Gov't Expected to Have Supportive Measures for Stock Market Soon

Monday, May 19, 2008
The government of Viet Nam is expected to give measures to support the plunging stock market soon, said Nguyen Son, head of the State Securities Commission (SSC)’s Market Development Committee.

Leaders of the SSC, the Monetary Policy Consultancy Council and the Finance Ministry met with the prime minister May 15 to propose solutions to spur the market, Son told VnExpress newspaper, but declined to reveal details of these measures.

PM will surely decide the supportive measures today or tomorrow, he said.

In the previous decline when the market’s key index fell to below 500, a series of measures were implemented, such as narrowing daily trading band, limiting banks from selling collateral shares, and having the State Capital Investment Corp (SCIC) to buy shares. The market then had a short period of recover.