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PM warns stock market could go bust without transparency

Vietnamese Prime Minister Nguyen Tan Dung has called for measures including transparency to ensure the stability of the country’s fledgling but overheated stock market.

During a visit Saturday to the office of the State Securities Commission (SSC), the securities watchdog, he underlined the need to cool down the skyrocketing market to prevent losses for investors and an adverse impact on the economy. He told the SSC to adopt management systems and market rules from neighboring countries to minimize risks. The Vietnamese stock market gained 144 percent last year and 50 percent so far this year. It is capitalized at over VND371 trillion (US$23.1 billion) and there are 193 listed firms as against 41 at the end of 2005. SCC director Vu Bang also warned about a potential “bubble” in the market which could collapse. Source: VNA, Thanh Nien