Stock, corporate, property markets more stable, confidence up: PM

The Vietnamese government’s efforts to stabilize the securities, corporate bond, and real estate markets have worked, restoring confidence as infringements have been addressed, Prime Minister Pham Minh Chinh said Tuesday.

Chairing a government meeting on fiscal, monetary, and macroeconomic policies in Hanoi, the PM stressed these efforts have influenced the markets to some extent, and that fixing problems helps protect the legitimate rights of residents, enterprises, and related entities.

The government has set up three working groups to restore market stability, he said. The team for credit liquidity is led by Deputy PM Le Minh Khai, the group to deal with real estate woes by Minister of Construction Nguyen Thanh Nghi, while Minister of Finance Ho Duc Phoc is in charge of corporate bond problems.

The stock market has shown positive signals; the corporate bond market still faces many difficulties but issuers’ initial solutions have come out for bond buyers in the manner of “mutual benefit and risk sharing”, PM Chinh said.

He noted that macroeconomic stability was assured, inflation was put under control, and all three sectors - public, private, and FDI - have secured growth. In the stock market, Vietnam’s benchmark VN-Index gained more than 100 points last week.

However, endeavors must be maintained as 2023 has been forecast to see challenges amid global uncertainties, according to the PM.

According to Vietnam’s General Statistics Office, the consumer price index in the first 11 months of 2022 increased by 3.02% year-on-year.

The period’s trade surplus was about $10.6 billion, and FDI disbursement reached almost $19.7 billion, up more than 15% from a year earlier and the highest level in 11 months in the past five years.