Ha Noi (VNA) – At the 2nd Viet Nam Investment Forum which opened in Ha Noi on Mar. 19, Finance Minister Vu Van Ninh said that the Vietnamese Government will continue to follow a cautious fiscal policy in the 2006-2010 period.
Minister Ninh told more than 1,100 delegates from 36 countries and territories across the world that Viet Nam will keep the mobilisation ratio of its gross domestic product (GDP) to the state budget at 21 or 22 percent, while the budget deficit ratio and the national debt ratio will be kept at only 3 percent and under 5 percent of the GDP, respectively.
Regarding the Vietnamese capital market, the minister said that it has developed strongly in recent years. By 2006, more than 200 joint stock companies, with a market capitalisation value of 14 billion USD, or 22.4 percent of the country’s GDP, had been listed at the country’s two securities trading centres, in addition to more than 400 listed bonds, worth a total of 8 billion USD.
The minister stressed that Viet Nam has a great chance of developing its capital market, with its total capital demand reaching 140 billion USD in the 2006-2010 period.
In the coming years, Viet Nam will spare no efforts in building a comprehensive legal system, increasing the management of state agencies over the capital market in order to ensure that the market can develop consistently and maintain macro-economic stability, as well as to prevent future crises.
The two-day forum is being held by Euromoney Conferences, the conferences arm of the London-based Euromoney Institutional Investor PLC, in collaboration with the State Capital Investment Corporation (SCIC). Under the theme of “Financing Growth – Asia ’s Next Tiger”, the forum will help international financiers gain the latest information on Viet Nam’s economic development.
At the forum, government officials and international financiers will debate the macro-economic outlook for Viet Nam and the opportunities and challenges posed by its membership in the World Trade Organisation, as well as measures to develop the Vietnamese capital market.-Enditem
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