On April 12th, 2022, the Government issued the Resolution 54/NQ-CP on the program to implement the National Assembly's Resolution on the economic restructuring plan for the period 2021 – 2025. This Resolution has been effective since the date of signing for promulgation.

- Regarding the development of the financial market, the Government has assigned the Ministry of Finance to take the responsibility for, and coordinate with ministries, departments and localities:

+ Completing the legal framework for the securities market; implementing solutions to restructure and develop the securities market; expanding capital market capacity; improving publicity, transparency and protect the legitimate rights of investors; promoting the development of professional investors. Developing infrastructure, improving management capacity, monitoring system risks. Market development aims to fully satisfy a number of criteria, such as: the degree of openness to foreign investors, the level of effectiveness of the market operation framework, etc., bringing Vietnamese securities market into the group of emerging markets.

+ Building solutions to diversify financial institutions, venture capital funds, credit guarantee funds, microfinance institutions, financial consulting organizations, accounting, auditing, and rating services trust… Researching and developing policies and laws to encourage venture investment.

+ Completing the legal system for insurance business; researching and developing solutions to comprehensively develop a safe, sustainable and effective insurance market to meet the insurance needs of organizations and individuals, and ensure social security; diversifying and professionalizing insurance products and insurance distribution channels; insurance ancillary services; Insurance enterprises have strong financial capacity, transparency of information, promotion of insurance enterprises to be listed on the stock market, management capacity of international standards, and competitive ability in domestic and international markets.

+ Developing a financial strategy to 2030 and submit to the Prime Minister for promulgation in 2022.

- Specific goals and targets for financial market include:

+ State budget deficit ratio in the 2021-2025 period averagely is 3.7% of GDP.

+ The stock market capitalization is to reach at least 85% of GDP, the bond market outstanding is at least 47% of GDP, the corporate bond market outstanding is to reach about 20% of GDP. Regarding this target, according to the report of the Ministry of Finance submitted to the Prime Minister on the implementation of Decision No. 1191/QD-TTg approving the Roadmap for development of the bond market for the period 2017-2020, with a vision to 2030, by the end of 2020, the bond market's size reached 47.83% of GDP, exceeding the minimum target set out in the Resolution and the corporate bond market's size reached 17.08% of GDP, nearly 3% lower than the objectives set out in Resolution 54.

Details of the Resolution to be viewed at the following link: https://vbma.org.vn/en/regulatory-framework/legal-documents