Comments on upgrading Vietnam's stock market
Ms. Uri Juliana Lee believes that proactive sharing and exchange of information between management agencies and investment organizations will effectively support the process of upgrading Vietnam's stock market.
Following the success of the Investment Forum “From policy to practice towards upgrading Vietnam's capital market to emerging market status” in Singapore, morning of August 8, 2024.
Chairwoman of the State Securities Commission Vu Thi Chan Phuong and the delegation had a working session with the Association of Global Depository (AGC) to discuss solutions to upgrade the Vietnamese stock market. Also attending the meeting were representatives of the State Bank and leaders of units under the State Securities Commission.
On the side of the Global Depository Association, there were representatives of leaders of several major banks such as: Citibank, Deutsche Bank, Bank of New York Mellon (BNY Mellon), JP Morgan Chase NA Bank (JPMorgan)...
Sharing at the meeting, representatives of depository banks, Ms. Uri Juliana Lee - Executive Director of the Asia Pacific Economic Research Center (APAC) of Deutsche Bank gave positive assessments of the development of the Vietnamese economy in recent times.
To continue increasing the attractiveness of the stock market and attracting capital into Vietnam, Ms. Uri Juliana Lee said that Vietnam has been implementing long-term solutions.
Regulatory efforts to boost Vietnam's stock market
On the State Bank's side, Ms. Uri Juliana Lee proposed that there should be a mechanism for sharing information on bad debt management of commercial banks to create conditions for foreign investors to have objective assessments of the Vietnamese financial market.
Ms. Uri Juliana Lee believes that the proactive sharing and exchange of information between management agencies and investment organizations will effectively support the process of upgrading Vietnam's stock market, accordingly, FDI capital flows will continue to be invested in the Vietnamese market in the coming time.
Also at the meeting, Mr. Doris Tio, Vice President in charge of global market asset management services, Bank of New York Mellon proposed to further simplify the procedures for opening indirect investment capital accounts.
Building a customer data center so that market members can access customer information as quickly as possible, facilitating the opening of trading accounts for foreign investors.
At the meeting, Chairwoman of the State Securities Commission Vu Thi Chan Phuong acknowledged the proposals from representatives of custodian banks and shared that recently, Vietnamese management agencies have actively exchanged information with international organizations to seek solutions for the goal of upgrading the Vietnamese stock market.
The Chairman of the State Securities Commission said that in the coming time, the State Securities Commission will organize discussions to listen to more comments on the payment cycle and CCP model; procedures for opening indirect capital accounts, and granting trading codes.
The margin ratio for foreign investors aims to resolve problems and create the best conditions for foreign investors to access the market in accordance with legal regulations and international practices.
Source: CafeF
