Investors watch stock movements in front of a big screen. (Photo cafef.vn)Minister Phoc said that the capital market's growth rate was over28.5% a year in 2016-2021, while the stock and corporate bond markets grew over30% a year. This gradually narrowed the gaps between thesemarkets with the bank credit market and balanced them.
Total capital mobilisation in the capital market, including theissuance of stocks, bonds, and equitisation auctions in 2021, reached over 1.12quadrillion VND, equivalent to 38.7% of the total investment capital of thewhole economy.
The Ministry of Finance (MoF) assessed that the capital market hadplayed an essential role in mobilising medium and long-term capital for investmentin economic development and balanced development between the monetary andcredit markets.
However, the ministry also said that recently in the stock andderivatives markets, prices have been manipulated with more and moresophisticated methods, while many ticker symbols have been pushed upwithout relation to the business situation, like the case of FLC and LouisHoldings.
The MoF has implemented many solutions for specific inspection tostabilise the stock market.
The Ministry has checked and cancelled transactions of 74.8million shares, blocked accounts, and administratively handled the case of TrinhVan Quyet, former chairman of FLC Group, proactively transferred the files ofLouis Holdings and 34 companies violating regulations to the investigationagency. In the stock market alone, the MoF has proposed prosecuting six cases.
In the corporate bond market, in 2021, the Ministry inspected ninesecurities companies and two issuers, issued three decisions on sanctioningadministrative violations, and transferred one case to the police.
In 2022, it coordinated with the investigative agency in the caseof Tan Hoang Minh Group and organised inspections at five securities companiesrelated to this case. Many issuers and service providers will be examined fromnow until the end of the year.
The MoF said it would strengthen the capacity of market regulatorssuch as the State Securities Commission, the stock exchanges, and the VietnamSecurities Depository.
It will also strengthen management and supervision, includinginter-supervising of the State Bank on credit institutions' issuance,investment, and service provision of corporate bonds.
In addition, it will ensure the formation and operation ofprofessional investment institutions and professional securities investors,with a focus on long-term investors such as investment funds, voluntary pensionfunds and assurance companies./.
VNA
