Leaders of the Ministry of Finance said that the stock market has many advantages but potential risks that should be noted.
At the Seminar "Stock market: Unleash resources for businesses – Profitable investment channel and accumulate assets" organized by Investment Newspaper, Deputy Finance Minister Mr. Nguyen Duc Chi said the resurgence of the Covid-19 epidemic continued to greatly affect the lives of the majority of people, businesses and the economy. After controlling the epidemic, the Government issued a resolution to live with the epidemic to achieve the dual goal of fighting the epidemic and recovering the economy. Enterprises also moved to a new state, production and business activities had a quick recovery.
Leaders of the Ministry of Finance revealed that this year, budget revenue may reach the finish line early, other indicators such as stable inflation, GDP alone will be affected, but still, ensure the growth of the economy. Therefore, the stock market has experienced good growth in recent years.
However, the Deputy Finance Minister also pointed out that the stock market is facing certain risks. Firstly, the requirement of economic recovery, the Government submits the economic stimulus package to the National Assembly, this requires accompanying fiscal and monetary policies. When applying fiscal policy, there will be risks to consider. Second, the world price of raw materials, as well as freight rates, are increasing at an ominous pace. Third, the risk of the labor market after the pandemic, meeting the labor demand for production and business activities of enterprises is quite difficult. Fourth, the stock market has been excited over the past time, and the strong growth in the number of individual investors also creates accompanying risks. In addition, the bond market grows strongly, there are risks and must take precautions.
Leaders of the Ministry of Finance affirmed that "the stock market has many advantages for growth, but the risks are also great and need solutions to ensure stability and sustainability".
For 2022, the Ministry of Finance has solutions such as maintaining macroeconomic stability, strengthening the financial system, and offering an appropriate post-pandemic stimulus package; continue fiscal solutions to support the economy such as tax exemptions, fees, charges, and even securities market fees; strengthening supervision and management activities; continue to improve the market for the private placement of bonds; organizing and putting into operation the Vietnam Stock Exchange, restructuring HoSE, HNX, VSD; timely and qualitatively settle the requirements of organizations, individuals and enterprises participating in the stock market.
With a plan for 2025 and a vision for 2030, Mr. Chi shared the general goal of building and developing the stock market into the main medium and long-term capital conduit of the economy. At the same time, bringing the market to integrate more and more deeply with the international market, take international standards to be applied in the country.
Regarding specific targets, the stock market will reach 85% of adjusted GDP by 2025 and 110% by 2030; bonds will reach 47% by 2025 and 58% by 2030. The number of stock accounts is equivalent to 5% of the population in 2025 and 8% in 2030. Reorganized the stock exchanges according to the mother-child model, reorganized the Securities Depository Center into a corporation. The Ministry of Finance also directed the synchronous technology system, aiming to upgrade Vietnam's stock market by 2025.
Collected from source
Ngoc Diem