Speaking at the launching workshop of the Japan International Cooperation Agency (JICA) Technical Cooperation Project "Enhancing capacity for promoting the efficiency of Vietnam's stock market" held in Hanoi on September 23, 2024, Chairwoman of the State Securities Committee (SSC) Vu Thi Chan Phuong said: In order to continue the success of the Project "Enhancing capacity for improving the fairness and transparency of Vietnam's stock market" (2019-2023), with extensive experience in building and developing the Japanese stock market, the Japan International Cooperation Agency (JICA) will continue to support the development of Vietnam's stock market in accordance with the Industry Development Strategy.
The Chairman of the State Securities Commission shared that this project meets the urgent need to improve the capacity of the Vietnamese securities industry in managing, supervising and operating the stock market. Accordingly, the project "Improving capacity to promote the efficiency of the Vietnamese stock market" includes 4 components:
First, strengthen the capacity of the State Securities Committee and the Exchanges in inspecting and supervising the market to detect unfair transactions and activities in the stock market (including the derivatives market) and manage them effectively.
Second, strengthen the capacity of the State Securities Committee in supervising and developing market intermediaries (securities companies and fund management companies) towards "strengthening investor protection", "effectively using "self-regulatory organizations", and "developing institutional investors".
Third, strengthen the capacity of the State Securities Committee and the Stock Exchanges in managing listing and issuance of securities to the public, focusing on (i) market restructuring (including the start-up market) and listing regulations; (ii) listing management (focusing on information disclosure of listed companies, including non-financial information such as ESG, TCFD) and (iii) underwriting/book building methods based on international standards.
Fourth, strengthen the capacity of market intermediaries (securities companies and fund management companies) to enhance investor protection and promote fairness, transparency and efficiency of the Vietnamese stock market.
The Chairman of the State Securities Commission emphasized that this is the time marking the beginning of a new development phase of the stock market, aiming towards the goals according to the Stock Market Development Strategy to 2030.
At the workshop, JICA's long-term expert from the Japan Financial Services Agency (IFSA) and JICA's consulting team leader from Daiwa Research Institute also gave their assessment of the project and introduced the project implementation plan.
According to JICA experts, the project aims to further improve the fairness and transparency of the market as well as promote the efficiency of the Vietnamese stock market.
The project identifies the most important issue for the Vietnamese stock market today as strengthening the primary market function so that the market can be upgraded to an emerging market and realize the goals of the development strategy until 2030.
In which, capital mobilization for enterprises with high growth potential will be activated; Vietnam's economic development will be promoted, national assets will be increased; and high-quality listed enterprises with investment attraction will be increased.
The investment capital from foreigners and individual Vietnamese investors is increasing rapidly and circulating healthily. The asset building of Vietnamese people will be promoted. Unfair transactions will be reduced and investor protection activities will be promoted…
