Stock market awaits new wind from FDI enterprises about to go public

When the proportion of financial and real estate groups is dominating the stock market, a new breeze from large-scale FDI enterprises in many fields with quality will increase the choices for investors.

Ms. Vu Thi Chan Phuong - Chairwoman of the State Securities Commission - speaking at the conference - Photo: SSC

On December 9, the Securities Commission held a conference to disseminate some contents on listing and registration of transactions of economic organizations with foreign investment capital.

Waiting for a new breeze from FDI enterprises

Ms. Vu Thi Chan Phuong - Chairwoman of the State Securities Commission - emphasized that upgrading the stock market is just the beginning. In the context of entering a new phase, the market must continue to develop in depth, diversify listed goods, and comply with higher international standards. Accordingly, the participation of economic organizations with foreign investment capital is very important.

In the first phase, from 2003 to 2017, the market had 11 FDI enterprises listed on the Vietnamese stock market. Up to now, the remaining number is 10 enterprises, of which 6 enterprises listed on HoSE, 1 enterprise on HNX and 3 enterprises registered to trade on UPCoM.

In terms of quantity and scale, the FDI enterprise group still accounts for a very small proportion compared to the scale of 1,600 enterprises in the market. Ms. Phuong believes that this does not reflect the true potential of the FDI enterprise group.

FDI enterprises currently listed on the stock exchange - Data: SSC

There are currently many FDI enterprises that have been present in Vietnam for a long time, have good profits and wish to list on the Vietnamese stock market. Recently, the Securities Commission has consulted with ministries and branches, removed obstacles and is currently continuing to consider listing FDI enterprises on the Vietnamese stock market.

Ms. Phuong also said that with Vinfast listed on Nasdaq, there is no reason why foreign-invested enterprises that have been present in Vietnam for a long time cannot enter the Vietnamese stock market. The important thing is still the supervision and management from the state agencies and the efforts from the enterprises.

The leaders of the Securities Commission expect that the participation of FDI enterprises will contribute significantly to creating more richness and diversity of goods in the market, increasing attractiveness to international investors.

In particular, when the proportion of banking, finance and real estate groups is dominant, the new wind from large-scale and quality FDI enterprises will increase the choice for investors. At the same time, it will help restructure the proportion in the market, increase the scale of manufacturing enterprises, and be more balanced in the scale of listed enterprises.

Integrating IPO with listing facilitates businesses

According to information from the Securities Commission, this agency has implemented many solutions to create more favorable conditions for businesses and investors. In particular, Decree 245 has had a positive impact on the market, shortening the time for IPO and listing.

Previously, it took a long time for shares to be listed after IPO, losing opportunities for both businesses and investors. After Decree 234 and the amendment of the process of combining IPO and listing, this time is only 30 days, businesses can complete documents in parallel between the committee and the exchange.

Recently, 4-5 businesses have completed IPOs and this December, there will be 3 new listed businesses on HoSE within just 30 days after IPO.

At the conference, an FDI enterprise, Phu My Hung Corporation, raised a question related to the foreign ownership ratio (FOL) in the real estate sector.

Responding, Mr. Hoang Van Thu - Vice Chairman of the Securities Commission - said that Article 139 of Decree 155 generally stipulates that if specialized laws do not specifically stipulate the foreign ownership ratio, the maximum is 50%. However, the real estate business sector in Appendix 1 of Decree 31 does not clearly state the foreign ownership ratio.

The Law on Real Estate Business also states 5 forms of real estate business that do not restrict access for foreign investors. The question is, if the specialized law does not restrict access, can FOL reach the maximum?

According to Mr. Thu, securities law only applies to all types of enterprises. Therefore, he suggested that Phu My Hung should review its business contents according to the Law on Real Estate Business and can ask the Ministry of Construction to determine the specific foreign ownership ratio.

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BINH KHANH

Source: https://tuoitre.vn/thi-truong-chung-khoan-cho-lan-gio-moi-tu-doanh-nghiep-fdi-sap-len-san-20251209165639909.htm