Government places priority on healthy capital market

By Thai Ha, Tri Duc
Tue, January 3, 2023 | 10:48 pm GMT+7

The Vietnamese government will focus on ensuring the bond, stock and real estate markets develop safely and healthily this year, protecting the legitimate interests of people and businesses.

The message was mentioned in a draft resolution that Deputy Prime Minister Le Minh Khai presented at an online meeting between the government and local authorities on Tuesday.

The resolution also noted maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major economic balances as other priorities.

Deputy Prime Minister Le Minh Khai. Photo courtesy of the government's portal.

Deputy Prime Minister Le Minh Khai. Photo courtesy of the government's portal.

In 2022, top leaders of Tan Hoang Minh, FLC, and Van Thinh Phat groups, among others, were placed under investigation for alleged market manipulation or fraud in a government bid to protect the legitimate interests of enterprises, investors and people.

The corporate bond market almost "froze" due to the government's tightened supervision over private placements and concerns over the arrests, with many businesses falling into financial woes, losing liquidity, and "thirsting for capital".

The stock market experienced a turbulent year with the VN-Index recording a series of strong declines, dropping to 873.8 points on November 16. The sharp decline since the middle of the year turned Vietnam's stock market into the world's strongest falling market.

Also under the draft resolution, monetary policy will continue to be deployed synchronously with expansionary fiscal policy, with the handling of ailing banks accelerated.

The state will closely manage prices of items it regulates, including gasoline and electricity.

Another focus will be the practical and efficient restructuring of the economy coupled with a renovated growth model. The idea aims to improve the productivity, quality, competitiveness, independence, autonomy, adaptability and resilience of the economy.

In particular, the government will strive to accelerate the disbursement of public investment capital and the restructuring of state-owned enterprises in the 2021-2025 period.

The draft resolution also sets out the task of restructuring the manufacturing and service industries in association with innovations and the application of science and technology, raising the ratio of the digital economy to 15.5% of GDP.

Regarding infrastructure, it will accelerate the progress of transport infrastructure projects of national importance, strengthening regional connectivity and infrastructure for large urban areas.

Authorities will complete a legal framework for e-commerce infrastructure as well as mechanisms on the management of virtual assets and currencies.

The government will also develop human resources in association with research and development and the application of science and technology; as well as expand vocational training in line with labor markets to improve the productivity and competitiveness of the economy.

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