(Chinhphu.vn) - The Ministry of Finance shall preside over and coordinate with relevant agencies to promptly implement necessary measures to upgrade the stock market, especially focusing on resolving difficulties and obstacles to meet the upgrading criteria.
Prime Minister Pham Minh Chinh : Accelerate upgrading and building infrastructure systems to serve the operation of the stock market in a modern direction, strongly apply information technology, digital transformation, improve the quality of management and supervision of the stock market - Photo: VGP
The Government Office issued Notice 122/TB-VPCP on the Prime Minister's conclusion at the Conference on deploying tasks for stock market development in 2024.
In particular, the Prime Minister requested the Ministry of Finance to preside over and coordinate with relevant agencies to urgently issue specific action plans and programs to implement Decision No. 1726/QD-TTg dated December 29, 2023 of the Prime Minister on approving the Stock Market Development Strategy to 2030 for timely and effective implementation, to be completed in March 2024.
Urgently review and propose amendments and supplements to legal documents and regulations related to corporate information disclosure, rights and responsibilities of management entities and market participants to resolve outstanding issues, improve transparency in the stock market, and facilitate access to the Vietnamese stock market for foreign investors.
Promote upgrading and building infrastructure systems to serve the operation of the stock market in a modern direction, strongly apply information technology, digital transformation, improve the quality of management and supervision of the stock market; create favorable conditions for enterprises, market institutions, and investors to participate in the Vietnamese stock market in the direction of harmonizing the interests of the State - enterprises - investors.
Continue to promote and strengthen supervision, inspection, and examination, promptly prevent and combat violations in the stock market, strictly handle violations according to legal regulations, and ensure the sustainable development of the stock market, safe, fair, public, and healthy operation.
Expand international cooperation, step up promotion activities, and advertise the image of the Vietnamese stock market in particular and the Vietnamese economy in general to attract indirect capital flows into the Vietnamese stock market.
Strengthening information and communication work, propaganda on policies of state management agencies, proactively providing timely and complete official information to create consensus in society, stabilize market and investor psychology; strengthening propaganda and training work to improve financial knowledge, analysis and evaluation capacity for investors in the stock market.
Promote administrative procedure reform, reduce compliance costs for people and businesses. Research and use appropriate, public, transparent tax management tools in accordance with regulations, combined with increasing digital transformation to combat tax losses.
Encourage all types of enterprises to conduct initial public offerings (IPOs) associated with listing and trading registration on the stock market; continue to develop derivative securities products and new products; Improve the quality of current indices, amend the Index Code in accordance with international practices, and develop additional underlying indices to serve as underlying assets for the derivatives market.
Direct the State Securities Commission to continue to strengthen management and supervision of securities practitioners; coordinate with professional associations to apply principles and standards of professional ethics to managers of securities companies, fund management companies and practitioners; gradually study and transfer the organization of examinations and issuance of practice certificates to professional associations.
Urgently review and fully disclose the maximum foreign ownership ratio of conditional business lines.
Regarding the work of upgrading the stock market from a frontier market to an emerging market, the Ministry of Finance shall preside over and coordinate with relevant agencies:
Urgently implement necessary measures to upgrade the stock market, especially focusing on resolving difficulties and obstacles to meet the upgrading criteria; closely coordinate with the State Bank of Vietnam, the Ministry of Planning and Investment and relevant agencies to promptly, promptly and effectively handle difficulties within the functions and tasks of the agencies to meet the criteria for upgrading the Vietnamese stock market from a frontier market to an emerging market, and report on implementation results in June 2024.
Urgently review, amend and supplement Decree No. 155/2020/ND-CP dated December 31, 2020 of the Government, ensuring strictness, transparency, synchronization, consistency, compliance with legal regulations and international practices, and report to the Government before June 30, 2024.
The Ministry of Planning and Investment shall preside over and coordinate with the Ministry of Finance, the State Securities Commission and relevant agencies to urgently review and fully publicize the maximum foreign ownership ratio of conditional business lines or restricted access for foreign investors; regularly update on the Ministry's website in both Vietnamese and English, to be completed by May 2024.
The State Bank of Vietnam shall preside over and coordinate with the Ministry of Finance, the State Securities Commission and relevant agencies to urgently review and propose amendments and supplements to legal regulations to simplify procedures and documents, shorten the process of opening indirect investment capital accounts for foreign investors, and facilitate foreign investors when participating in the securities market. Research and implement safe, effective, legally compliant and market-compliant payment and clearing, to be completed in May 2024.
The Ministry of Planning and Investment and the State Bank of Vietnam shall proactively implement the above tasks and report the implementation results to the Ministry of Finance before May 31, 2024 for synthesis and reporting to the Prime Minister in June 2024.
Direct the State Securities Commission to preside over and coordinate with relevant agencies to urgently review and thoroughly inspect the securities trading system and information technology system, proactively develop risk control procedures, measures to handle and respond to urgent situations, prevent technical incidents, ensure security and safety of the financial system, and investor rights.
The State Bank of Vietnam continues to direct credit institutions to reduce costs, simplify administrative procedures, increase the application of information technology, and digital transformation to continue reducing lending interest rates, ensuring safety, synchronization, and smoothness between the monetary market, capital market, and stock market.
Improve the quality of securities companies' operations
The State Securities Commission requires securities companies, fund management companies and related units to promote restructuring of securities companies and fund management companies according to the Project "Restructuring the securities market and insurance market to 2020 and orientation to 2025" to ensure financial safety, improve risk management and corporate governance capacity, increase competitiveness, and develop professional services according to international standards.
Continue to develop and improve the quality of securities companies' operations; improve financial potential, human resource quality and develop in-depth technology systems; strengthen the role of market creation according to legal regulations.
Continue to research, develop and promulgate mechanisms to guide, manage and supervise the application of financial technology in securities transactions and services.Encourage businesses to conduct initial public offerings associated with listing and registering for trading on the stock market.
For issuing organizations, encourage enterprises to conduct initial public offerings of shares associated with listing and registration for trading on the stock market, attract large-scale enterprises with good financial status and corporate governance to list on the stock market, and actively support the completion of equitization plans and divestment of state capital in accordance with the provisions of the law on equitization.
Promote diversification of commodity bases in the market, issue diverse maturities of government bonds, government-guaranteed bonds and local government bonds to meet the issuance objectives of the issuing agency, in accordance with the needs of investors.
Diversify bond types to suit capital mobilization needs; develop corporate bond products for the purpose of implementing projects and investment projects in the form of public-private partnerships (PPP).
Encourage the issuance of green government bonds, green local government bonds and green corporate bonds with the aim of creating a sustainable and healthy capital mobilization channel.
For investors, proactively update and improve understanding and knowledge of the stock market, financial analysis capacity, risk assessment, and enhance investors' responsibility for investment activities in the stock market.
The Prime Minister assigned Deputy Prime Minister Le Minh Khai to monitor and direct the Ministry of Finance, the State Securities Commission and relevant agencies to urgently carry out assigned tasks to soon upgrade the stock market from a frontier market to an emerging market.Government Portal
Comment (0)