Ha Noi (VNA)- Enterprises collected 90 trillion VND for their floating capital through the two stock markets in 2007, making up 39.4 percent of the gross domestic product.
The State Securities Commission (SSC) reported that the ending 2007 witnessed 179 companies licensed to sell 2.46 billion shares with a combined value of over 48 trillion VND to the public. The figure represented a 25 fold increase over 2006.
The SSC itself launched the issuance of almost 3.5 million bonds valued at 3.75 trillion VND for three joint-stock commercial banks and 25 million fund certificates with a value of 250 billion VND for the Manulife Fund.
SSC Chairman Vu Bang said the market has fast developed in both the network and scale in the recent past but its too fast development and limited information technology capacity have led to overblown operations in securities companies.
Narrow and sub-standard floors and poor experiences in work handling were other causes to investors’ complaints to securities agents, he added.
To solve these problems, SSC planned to further tighten its supervisions on the market operations in an effort to ensure the transparency and seriousness of financial reports and company information.
Any violations will be duly punished and made public to the market, according to the bourse watchdog.
SSC also unveiled its scheme to speed up the equitisation of the State owned enterprises through auctioning or selling part of the stakes possessed by the State in enterprises.
Bang said his agency will take stronger and more effective measures for further growth of the stock market in the approaching 2008.
Efforts will be focused on motivating both supply and demand to this regard, turning the stock market into a long-term investment attracting channel for the national economy, he emphasized.
Capital raised through stock exchange is expected to account for between 50 and 60 percent of the GDP in 2008.--Enditem
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