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| At a gong-beating ceremony to start the first trading session of the HOSE. |
The Ho Chi Minh Stock Exchange (HOSE), as the nucleus of the Vietnamese stock market, should strive to meet international standards, Chairman of the HCM City People’s Committee Phan Van Mai said at a gong-beating ceremony to start the first trading session of the exchange following the Lunar New Year holiday on February 8.
The official said that HCM City is striving to complete a project turning itself into a regional and international financial centre to boost the local stock market.
Pointing out unpredictable impacts of the COVID-19 pandemic on the market, Deputy Minister of Finance Nguyen Duc Chi said the HOSE needs to continue its coordination with the State Securities Commission (SSC), the Vietnam Securities Depository (VSD) and other stock exchanges to put in place the new information technology system for the entire stock market, known as KRX, as scheduled.
He also highlighted the restructuring of the stock market, saying the HOSE should actively coordinate with the Vietnam Stock Exchange (VNX) in completing operational regulations and procedures, building a five-year development strategy, and developing new products, especially those that would facilitate foreign investors’ access to the Vietnamese stock market.
Last year, Vietnam's stock market experienced strong growth in terms of liquidity, the number of investors, indexes and market capitalisation, leading ASEAN in trading value and capitalisation.
According to the World Federation of Exchanges (WFE), the Vietnamese market’s stock turnover ratio, for the first time, has reached nearly 173 percent last year, surpassing the 99.8 percent ratio posted by Thailand. /.
