That was the affirmation of Deputy Minister of Finance Nguyen Duc Chi at the seminar with the theme "New capital flow driving force" organized by Finance - Investment Newspaper on the occasion of the 25th anniversary of the official operation of the stock market.

Mr. Nguyen Duc Chi said that the Vietnamese stock market developed from zero. Although there are still many things to discuss compared to the region and development expectations, we can be proud of the results of 25 years of building the stock market.

We not only establish the market but also develop a system of market members, with full financial potential and professional capacity.

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The stock market has become an important channel for capital mobilization. Photo: Hoang Ha

We have built a system of investors, from a few hundred initially to nearly 10 million domestic and foreign investor accounts as it is now.

From lobbying for listed joint stock companies, the market now has a capitalization scale of over 60%, sometimes even nearly 75% of GDP - a proud figure. We will continue to discuss development solutions in the coming time.

In addition, the technical infrastructure has also been heavily invested in. Recently, Vietnam Securities has put into operation a new information technology system for the market (KRX) to solve the overload problem of the old system and meet the upcoming needs of the market.

We have a good team of market management staff, and securities transfer payment systems have been built and are operating smoothly.

The stock market is increasingly asserting its role as an important medium- and long-term capital mobilization channel, and at the same time a barometer reflecting the health of the economy as well as the competitiveness of enterprises.

"After 25 years of development, we have together built and accumulated a solid foundation in many aspects, so that we can now discuss bringing the market to a new level," Deputy Minister Nguyen Duc Chi emphasized.

Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, informed that the Vietnamese stock market has gone through a quarter of a century of development. Looking back from the early days, we can see the development of the market.

From only 2-3 listed enterprises in the beginning, the stock market now has hundreds of listed enterprises with billion-dollar capitalization.

Mr. Hai assessed that in the ASEAN bloc, the Vietnamese stock market is the youngest: the Philippines has a history of 100 years, Malaysia 65 years, Thailand about 50 years... However, we can be proud that up to this point, in terms of capitalization, the Vietnamese stock market is equivalent to Malaysia, only slightly lower than Thailand and surpassing the Philippines.

In particular, last week, the liquidity of the Vietnamese stock market ranked first in Southeast Asia, even surpassing Thailand.

According to Mr. Hai, that is because in recent times, the Government has implemented many strong reforms for the stock market. The management agency has removed many barriers and bottlenecks in the market. Up to now, we have met the hard criteria to upgrade to an emerging market. With the soft criteria, it also depends on the experience of foreign investors.

20% tax on securities interest: Proposed rate is too high, fear of investors leaving the market Experts say the proposed 20% tax on securities transfer interest is considered too high and not suitable for the Vietnamese stock market at the current stage.

Source: https://vietnamnet.vn/thi-truong-chung-khoan-tro-thanh-kenh-huy-dong-von-quan-trong-2425410.html