The Ministry of Finance’s State Securities Commission (SSC) on November 28 was awarded a second-class Independence Order during a ceremony on the 20th anniversary of its foundation.
Prime Minister Nguyen Xuan Phuc awarded a second-class Independence Order to the State Securities Commission on November 28, 2016__Photo: VGP
Attending the ceremony, Prime Minister Nguyen Xuan Phuc lauded the stock market’s contributions over the last 20 years to develop the economy and foster the effectiveness of equitization and capital mobilization of enterprises, adding that the stock market has become an important capital channel in developing a transparent economy.
He also asked the stock sector to complete its institutions and mechanisms in line with national economic conditions and international practices for improving the securities market consistently with the national financial market, while ensuring the transparency, fairness and efficiency of the securities market, which contributed to the development of Vietnam’s economy on its path to globalization and integration.
In response, SSC Chairman Vu Bang said that the SSC will make efforts to increase the size and trading liquidity of the securities market and improve its competitiveness against international ones, while opening the market more for foreign investors.
The SSC will complete its legal framework and improve the quality of its management as well as diversify products and services for the market and ensure proper monitoring of product quality.
It will also improve investment conditions to attract more investors and achieve sustainable development, while enhancing the capabilities for market members and helping them develop organizations to support the market.
The securities market will also be restructured, completed and equipped with advanced technological infrastructure to improve the quality of market trading and operation, along with strengthening international cooperation in training, education and information.
According to the SSC, capital mobilized from the securities market for social investment has reached more than VND 1.4 quadrillion since 2011, nearly five-fold the figure during 2005-10, making up 23 percent of the total social investment. Meanwhile, the bond market has an annual growth rate of 31 percent, the highest among emerging markets in the East Asia and ASEAN+3 regions.- (VNS/VLLF)