16
been completed in accordance with international
practices and market reality. The expansion
and development of public companies, listed
companies with the participation of investors,
including small investors set the requirements
of shareholders and market for controlling and
monitoring enterprises to minimize conflicts of
interest, guarantee rights of shareholders and
obligations of major shareholders and internal
shareholder...
Over the past 18 years, the stock market
has achieved a fast, stable and synchronous
development in terms of structure, affirming
the important role of acttracting capital to the
economy, regulating and settling macroeconomic
development and promoting private sector
development and SOE restructuring.
In addition to these positive results, the reality
also shows that Vietnam stock market faces
many difficulties and challenges. Typically, the
world economy has many unpredictable changes
such as geopolitical issues, protectionism, trade
war, tax policy adjustment, gradually increasing
interest rates, which can influence the movement
of capital flows. At the same time, the domestic
economy has improved significantly, but the level
of sustainability is not high, labor productivity,
economic restructuring and renovation of growth
models are more challenging, coupled with high
budget deficit, bad debt settlement and banking
system restructuring.
Towards a sustainable market
For a more stable, transparent and sustainable
market, some solutions should be done as follows:
Firstly,
to complete the legal framework for
the securities market on the basis of building a
new Security Law on the principle of ensuring
the development of safe, transparent and efficient
security markets; Facilitate issuers to mobilize
capital with diversified commodities on a
transparent basis; Promote the development of
investment funds; Apply international practices
in line with practical conditions and ensure the
compatibility between the Security Law and other
relevant laws. Improve the quality of corporate
governance and information disclosure; Create
mechanisms to restructure security companies
operating inefficiently and promote security
organizations to develop; Build additional
mechanisms to protect investors; Diversify and
improve the quality of goods in the market by
raising public offering conditions, managing and
preventing spills through individual offerings.
Secondly, to
diversify and improve goods
quality on the stock market to be a key solution
in the development of the stock market in a
transparent and sustainable manner. Therefore,
it is necessary to promote equitization and state
capital withdrawal in enterprises associated
with the listing and registration of transactions
on the stock market; Strengthen regulations on
providing guidance for issuance and offering
by book-drawing method; Enhance inspection;
particularly supervise the process of raising
capital and using capital before registering and
listing; Monitor the transparency of financial
information in public companies, capital use,
disclosure and corporate governance; Encourag
listed companies to apply international standards
and practices on disclosure of information
and financial statements in accordance with
international financial reporting standards,
applying international accounting standards and
auditing standards.
Alongwiththediversificationandimprovement
of the quality of goods, it is necessary to actively
implement measures to complete the price and
tax mechanism applicable to transactions in the
derivative market relevant to each level of market
development; Studying and developing a guiding
document and allowing the transactions of other
products such as futures contracts on indices
other than VN30, index options, futures options...;
Putting security warrants, future contracts and
31/8/2018
2017
2016
2015
2014
2013
2012
2011
2005
2000
0
500.000
1.000.000
2.000.000
1.500.000
2.500.000
2.109.013
1.712.389
1.921.554
1.510.864
1.400.178
1.257.505
1.239.833
1.156.243
31.316
2.997
GRAPH 3: SCOPE OF FOREIGN INVESTOR ACCOUNTS
Source: State Securities Commission
