Strengthening solutions to promote the stock market to develop safely, transparently, effectively and sustainably

Tăng cường các giải pháp thúc đẩy thị trường chứng khoán phát triển an toàn, minh bạch, hiệu quả, bền vững- Ảnh 1.

The Government has issued Resolution No. 86/NQ-CP dated July 11, 2022 on developing a safe, transparent, efficient and sustainable capital market to stabilize the macro-economy, mobilize resources for socio-economic development, and has resolutely and promptly directed ministries, branches and state management agencies to implement solutions to support the development of the capital market and the stock market, promote the role of medium- and long-term capital mobilization channels of the economy, contribute to supporting production and business of enterprises and people, promote growth, stabilize the macro-economy, control inflation, ensure major balances of the economy, attract investment from domestic and foreign investors.

In performing the assigned functions and tasks, in the past time, the Ministry of Finance, the State Securities Commission and relevant agencies have made many efforts, actively and responsibly implemented solutions to promote the development of the stock market, accordingly, the stock market has basically maintained stable, safe, more substantial, effective and transparent operations, gradually restored order and discipline in the stock market, continued to strengthen the confidence of domestic and foreign investors; the work of attracting investment and promoting the image of the Vietnamese stock market has been focused, aiming at the goal of upgrading the stock market from marginal to emerging.

In the coming time, the international financial and monetary market will have many complex and unpredictable fluctuations, affecting the capital, monetary and stock markets in our country. In order for the Vietnamese stock market to develop more safely, transparently, effectively and sustainably, the Prime Minister requests:

1. The Ministry of Finance shall preside over and coordinate with relevant agencies to:

a) Continue to promptly and effectively implement the tasks and solutions in Resolution No. 86/NQ-CP dated July 11, 2022 of the Government, Resolutions of regular Government meetings, directives of Government leaders and legal regulations, closely follow market developments to proactively and promptly implement measures to stabilize and develop the stock market; closely coordinate in operating fiscal policies, monetary policies and other macroeconomic policies, contributing to promoting economic growth, stabilizing the macro economy, controlling inflation, ensuring major balances of the economy, creating conditions to support the stock market to develop safely, transparently, effectively and sustainably, and be an effective medium- and long-term capital channel for the economy.

b) Actively monitor and closely supervise developments in the domestic and international stock markets, capital flows in and out of the market to proactively have appropriate, timely and situation-based solutions for stock market management and supervision, ensuring safety, transparency and stability of the stock market, and preventing risks and insecurity.

c) Proactively and regularly review mechanisms, policies and perfect the legal framework on securities and the securities market to amend, supplement or recommend competent authorities to amend and supplement relevant legal documents, ensuring consistency, uniformity, efficiency, effectiveness, conformity with international practices and commitments, meeting the development requirements of the securities market both in the short and long term.

d) Urgently implement solutions to improve the quality of goods on the stock market; improve the operational efficiency of market members, securities companies, fund management companies, etc.; diversify the investor base by attracting the participation of institutional investors, professional investors, investment funds, and proactively provide information and training on financial and securities knowledge for individual investors.

d) Take the lead and coordinate with the State Bank of Vietnam, the Ministry of Planning and Investment and relevant agencies to resolutely implement necessary tasks and solutions to upgrade the Vietnamese stock market from a frontier market to an emerging market as soon as possible to attract foreign investment capital and institutional investment funds; promptly and proactively report to competent authorities on issues beyond their authority.

e) Strengthen inspection, examination, supervision and strict handling of violations in the securities market according to legal regulations; promptly warn early and have plans to handle risks that may arise, ensuring the securities market operates safely, healthily and smoothly.

g) Strengthen the application of information technology and digital transformation in the management, operation and supervision of stock market activities, and have effective solutions to ensure safety, security and confidentiality of transactions on the stock market; promote administrative procedure reform, timely, public and transparent information disclosure, and create favorable conditions for listed enterprises and public companies under management. Accelerate the completion of information technology projects and major projects of the securities industry to ensure technical infrastructure and legal basis for the stable and long-term development of the stock market.

h) Direct the State Securities Commission and the Vietnam Securities Depository and Clearing Corporation to closely coordinate with the Department of Administrative Police for Social Order, Ministry of Public Security to promptly complete the review and cleaning of investor data; move towards reviewing and cleaning investor data at securities companies, contributing to improving the safety and transparency of the market.

i) Promote international cooperation, strengthen relations and connections with major agencies, organizations and financial institutions in the world to promote the image of the stock market, strongly attract indirect investment capital in the stock market. Study the experiences and lessons of other countries in developing a safe, effective, healthy and sustainable stock market.

k) Further strengthen propaganda and training activities to enhance investors' understanding of the market, proactively provide timely official information, create social consensus, stabilize market and investor psychology; strengthen close coordination with competent authorities to handle rumors, fabrications, and falsehoods that affect the safety of the stock market.

2. The State Bank of Vietnam closely coordinates with the Ministry of Finance and the State Securities Commission in managing monetary and fiscal policies and implementing solutions to develop the stock market, ensuring safety, connectivity, smoothness and synchronization between the monetary market, capital market and stock market.

3. The Ministry of Information and Communications requests press agencies to report truthfully, promptly, objectively and accurately; strictly handle cases of reporting news and articles that do not comply with regulations, causing negative impacts on investor sentiment and stabilizing the stock market.

4. The Ministry of Public Security shall closely coordinate with the Ministry of Finance and the State Securities Commission to continue implementing measures to ensure security and safety of the securities market; have solutions to prevent, prevent and strictly handle violations of the law, especially cyber attacks, intrusions, fraud and appropriation of investors' money in securities transactions in cyberspace.

5. The Government Office monitors and urges according to assigned functions and tasks./.

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