilization channel for economic development, in which mobilization of Government bonds and Government-guaranteed bonds is 192 trillion VND, the average term of treasury bond issuance is 12.55 years, meeting the needs of public investment and public debt structure of the Government. Capital mobilization through issuing shares, corporate bonds, equitization and state divestment was estimated at 62.2 trillion VND, up 30.7% compared to 2017. With these successes, the stock market continued to affirm its role as being an effective capital mobilization channel for both the Government and the private sector to serve the needs of investment and economic development, and is considered to be the most successful market in Southeast Asia for capital mobilization in 2018.
The Minister appreciated the role of the stock market in the process of renovation and restructuring the economy as well as the efforts of the State Securities Commission and units of the Ministry of Finance, of the 2 Stock Exchange Departments and the Center Vietnam Securities Depository, listed companies, market participants in all forms and of a large number of investors.
Complete stock legal framework
In 2019, the Minister affirmed that the Ministry of Finance will make efforts to perfect the legal framework in the field of securities, study and submit to the Government a comprehensive solution system to develop stock market in a wide and comprehensive way to remove problems and difficulties of enterprises in the process of operating and protecting the legitimate interests of public investment, directing the State Securities Commission and related units to constantly improve the modernization mechanisms and transparent stock market activities.
The Minister also tasked the securities industry in 2019 to continue improving institutions and policies, with a focus on adopting the amended Securities Law and guiding documents to create better conditions for businesses in raising capital to improve the publicity and transparency of the stock market, improve the effectiveness of management and supervision of the stock market to protect the legitimate interests of investors.
The securities industry also needs to continue implementing stock market restructuring solutions with a focus on improving capacity and invigorating the system of market intermediaries. At the same time, the Vietnam Stock Exchange was established under the Prime Minister's decision to step by step become more professional than the markets on the basis of rearranging the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange.
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Minister Dinh Tien Dung also directed the securities industry to deploy derivative securities futures products on a number of new indices and government bond futures contracts at the Hanoi Stock Exchange; deploy secured warrant products at TP. Ho Chi Minh.
In particular, the Securities Commission must promote the implementation of solutions to upgrade the Vietnamese stock market from the "Marginal market" to "Emerging market".
With the guidance of Minister Dinh Tien Dung, Chairman of the State Securities Commission Tran Van Dung noted the direction of the Minister and pledged that all market members will deploy in the work program, to ensure that in 2019, the stock market will have a successful and successful year.
Thuy Linh/ Huu Tuc