REVIEW
of
FINANCE -
November, 2018
17
government bonds into trading.
Thirdly,
tocontinue topromote the restructuring
of security companies and fund management
companies towards the classification of financial
quality and ability to provide services. On this
basis, restructuring security companies and the
fundmanagement companieswhich are inefficient
and at the same time consider granting additional
licenses to a number of good companies that are
eligible to enter the market; Strictly controlling
and managing fund sources for margin trading
from security companies and commercial banks.
Fourthly,
to develop investor base, attracting for
foreign investment and upgrading the Vietnam
stock market. Strengthening the development of
professional investors will go hand in hand with
maintaining a close relationship with regular
dialogue with market participants, especially
investment funds, custodian banks... Accordingly,
continue to implement solutions to solve
problems/obstacles for foreign investors such
as issues related to the opening and operation
money trading accounts, regulations restricting
the participation of foreign derivative currency
products of foreign investors...
Fifthly,
in order to increase the transparency of
the stock market, the State Securities Commission
(SSC) is presently completing the regulations
on disclosure of information such as additional
reviews of subjects responsible for information
disclosure; Supplementing the obligation to
disclose extraordinary information of public
companies, the principle of applying financial
statements according to international standards,
information disclosure in English...; Supervising
the quality of auditing companies when carrying
out the auditing of financial statements of public
companies; The quality of the issuance and
consultancy dossiers of security companies.
Promoting the application of corporate
governance regulations in accordance with the
Government’s Decree No. 71/2017/ND-CP dated
June 6
th
, 2017 providing guidance on corporate
governance for public companies. At the same
time, to continue reviewing and evaluating the
market surveillance system’s ability, database
system for management and monitoring of the
stock market, upgrading the system to meet the
requirement of the stock market development.
Sixthly,
to manage foreign capital inflows in
order to encourage medium and long-term capital
flows, restrict short-term capital flows, develop
scenarios in case of foreign investment outflows.
Seventhly,
to complete the restructuring
of stock exchanges in a modern and efficient
manner, taking advantage of the current strengths
of each market. Accordingly, early research and
breakthrough solutions in transforming the model
of the Stock Exchange into a joint stock company
with the participation of market members should
be considered, which allows better coordination
between the private sector and the management
of the State to enhance operational effectiveness;
To develop an advanced governance model in line
with international practice and the current policy
of developing the private sector in the direction
that the Transaction Bureau is the gathering place
for listed companies in order to improve the
corporate governance model. Transaction Center
must be on the driver’s seat in this matter.
Eighthly,
to strengthen the management,
monitoring and enforcement capacity of state
agencies on the basis of allowing the SSC to have
the authorities such as access to information,
requests for relevant information... to carry out the
functions of management, supervision, inspection
and enforcement; Timely detect and handle
violations of manipulation, insider and fraud
financial statements; Strengthen the coordination
between the SSC and investigating bodies,
banking inspection and supervision agencies, tax
offices in the exchange of information and dealing
with violations.
References:
1. State Securities Committee (2018), Preliminary report on the Vietnamese
securities market in the first 6 months of 2018;
2. State Securities Commission, (2018), The stock market - new
developments, opportunities for investors;
3. Vu Bang (2018), Vietnam Stock Market: A channel to raise capital for
private sector development;
4. 9 solutions for developing the Vietnamese securities market. http://
vneconomy.vn/9-giai-phap-phat-trien-thi-truong-chung-khoan-viet-
nam-20180609101220176.htm;
5. Ngo Thi Viet Ha, Basic solutions for the strong and effective development
of Vietnamese securities market in the context of international economic
integration.
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cho-su-phat-trien-chung-khoan-viet-nam.sav.
