Stock market capitalization to GDP ratio to be increased to 70%

Thursday, 02 June 2016
One of the key priorities is to improve the effectiveness of the financial market, including the stock market and insurance market, said Minister of Finance Dinh Tien Dung.

The move aims to raise the readiness of the country’s financial services, he said, adding that the Ministry has designed a plan to realize this target.

Dung said the Ministry will increase the stock market capitalization to GDP ratio to 70% from the current 34.5% by 2020.

Illustrative image

The Ministry will strive to heighten the business environment and national competitiveness to the average level of ASEAN-3 countries (including Singapore, Malaysia, and Thailand) and reduce the time required for tax and social premium payment to under 155 hours/year.

The Ministry also targets to reduce time required for customs clearance to 41 hours for exports and 46 hours for imports by beefing up the reform of customs management and introduction of e-invoices.

Dung also pledged to study the news saying that enterprises have to pay tax and fees up to 40% of profits and report to the Government./.

Van Hai (Source: VGP)

Related items