“Constructing a floor for privately-issued corporate bonds”

Information shared by Mr. Pham Hong Son, Vice Chairman of the State Securities Commission at the seminar on Capital market development and real estate market within the framework of the 4th Vietnam Economic Forum held this morning. now 5/6 in Ho Chi Minh City.

Leaders of the Securities and Exchange Commission stated that, in addition to the positive results and rapid growth of the stock market, the bond market has recently generated potential risks such as price manipulation in the stock market; risks in the corporate bond market; many investors, especially individual investors, do not really understand well the investment law, individual corporate bond transactions; Operational quality of service providers in the market is still uneven, some auditing organizations and appraisal organizations have limited capacity…

The above limitations have affected the efficiency and quality of the securities issuances that have raised capital, increasing risks for investors. This poses a requirement for the management agency that is the Ministry of Finance and the Securities Commission to further strengthen management, supervision, information and communication measures, and make some adjustments and amendments in terms of the main aspects. books and legal regulations accordingly.

Mr. Pham Hong Son said that the SSC in the coming time will continue to maintain the market management in the direction of ensuring the market’s safe and transparent operation, protecting the legitimate rights and interests of investors. focus on a few key solutions.

The firstcontinue to improve the legal framework for the market in the direction of increasing transparency, stable and sustainable development:

In the immediate future, the SSC will be proactive and active in putting new regulations and policies of the Securities Law and guiding documents into practice; continue to improve the legal framework and policy system for the development of the stock market, in which the focus is on completing the stock market development strategy to 2030.

Specifically, for the stock market, focus on improving the quality of goods, promoting the equitization and divestment of state-owned enterprises associated with listing on the stock market; enhance the compliance of enterprises in the market.

For the government bond market, develop to become a standard market in the financial market, meet the demand for capital mobilization for the State budget and support the restructuring of the budget and public debt towards safety and sustainability. steady; ensure the mobilization of resources for the implementation of the socio-economic development plan and the program of economic recovery and development.

For the corporate bond market, develop in a sustainable way, becoming an important capital mobilization channel for businesses, in which focusing on developing a transparent secondary market, building market standards, and clearly separating bonds issued to the public and privately.

“In the short term, the State Securities Commission is actively directing and coordinating with the Stock Exchanges and the Securities Depository Center in building, deploying, and putting into operation the trading floor for privately issued corporate bonds; promoting the public supervises the use of money from bond mobilization and publishes information and trades bonds on the information disclosure system of the Hanoi Stock Exchange”, said Vice Chairman of the Securities Commission.

Mr. Son said, the SSC will also study and report to the Ministry of Finance to propose the Government to submit to the National Assembly for an overall review of the provisions of the Law on Securities, including the scope of public offering, private placement of concepts. K1041 is a professional securities investor in the Securities Law and regulations on handling violations on the stock market.

Monday, promote the restructuring of the stock market, improve the competitiveness and quality of market intermediary institutions. The SSC continues to restructure securities companies and fund management companies according to the project approved by the Prime Minister; review, classify, check on the spot, develop a plan for each company to take appropriate measures, research and digitize financial assets on the stock market, apply financial technologies new, standardize online account opening (e-contract), online customer authentication (e-KYC); improve the quality and professional ethics of securities practice staff…

For auditing organizations, price appraisal organizations, credit rating organizations… The State Securities Commission will coordinate with units of the Ministry of Finance to improve the ethics and service quality of these organizations; encouraging service providers on the stock market to deploy fintech applications, in line with the needs of investors and the development of the market.

Tuesday, increasing the participation of professional investment institutions and professional securities investors, prioritizing the development of long-term investors such as investment funds, voluntary pension funds, insurance enterprises.. .; strengthening training, raising awareness, understanding and financial skills of investors when participating in the market. At the same time, providing official and accurate information on the policy, operating orientation and the situation of the macro-economy, stock market, safety of the financial and monetary system to stabilize investor sentiment, strengthen transparency for the stock market.

Wednesday, strengthen supervision, handle violations, improve discipline and discipline of the market. The Securities and Exchange Commission will coordinate with functional units of the Ministry of Finance and the Ministry of Public Security to strengthen inspection and supervision to both ensure the development of the market and detect and handle manipulations. On the stock market, accordingly, manipulative acts must be severely punished, businesses that comply with regulations must be supported for sustainable development. SSC will also focus on improving the quality of human resources for inspection and supervision, both in terms of quantity and quality, gradually applying new Big Data technology; Machine Learning, Blockchain in business support for management and monitoring.

ThursdayRegarding information and propaganda work, the Securities and Exchange Commission will coordinate with units under the Ministry of Finance, relevant ministries and branches, and media units and press agencies to enhance complete and accurate information and promptly to the investment public to stabilize market sentiment, create favorable conditions for businesses and investors to feel secure to participate in raising capital and investing in the capital market. At the same time, coordinate with international organizations to implement solutions to soon upgrade Vietnam’s stock market according to the set schedule.

The SSC leader said that on the basis of the goals and solutions set out in the Financial Strategy to 2030 approved by the Prime Minister, strive to bring the stock market size to 100% of GDP by 2025. and 120% of GDP by 2030; the size of the bond market will reach 47% of GDP by 2025 and 58% of GDP by 2030.

According to Huyen Cam