The State authorities have recently taken a number of measures to strengthen the management and supervision of the securities market, including replacing the head of the State Securities Commission and taking disciplinary measures against leaders of the two national stock exchanges and the Việt Nam Securities Depository.
Deputy Minister of Finance Nguyễn Đức Chi, who was appointed to take the charge of the State Securities Commission from May 19, spoke to the media about solutions to ensure the stable and safe operation of the securities market in the future.
What is the view of the Ministry of Finance on the recent violations of the State management agencies in the securities market?
Recently, authorities inspected activities on the stock market as well as State management agencies in charge of the market and have discovered the shortcomings and weaknesses of officials and civil servants in the process of performing their duties.
Immediately after the conclusion of the Inspection Commission of the Party Central Committee for the State Securities Commission (SSC) Party Committee in the 2015-20 tenure, the Ministry of Finance directed SSC, the two stock exchanges, Việt Nam Securities Depository (VDSC) and relevant units to conduct the review and implement measures to remedy violations and shortcomings.
The view of the Ministry of Finance is to fully accept and strictly implement the conclusions of the inspection agency. The ministry will actively coordinate with relevant agencies to correct, adjust and supplement legal provisions on the stock market.
For officials and individuals with violations, the ministry will work with competent agencies to strictly handle them according to the law.
In addition, the ministry also has a plan to strengthen the comprehensive capacity of the market management agencies as well as the stock exchanges and VDSC, while at the same time arranging officials with professional capacity and ethical qualities in key positions to organise and operate the market effectively.
What is the ministry’s plan to maintain the operation of the SSC, VDSC and the two national stock exchanges as well as personnel organisation in the future?
The mistakes of some individuals and officials in the process of market management and operation are only personal. Their violations will not affect the operation of the securities market in general and agencies in particular. The Ministry of Finance ensures the continuous, stable and safe operation of the securities market and State management of the market, especially ensuring the rights and obligations of both domestic and foreign organisations and individuals in Việt Nam's stock market in accordance with the law.
We’ve also prepared different plans, including a staffing plan to strengthen the capacity of the SSC, VDSC and stock exchanges in all situations. In the future, the ministry will strengthen staff organisation, arrange the requirements of professional capacity and ethical qualities for the officials in State management agencies.
What solutions will the Ministry of Finance have to promote the growth of the stock market and regain investors' confidence in the market?
The Ministry of Finance has implemented many solutions to reorganise the market. We have repeatedly informed the markets and the public about mechanisms, policies and legal frameworks on market management. Specifically, the ministry has taken solutions to strengthen market supervision, ensure market transparency, detect and promptly handle violations to ensure the integrity of the market and strictness of the law.
Besides improving the efficiency of supervision of the State management authorities, the ministry will direct SSC and related units to continue improving the legal framework, restructure the market, improve the performance of intermediary institutions and develop professional investors to make the securities market an effective and fair long-term capital mobilisation channel for the economy and businesses.
We’re also actively accelerating the construction and bidding of the information technology package and put this technology into operation to facilitate market development. As planned this year, we will put a new technology system into operation and expect this to be the foundation for effective market reform and operation. — VNS