Vietnam finance ministry takes step to stabilize market sentiment
Vietnam’s stock market over the last few days has gradually recovered and rebounded, said Vice Minister of Finance Vu Thi Mai.
The Ministry of Finance (MoF) is taking steps to stabilize market sentiment as fear of the nCoV outbreak is causing the VN-Index going downhill and evaporating billions of US dollars in market capitalization, according to Vu Thi Mai, vice minister of Finance.
Illustrative photo. |
The State Securities Commission of Vietnam, the country’s stock market watchdog, supervises the operation of the stock markets daily and strictly penalizes any act of manipulation and providing false information, said Mai at a government’s monthly press briefing on February 5.
With such efforts, Vietnam’s stock market over the last few days has gradually recovered and is bouncing back, Mai asserted.
In the first two trading days after the Lunar New year Holiday on January 30 – 31, 2020, the VN-Index plummeted by nearly 4.54%, partly due to a long break after the holiday and fears of the impacts from the nCoV outbreak.
Mai said the fall in the stock market was common in the region and even lower than some countries detecting the first cases of nCoV infection.
In the last half of January, major stock markets in Asia suffered slump, including Hong Kong with 9.4%, South Korea with 5.8% and Thailand with 5.4%.
However, Mai stated losses in Vietnam’s stock market narrowed at the beginning of February.
The VN-Index shrank by merely 0.8% to 929 in the first two trading days of February, and edged up 0.95 points against the previous day on February 4.
According to Mai, for mid- and long-term solutions, the MoF would continue to perfect legal frameworks and guidance for the Securities Law, which has been approved by the National Assembly and on track to become effective in early 2021.
Moreover, the MoF is expected to restructure the stock market for greater efficiency, Mai continued, saying the move is in line with the proposal to restructure the stock and insurance markets until 2020, with vision to 2025.
Mai said the MoF is committed to ensuring discipline and building trust among investors for stability and sustainable development of the stock market.
Other News
- 3,400 taels of gold purchased at the first-in-11-year auction
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
- Casinos contribute US$370 million to state budget over 5 years
- Standard Chartered and IATA partner to launch IATA Pay in Vietnam
Trending
-
Hanoi, UNESCO pledge further cooperation
-
Vietnam news in brief - April 25
-
Vietnamese contemporary ballet celebrates Europe Day
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video