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2018 A BANNER YEAR FOR LOCAL EQUITY MARKET
The net value of foreign capital flowing into Việt Nam’s equity market in 2018 hit US$2.8 billion, according to State Securities Commission vice chairman Phạm Hồng Sơn.
That figure was almost 2.3 times the figure of $1.23 billion in 2017 and set up a new record high of net foreign purchases since 2008, Sơn said at a meeting on Wednesday, adding foreign capital had started to leave other Southeast Asia markets.
The total value of foreign investment in Việt Nam as of the end of 2018 was estimated at $32.8 billion.
In 2018, the global economy saw strong growth amid worries about uncertain geo-political conditions, the US Fed’s rate hikes and trade tensions between the biggest economies.
Those worries were reflected in the volatility of global markets, including in Việt Nam, with many ups and downs, the SSC vice chairman said.
“Thanks to the strong growth of the domestic economy and management of both Government and the finance ministry, the Vietnamese equity market saw increases in size and liquidity,” Sơn said.
The value of the stock market at the end of 2018 hit VNĐ3.9 quadrillion ($167.8 billion), up 12.7 per cent year on year and equal to 71.6 per cent of the country’s total gross domestic product (GDP). The figure even beat the target set at 70 per cent of the country’s total GDP for 2020.
Average trading value in each session of 2018 was estimated at VNĐ6.5 trillion ($279.6 million), up 29 per cent year on year.
Total value of the bond market was VNĐ1.12 quadrillion, up 10.5 per cent year on year and equal to 20.3 per cent of 2018 GDP, and daily average trading value of the bond market reached VNĐ8.83 trillion.
The derivative market also saw strong liquidity growth after its first year of operation, with more than 21,600 contracts traded.
At the end of 2018, total corporate earnings rose 20.5 per cent in revenue and 24.9 per cent in profit year on year. Securities companies saw their post-tax profits rise 40 per cent year on year.
The amendments to the Law on Enterprise and Law on Investment must include stronger solutions to thoroughly and comprehensively reform State-owned enterprises (SOEs) and enhance their efficiency, according to the Vietnam Association of Financial Investors (VAFI).
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