Deputy Finance Minister calls for stock market revamp

Deputy Minister of Finance Nguyen Duc Chi has asked the State Securities Commission (SSC) to review the Law on Securities and make appropriate adjustments and continue to tighten discipline over the market.

Speaking at a meeting in Hanoi on December 27 to review the SSC’s performance in 2022 and discuss tasks in 2023, Deputy Minister Chi pointed to the need to introduce drastic solutions to promote the sustainable development of the stock market as an important capital-raising channel for the national economy.

He praised the SSC for detecting and strictly sanctioning violations and strengthening inspections and punishing violations relating to stock price manipulation. Such efforts helped investors feel more secure, resulting in rising market liquidity.

As of December 23, market capitalization stood at an estimated VND5.27 quadrillion ($223 billion), down 32 per cent compared to the end of 2021 and equivalent to 62.2 per cent of GDP, according to the SSC.