VCN – Minister of Finance Ho Duc Phoc had a meeting with the State Securities Commission of Vietnam on June 30. At the working session, the Minister asked the Securities sector to strengthen the management, inspection and supervision of the stock market, especially the settlement for violations in a strict and transparent manner to tighten the rules in the market.
Implementing solutions to stabilize the market
At the meeting, Mr. Pham Hong Son, Vice Chairman of the State Securities Commission (SSC), amid the difficulties and challenges faced by the financial market and securities market, under the direction of the Government and the Ministry of Finance, the SSC has made great efforts in the direction and operation to achieve the goals and tasks.
Accordingly, the SSC has provided solutions to stabilize the market such as requesting Stock Exchanges to publish proprietary trading data of securities companies; adjusting the final settlement price on the derivative maturity date. These solutions have been highly appreciated by the market, improving transparency.
According to the SSC’s Vice Chairman, in the first half of 2022, Vietnam's stock market was affected by great changes from economic fluctuations in the world, the market has seen a plunge in some periods. However, Vietnam's stock market still has good liquidity and shows a record in the number of new accounts. Foreign investors still net-bought stocks.
In that context, the SSC continued to restructure the stock market, strengthen the management of public companies and securities companies; expedite inspection, supervision and handling of violations.
In the last six months of 2022, the SSC’s representative said that the Commission will improve the legal framework and policy system for market development, ensure transparent market operations, maintain market rules; strengthen inspection and supervision for the stable and transparent development of the stock market; strictly handle violations in the market; and restructure the stock market.
The SSC will coordinate with other units to speed up the testing process, and soon complete the KRX information technology system to put it into operation, creating conditions for the launching of new products and services in the near future.
In addition, it will also collaborate with market operators, investors and other organizations to implement solutions to upgrade Vietnam's stock market from a marginal market to an emerging market. The SSC will coordinate with units under the Ministry of Finance to work with relevant agencies and ministries to seek solutions to upgrade the market beyond the competency of the Ministry of Finance and the Commission.
Offenses will be strictly handled
At the meeting, Minister Ho Duc Phoc shared the difficulties that the Securities sector has experienced, and highly appreciated the great efforts of the sector in supporting the stable operation of the market. According to the Minister, this is an important lesson to overcome and further improve in institutional and legal construction, as well as in administration and management.
|Minister Ho Duc Phoc addresses the meeting.|
The Minister also requested the SSC and departments of the Ministry to enhance human resources and the leadership apparatus for the SSC and related units. The Minister requested the units to quickly review legal documents to improve the legal system, ensuring the smooth and safe operation of the market.
The Minister also asked the units to accelerate the application of information technology to more effectively support the management and control of the market, and quickly launch the operation of the KRX Information Technology System.
The Minister requested the Securities industry to closely manage and supervise the market, including strictly handling offenses to tighten the rules in the market.
Also at the meeting, the Minister asked the units to effectively coordinate with the media agencies to provide timely information, in which the Minister emphasized that the Finance sector must be provided the first official information to notify the public for improving their knowledge about the market.
Ms. Vu Thi Chan Phuong, Vice Chairman of the SSC committed to the Minister to make great efforts, enhance solidarity, closely coordinate to fulfill the tasks and support the development of the stock market in a more sustainable manner in the near future.
By Hoai Anh/Ngoc Loan