Exchange money for paper without information transparency

Speaking at the discussion, delegates Tran Hoang Ngan (Ho Chi Minh City) before the specific proposals were said, after more than 18 years Vietnam stock market went into operation (since July 2000). ), so far the stock market size has increased significantly, with the first two listed stocks increasing to 1,552. At the same time, market capitalization in 2006 was about 20% of GDP, so far it is over 100% of GDP if we include stocks and bonds.

Notably, according to the delegate of the City. Ho Chi Minh, currently most investors in Vietnam stock market, small investors are often very loss in the market because they are being manipulated, manipulated.

“Although we know that playing is tolerable, but being disturbed, manipulated, who is responsible? I agree to raise the rights of the State Securities Commission but take responsibility when manipulation occurs. In our law, there must be regulations to protect investors so we have to set aside an item or a chapter related to protecting securities investors’ interests, ”suggested Tran Hoang Ngan.

Delta Tran Hoang Ngan

With this view, delegate Hoang Van Cuong (Hanoi City) asked the National as‌sembly to consider carefully the responsibility to control transparency on the stock market.

“Securities are commodities that are very likely to fall into an asymmetric information state, ie only the issuer of that stock knows the nature of this business, and those who buy securities, tell Neither the owner of the stock knows, only based on the reports. If the situation of asymmetric information occurs, the risk of market collapse. Therefore, the transparency of the market is very important ”- stressed Mr. Hoang Van Cuong.

Mr. Cuong analyzed: Transparency will depend on 3 units, one is the information provider; two are independent audit agencies; the third is the state control committee. Therefore, he suggested that in addition to sanctioning regulations for violations in the provision of information, it is necessary to increase the responsibility in ensuring the integrity of independent audit reports as well as increasing the role of the State Securities Commission in controlling market transparency information and having an authority to monitor the activities of the State Securities Commission in controlling this information.

Delegate Nguyen Thi Le Thuy (Ben Tre) as‌sesses and invests in securities such as unsecured loans, exchange of paper money, high risks if the information is not transparent.

Given that it is quite risky to invest in start-up businesses because start-up businesses are adopting a simple accounting regime, the delegate of Ben Tre province proposed to specify the regulations on offering securities. individual start-up enterprises in the draft law, specifying conditions for start-up enterprises to participate in the securities market, limit the scope of offering, offering properties, investment objects and time of application Using this policy is not a lifelong startup, to ensure fairness, transparency, professionalism, modernity and prestige when entering the stock market’s common playground.

Minister Dinh Tien Dung

Additional right to access information when inspecting and inspecting

Explaining this issue, the Minister of Finance Dinh Tien Dung said that the Securities Committee is under the Ministry of Finance but still ensures independence in the management of stock market supervision as recommended by the as‌sociation. International securities.

Specifically, the 128-member International Securities as‌sociation was established with the aim of exchanging information among members about the securities market development experience. The as‌sociation makes recommendations and encourages members to voluntarily deploy, depending on the conditions under which each member has a suitable application.

“Although it is not an international commitment, but in the process of developing the Securities Law 2006 and 2010 and amending this Law on Securities, the Government’s view is to apply the best international practices as recommended. of the International Securities as‌sociation to develop a public, transparent and sustainable stock market. The International Securities as‌sociation recommends that the securities market management agency in the process of managing and monitoring the securities market must be independent, capable of enforcing, not affected by guest factors. "- Mr. Dinh Tien Dung said.

Minister Dinh Tien Dung also said that receiving the opinions of the National as‌sembly Standing Committee, the draft law added three very important rights to the Securities Commission in this draft law.

"It is the right to access information in the inspection and examination of securities activities to ensure the effectiveness and efficiency of market inspection and supervision, and the right to take initiative in protecting measures. rights of investors, solutions to ensure security, safety for the stock market, handle fluctuations, irregularities or incidents in the market and the right to report directly to competent authorities about love Stock market "- The head of the Ministry of Finance information.