Thursday,  Oct 18, 2018,02:10 (GMT+7) 0 0
Stock market cap equivalent to 70.2% of GDP
Lan Nhi
Wednesday,  Jan 3, 2018,23:19 (GMT+7)

Stock market cap equivalent to 70.2% of GDP

Lan Nhi

Minister of Finance Dinh Tien Dung beats the gong to kick off the new year’s first trading session on the Hanoi Stock Exchange on January 2 - PHOTO: HNX

HCMC – The stock market capitalization in 2017 was equivalent to 70.2% of Vietnam’s gross domestic product (GDP), meeting the Government’s target.

According to Minister of Finance Dinh Tien Dung, many big corporations launched their shares on the stock market, sending the stock market capitalization surging.

The VN-Index of the Hochiminh Stock Market (HOSE) closed the year 2017 at 984 points, up 48% from the previous year. Liquidity on the stock and bond markets picked up 65% and 39% respectively.

Listed businesses reported respective rises of 18% and 23% in revenue and profit in January-September last year.

The stock market grew as a channel to mobilize mid- and long-term capital for the Government and contributed greatly to the equitization of State-owned enterprises, the divestment of State holdings in enterprises, and attraction of foreign direct investment capital.

The market for unlisted public companies (UPCoM) grew strongly. The total capitalization of companies on UPCoM hit more than VND603 trillion (US$26.56 billion), double the figure in end-2016. The Hanoi Stock Exchange (HNX) saw its market capitalization leaping 45% year-on-year.

On average, transaction volume soared 35% and transaction value jumped 71% year-on-year.

The Ministry of Finance said it will speed up the merger of HNX and HOSE, and restructure the stock, bond and derivatives markets.

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