Vietnam’s stock market in 2018: Improving both in scale and quality
This was the statement from the Minster of Finance Dinh Tien Dung on the first trading session of the stock market in January 1.
In 2017, Vietnam’s stock market has progressed significantly with the participation of major enterprises, with the capitalisation ratio, including bonds and stocks to GDP was 78% in 2016, and equivalent to 70.2% GDP in 2017.
The VN-Index ended the year 2017 at over 984 points, up 48% compared to 2016.
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The Minister said, the stock market successfully established itself as a channel for medium- and long-term capital mobilization for the Government and businesses. It greatly contributed to the equitization of and divestment from State-owned enterprises, as well as effort in attracting foreign investment to Vietnam.
With regard to the Hanoi Stock Exchange, the government bond market continued its development and stability. As such, auctions and capital mobilizations have brought in 194 trillion VND, in which the State Treasury mobilized more than 159 trillion VND. The validity period of the governmental bonds has increased to 12.75 years, up 4 years compared to the average period in 2016, while the transaction value reached 9 trillion VND per trading session, up 40% compared to 2016.
The derivatives market opened 4 months ago has also developed rapidly, helping to perfect the structure of the stock market in particular and the financial market in general.
At the trading session, the Minister expected the stock market to continue its development both in term of scale and quality. As such, the Minister requested the State Securities Commission to work with related administrative agencies on 5 priority tasks. Firstly, to finalize policies and mechanism, including the revised law on securities; improving the monitoring efforts to ensure the safe and transparency for the stock market and the security of the national finance system. Seconldy, restructuring the stock market in the direction of merging two stock markets in Hanoi and Ho Chi Minh, combining with the roadmap to restructure the stock market, governmental bonds and derivatives; continue restructuring intermediaries in the market.
Thirdly, developing new products and markets to complete the structure of Vietnam’s stock market; reviewing new mechanism to mobilize capital for start-ups through stock market. Fourthly, organizing auctions and transaction process for governmental bonds to timely mobilizing capital for state budget and investment. Fifthly, to facilitate the equitization process of state owned enterprises (SOE) and the divestment from SOE.
Concluding the first trading session of the year, VN-Index increased by 11.53 points, or equivalent to 1.17% to 995.77 points; HNX- Index increased by 2 points or 1.71% to 118.87 points and Upcom-Index up 0.45 points (equivalent to 0.82%) to 55.37 points. The liquidity of the market is at high level with value of nearly 7 trillion VND.
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