Private firms offer help with stock market overloads

By Minh Son, Huu Cong   March 7, 2021 | 02:37 am PT
Private firms offer help with stock market overloads
Truong Gia Binh, chairman of FPT Corporation, speaks at a meeting with Prime Minister Nguyen Xuan Phuc and private company leaders in Ho Chi Minh City on March 6, 2021. Photo courtesy of the Vietnam Government Portal.
Private companies are suggesting that they are allowed to help with Vietnam’s stock exchange overloads as part of their contribution to national growth.

Chairman of leading tech group FPT, Truong Gia Binh, proposed Saturday that private companies be allowed to deal with overloads on the Ho Chi Minh Stock Exchange (HoSE). The frequent overloads on the nation's main bourse has bothered investors and administrators in recent months.

"The government needs to trust the private sector and create favorable conditions for it to develop," he said at a meeting between government officials and representatives of the private sector.

Echoing him, CEO of budget airline Vietjet Nguyen Thi Phuong Thao said Vietnam needs stock markets on an international scale and their issues should be resolved with the help of private companies.

Prime Minister Nguyen Xuan Phuc said he has tasked authorities with reviewing FPT’s request and ordered that the issues be fixed without the use of state funds.

The PM also said Vietnam needs big companies capable of competing regionally and globally and an excellent human resource pool to achieve great tasks.

"We need to unleash all resources, all potentials and mobilize all hidden power in Vietnam’s 100 million population and those living abroad," he said at the fourth meeting with representatives of Vietnam’s biggest private companies since taking office.

Phuc said the challenges the country face include low GDP per capita, a lack of foundation for fast and sustainable growth, slow industrialization and modernization, depleting natural resources, aging population and pollution.

Company leaders, in response, sought more trust from the government to achieve greater targets.

"We hope that the government trusts private companies and focuses on developing the private sector," Thao of Vietjet said.

To be a strong and powerful country, Vietnam needs both big corporations that carry the national brand and the development of small and medium companies, and in order to do this the government needs to create a level playing field between all economic sectors and have thorough innovation among government bodies, she said.

Binh of FPT asked other company leaders if they were satisfied with the current GDP growth rate or if they can aim higher at up to 13 percent as some countries have achieved in the past.

To do this, companies need to maintain 20-30 percent growth annually for years, and this can be done only when there is "big faith" between the people and the government and vice versa, he added.

Do Minh Phu, chairman of private lender TPBank, said private companies should be protected under the law and there should be no favoritism between private companies, state-owned firms and foreign direct investors.

Phuc asked government agencies to continue perfecting the business environment and institutional framework to ensure transparency and effectivity.

"I believe that there will be more giant corporations in Vietnam in the next 25 years," he said after the four-hour meeting.

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