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PM instructs measures to stabilise domestic stock market
The Prime Minister Nguyen Tan Dung on March 26 gave instructions on measures to stabilise the domestic stock market at the meeting of the Government’s Standing Committee after listening to reports from the Ministry of Finance and other delegates to the meetings.
Firstly, the State Capital Investment Corporation (SCIC) has been assigned to buy more shares of large proportions, contributing to stabilising the market.
Secondly, the State Bank of Vietnam (SBV) is asked to request State-owned commercial banks and urge joint stock commercial banks not to sell off shares pledged in collateral by securities investors. The SBV has also been asked to provide re-discounted loans at an interest rate of 9% when commercial banks are in temporary shortage of liquidity and can not borrow from other channels at 9% interest rate. The SVB should promote buying of foreign currencies from commercial banks and financial organisations at suitable exchange rates if the foreign currencies have legitimate sources, including foreign currencies from indirect investment.
Thirdly, listed firms are approved to buy back their shares under more simplified procedures without being limited in the increase of their charter capital as required by current laws.
The Ministry of Public Security is assigned to seriously deal with cases that spread false information and rumours on the stock market, which have a negative impact on investors.
The Ministry of Finance, the SBV and the State Securities Commission are responsible to organise press conferences announcing Vietnam’s socio-economic situation in the first quarter of 2008, making it clear that Vietnam’s economy continues to grow, measures to control inflation are proving effective, the growth in price increase has slowed in March and announce the government’s measures to stabilise the domestic stock market.
The Ministry of Information and Communications should request newspapers, radio and television stations to give objective and correct information, helping local people thoroughly understand the policies of the State on stock market development.
ND
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