HOSE urged to support HCM City’s transformation into leading regional financial centre

Speaking during the market-opening ceremony for HOSE in the Lunar New Year on February 6, Politburo member Thang expressed his wishes for a good year for Vietnam’s financial market, including the stock market in HCM City.

He also affirmed the city’s commitment to creating the best conditions in which for HOSE as well as the city’s listed companies to operate effectively and develop more strongly while enterprises in the city are continuing to accelerate equitisation as they participate in the stock market.

As Vietnam’s first stock market since 2000, HCM City’s stock market has asserted its role and importance, accounting for over 90% of the stock market value of the whole country. Last year, the stock market on HOSE recorded solid development, with an increase of nearly 30% of market capitalisation and liquidity up by 24% over the previous year.

Politburo member Thang praised such achievements, affirming that enterprises in the city have strongly coordinated and developed together with its stock market, while creating a sustainable basis and confidence for the overall market.

He also recognised efforts by HOSE in enhancing transparency in the securities market, improving the liquidity and operational quality of listed companies and promoting the adoption of advanced practices of corporate governance, thereby attracting great interest from investors and market participants and making many positive changes for the stock market.

According to Vu Bang, Chairman of the State Securities Commission (SSC), there would be more opportunities for the market to grow stronger in 2017 as the Government would continue to facilitate its reform policy to remove difficulties for enterprises.

Equitisation programmes for large enterprises and divestment in association with the stock market under the newly enacted legal framework would create new investment wave for HOSE, as well as the country’s stock market. In addition, flexible monetary policies in 2017 with steady interest rates would bring more development opportunities for the market.

The Ministry of Finance also affirmed its commitment and direction to the SSC, as well as relevant stock exchanges to focus on restructuring and promoting the development of Vietnam’s stock market this year, with the prediction that the market size would reach 50-60% of GDP.

Also at the event, HOSE also presented the first listing decision in the New Year for the Duc Quan Investment and Development JSC of (Fortex).