Vietnam plans stock market expansion to half GDP

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The Vietnamese government has announced a national financial strategy that will develop the stock market so that its capitalization can rise to 50 percent of the national gross domestic product by 2015, the government said.

According to the plan, the government will strengthen financial markets and services, with a focus on ensuring a safe and effective stock market. Stock market capitalization is projected to grow to 70 percent of Vietnam's GDP by 2020.

Vietnam has been one of the top performing equity markets so far in 2012. The benchmark Vn-Index has surged 34 percent this year, after tumbling 27 percent in 2011.

The new national financial strategy also aims at a larger bond market with a value of 30 percent of the GDP by 2020. Meanwhile, the insurance market's revenue is projected to increase to 3-4 percent of GDP.

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