SSC seeks government approval to support ailing stock market
11-OCT-2008 Intellasia | Dow Jones
Oct 11, 2008 - 7:09:05 AM
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Vietnam's State Securities Commission is seeking government approval for plans to support the stock market in emergency cases, SSC Chair Vu Bang said Thursday.
"The SSC has regular reviews on market operations, and we have submitted to the government draft measures for preventing and coping with a possible crisis," Bang said, without elaborating on the measures.
The SSC and other government agencies have been monitoring the stock market very closely and will have measures to deal with possible upheavals, Bang noted.
He added that Vietnam has sufficient foreign exchange reserves to meet the demands of foreign investors.
According to state media citing the central bank, Vietnam has total reserves of US$21.9 billion, while total foreign holdings of stocks and bonds are estimated at US$5 billion.
"We are confident that Vietnam will overcome any situation because we have sufficient forex funds," Bang said.
Hanoi-based analysts said the SSC plan is good but it won't lift sentiment at the moment because global markets are releasing negative news every day.
"As countries are trying to boost investor faith, the government of Vietnam should also act fast to help alleviate concerns," said Pham Minh Huong, who is Chairwoman of VNDirect Securities.
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