Actively cooperate with international organizations to upgrade the market
Recently, Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong shared updates on the progress of upgrading the stock market in the Financial Street Talkshow (VTV8). Accordingly, in the past time, the SSC has organized many meetings with ministries, branches, international rating organizations and market members to jointly study and propose solutions to remove remaining issues in the upgrading of the Vietnamese stock market.
Regarding the pre-transaction margin, the SSC has worked with relevant units and market members to study solutions to this issue. At the same time, the SSC has proactively reviewed legal documents on securities to submit to competent authorities for amendments and supplements to relevant regulations to promptly meet the progress. In the medium term, implementing payment clearing activities under the central clearing counterparty (CCP) model is a necessary solution.
Regarding the foreign ownership ratio, the Ministry of Finance (SSC) has recommended that the Ministry of Planning and Investment review the industries with limited foreign participation ratios. Publicly announce information on the list of industries with limits and the specific ratios of each industry so that investors can easily access information...
At the same time, the SSC will also report to the Ministry of Finance to consider amending Circular 96/TT-BTC on guidelines for information disclosure on the stock market to encourage enterprises to disclose information in English. In addition, the SSC is reviewing to amend the provisions of Decree 155/2020/ND-CP in the direction of stipulating a specific time for public companies to complete the notification of the maximum foreign ownership ratio on the stock market...
"In the immediate future, the State Securities Commission aims to meet FTSE Russell's criteria for upgrading to a secondary emerging market. Actively coordinate with international organizations and relevant agencies to implement solutions to upgrade the Vietnamese stock market according to the set roadmap. At the same time, we continue to improve domestic regulations based on research on international regulations and practices to promote the sustainable development of the Vietnamese stock market, creating a favorable environment to attract foreign investors," said Ms. Phuong.
Will put KRX into operation as soon as possible
In 2024, Chairwoman Vu Thi Chan Phuong emphasized that she will continue to implement the solutions stipulated in the Vietnam Stock Market Development Strategy Project to 2030 approved by the Prime Minister. Some key solutions include:
Firstly, continue to improve the legal framework and policy system for market development. Focus on completing the plan to implement the Stock Market Development Strategy project for the period 2023 - 2030.
Second, linking IPO issuance with listing so that issuing organizations can shorten the time and distance from issuance to listing on the stock market.
Third, continue to strengthen supervision, inspection and examination in the stock market, especially supervision of securities companies, fund management companies, practitioners and issuing organizations. Strictly handle violations in the stock market.
Fourth, promote the modernization of technology infrastructure, master and enhance the application of science and technology. In particular, focus on coordinating with relevant units to put new information technology systems into official operation as soon as possible, creating conditions for the launch of new products and services on the market.
Fifth, promote information dissemination, bring official and timely information to the market for the investing public. At the same time, provide training on non-traditional security for practitioners, leaders and managers of securities companies and fund management companies.
Sixth, strengthen international cooperation activities so that the Vietnamese stock market can soon be upgraded from a frontier market to an emerging market. Focus on preparations for the Asia-Pacific Sub-regional Securities Commission Conference to be held in Vietnam in 2025.
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