Enterprises listed on the stock exchange are still limited

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The scene of the Seminar on Solutions to promote businesses to join the stock exchange.

The Vietnamese stock market has affirmed its role as an important medium and long-term capital mobilization channel of the economy. The efficient operation of the stock market has helped the capital market become gradually more balanced in supplementing medium and long-term capital sources for the economy as well as listed and transaction-registered enterprises.

According to the conference organizers, the stock market is facing great opportunities when the macro economy is gradually stabilizing, and there is room for growth. However, the number of businesses listed on the stock exchange, including listing and registering for transactions in the past time, is still very limited.

Accordingly, there are still many large-scale enterprises that are out of the stock exchange for many different reasons. This makes the stock market have no new goods, investors do not have more options to invest.

Besides the objective reasons are the difficulties of macroeconomics domestically and abroad and the subjective reasons are from businesses and market participants, etc.

Currently, with a positive macroeconomic background along with the Government's policy on building and developing a stable, transparent and sustainable stock market, Vietnam's stock market is stated that there is a lot of growth potential in the long term.

In order to increase the size of goods for the market, increase the attractiveness of domestic and foreign investors, and aim to upgrade, it is necessary to encourage enterprises to be listed on the centralized stock exchange in the near future.

Phan Quoc Huynh, Standing Vice Chairman of the Vietnam Association of Securities Business (VASB), said that from 2021 up to now, the world economic situation in general and Vietnam in particular has fluctuated wildly with many changes. Major events arose, affecting the operation of Vietnam's stock market. The market picture reveals many alternating bright and dark patches, in which the dark side seems to dominate.

"In that context, in fact, after the first 6 months of 2023, the number of newly listed and registered businesses on the exchange is very limited with only a few businesses," said Mr. Phan Quoc Huynh.

Regarding the causes, the VASB representative said that in the past 3 years, Vietnam's economy has faced many challenges, from epidemics to wars and global recession. The stock market or any other market will operate according to its rules, if you want to develop in a long-term and sustainable way, the "purification" is inevitable.

Besides, Vietnam's stock market is still young, more than 20 years old, so we have to accept to take "baby steps" before completing with long-term breakthroughs.

After a long time, the stories of dealing with violations that have occurred show the determination of the Party, State, Government, and the Ministry of Finance in drastically implementing measures to promote the transparency and soundness of the stock market so that this is really an effective capital mobilization channel, a place for businesses to raise capital and develop long-term and sustainably.

The Government and State have been implementing tax, fee exemption and reduction measures, including VAT and implementing many interest rate reductions to support the business situation of enterprises. This is a very positive thing in supporting businesses - units that supply goods on the stock exchange. "If businesses face difficulties, the stock market will find it difficult to develop," the VASB representative said.

The results were quite evident in the stock market. The market is recovering strongly, liquidity is increasing. VN-Index is heading to the milestone of 1,200 points in the near future.

“Regarding the story of promoting enterprises to go public, be listed and registered for trading on the market, I think that the Ministry of Finance, the State Securities Commission and the Stock Exchanges are creating all favorable conditions for businesses to join in the stock exchange, creating development conditions for the business community and investors, aiming for common interests," Mr. Huynh said.

According to Mr. Bui Dinh Nhu, Chairman of the Board of Directors of Vietnam Investment and Corporate Restructuring Company, over the past 15 years, the Company has supported many businesses that were not initially eligible for listing on the stock exchange to be able to fulfill their wishes. Because we understand where the business is lacking, what needs to be added, thereby easily solving the concerns of business leaders when aiming to go public and be listed on the stock exchange.

“I think that in order to promote businesses to be listed, first of all, it is necessary to widely communicate to the business community so that the "bosses" are clearly aware of the opportunities and challenges when going on the stock exchange. Next, it is also necessary to improve transparency and let businesses understand the meaning of healthy, long-term and sustainable development," said Mr. Bui Dinh Nhu.