Data from the State Securities Commission shows that the number of securities on the three exchanges HOSE, HNX and UPCoM by the end of June 2024 is 1,603 enterprises. Of which, HOSE has 411 enterprises, HNX 314 enterprises and UPCoM 878 enterprises. This number in recent years has not changed much, and even witnessed a slight decrease when the total number of businesses on the three exchanges at the end of 2019, 2020, and 2021 was recorded at 1,617 respectively. , 1,655 and 1,641. This number only accounts for a small portion of the total number of businesses operating in Vietnam (more than 800,000 businesses).
The problem of promoting listed businesses and increasing quality goods on the stock market has become urgent. Especially in the context that Vietnam's stock market is rushing to complete the criteria to upgrade from frontier market to emerging market. Foreign investors will look at stock quality to decide to invest money.
According to Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission, currently IPO and listing are two separate processes. There may be some businesses that have completed their IPO but the listing process is long. Meanwhile, for foreign financial investors, after buying stocks, having to wait 3 months or more without transactions or liquidity will be a huge barrier, even for some existing funds. holding unlisted shares.
To solve this problem, the State Securities Commission is reviewing securities regulations and Decree 55 to integrate the two IPO and listing processes into one process. Therefore, after modifying these processes, it can be said that the business listing will be carried out immediately and substantially after the IPO.
"Foreign investors also want to enter the market when they see there are many large businesses. This is a two-way relationship. Therefore, supporting and promoting large businesses to list more is also the solution. We try to upgrade the market" - Mr. Hai said.
To encourage small and medium-sized enterprises to list, Mr. Tran Anh Tuan - Petroleum Securities Company (PSI) - said that it is necessary to address compliance costs and legal requirements related to listing. The government and relevant agencies can provide financial support, tax reductions or special incentive programs to reduce the burden on SMEs when listing. At the same time, regulatory agencies can assist businesses in improving the registration process and provide advice on management and finance to prepare for listing. This is the factor that helps these businesses participate in the stock market easily, effectively and transparently.
In addition, the FDI business sector also needs attention to encourage listing on the Vietnamese stock exchange. However, Ms. Tran Thi Khanh Hien - Director of Research Division of MB Securities Company (MBS) - realized that there are still many challenges because many FDI enterprises have complex corporate structures, involving affiliated companies. in many different countries. Therefore, Vietnam can consider adjusting listing regulations and have special policies to encourage this activity of the FDI sector.
