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Deputy Prime Minister: 'Cheating securities with hundreds of billion, fining a few billion how to enough deterrence'

Friday - 22/02/2019 17:57
Mr. Vuong Dinh Hue said that the limitation in sanctioning securities fraud is a fine equal to only a small part of fraud.
Cheating on the stock market, one of the "bottlenecks" in the market, was stated by Deputy Prime Minister Vuong Dinh Hue at the conference to deploy the stock market development task in 2019.

According to the Deputy Prime Minister, the market still has the phenomenon of manipulation, insider fraud, potential risks for investors, but the legal framework is still incomplete.

"Violations of a hundred billion dong, but only fine of 1-2 billion VND will be enough to deter? With such a fine, the violator will voluntarily pay a fine before the management agency decides. said, "Mr. Hue said.

In addition to fraud, insider, the "bottlenecks" are the ability to cope with external shocks, the market size is still low, the number of individual investors is still the majority. The quality of governance of companies is also mentioned by the Government representatives, there is improvement, but still low compared to the regional level. Transparency needs to continue to improve and especially the progress of performing important tasks such as restructuring the Exchange, upgrading the market is still slow, not meeting the requirements.

In 2019, the Deputy Prime Minister said that the Government will be consistent with two commitments, continue to stabilize the macroeconomic foundation and promote and maintain new growth drivers.

First, Mr. Vuong Dinh Hue said that a "hundred-page" strategy version has been implemented by the Government since 2017, requiring analysis of the types of risks that may affect and on countermeasures. "We have built many different scenarios for possible events. These are quiet, silent steps, but they show the Government's determination to commit to improve the resilience of the market. School ", Deputy Prime Minister received strong.

In 2019, Mr. Hue on behalf of the Government assigned 8 tasks to the Ministry of Finance, the Securities Commission (State Securities Commission ofVietnam), transaction offices and market members. In which the focus is on developing the stock market in a healthy, transparent, safe and sustainable way that is able to resist shocks, external impacts, and really become a medium and long-term capital mobilization channel

From the members' perspective, contributions are directed towards the problems that are encountered. Mr. Nguyen Duy Hung, Chairman of the Board of Directors of SSI Securities Company, proposed to build more flexible index baskets, allowing intermediary financial institutions to participate in index building.

The head of SSI also proposed the Ministry of Finance and the Securities Commission to review some inadequate fees and at the same time review and formulate a support plan so that the securities can compete with banks and bring the market. capital and currency become the complete capital mobilization channel.

Mr. Dominic Scriven, Chairman of Dragon Capital paid attention to the interests of foreign investors. As one of the largest investment funds, Dragon Capital's representative proposed the judicial agency to provide specific guidance on the legal status of foreign organizations, dealing with problems of ownership of foreign shareholders and setting up mechanisms to attract institutional investors so that the market structure is closer to the professional environment.

Vietcombank's representative mentioned difficulties with raising capital of state-owned banks. Ms. Nguyen Thi Kim Oanh, Deputy General Director of Vietcombank proposed the Ministry of Finance to consider for banks to raise capital through stock dividends, build a roadmap to increase the ownership ratio for foreign investors in the banks to attract interest from strategic investors.

Author: Translated by CoPhieuViet.Com

Source: Vnexpress newspaper

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