Prime Minister Phan Van Khai urged the Vietnamese stock markets to achieve an annual growth rate of 150 per cent and have a total transaction value of US$16 billion in 2010, aiming to meet the country’s economic development.
The expected transaction value would be equivalent to 10-15 per cent of the country’s GDP in 2010, from 2 per cent in 2005.
Khai made the call during his visits to the Hanoi Securities Trading Center (HNSTC) and the Bank for Investment and Development of Vietnam (BIDV) in Hanoi on February 6. He also beat the gong to kick off HASTC’s first transaction session of the year.
Khai reminded the HNSTC of the importance and sensitivity of the stock market and said “success of stock market can help the country develop faster, but mistakes can harm the national economy.” He urged stock exchange staff to learn from the experiences of regional and world stock markets.
When working with the BIDV, Khai asked the BIDV and other banks to make all-out efforts to mobilize at least US$120 billion for development investment from now through to 2010. Banks should reserve loans for small and medium-sized businesses to promote their growth, he also said.
Up to 45 companies have been listed on the bourse, with total market value of nearly VND16 trillion (over US$1 billion) over the past years, according to Tran Xuan Ha, chairman of the State Securities Commission (SSC).
Last year, bonds worth nearly VND40 trillion (US$2.53 billion) were issued via the securities centers in Ho Chi Minh City and Hanoi. Vietnam hopes to triple the size of the stock markets this year from last year.
SSC plans to submit for the National Assembly’s approval the Law on the Stock Market in May this year, while it seeks to devise a scheme to turn the Ho Chi Minh City Securities Trading Center into a modern stock exchange and the Hanoi Securities Trading Center into an over-the-counter market.
The HSTC, launched in March last year, have organized initial public offerings for 70 equitized enterprises from the State-owned sector to collect VND5 trillion (US$313.9 million).The country’s other bourse - the Ho Chi Minh City Security Trading Center - was inaugurated in July 2000.
Labour, New Hanoi
Vietnamese
