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Sự phát triển thị trường chứng khoán Việt Nam

Được đăng lên bởi Nguyen Minh Duong
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VIETNAMESE STOCK MARKET 
DEVELOPMENT
Vietnam’s GDP is rising dramatically, its foreign direct investment is rapidly increasing, and its
stock market is soaring. On November 7, 2006, Vietnam was officially recognized by the
international community as the 150th WTO member. Vietnam is Asia’s second fastest growing
economy after China, and it has been forecast that Vietnam will become the world’s 17 th largest
economy by 2025. Although the country has been a one party communist state since 1976,
Vietnam has eased restrictions on private enterprise and is selling off many state owned
enterprises (“SOEs”) to the public. These offerings are not referred to as “privatizations” for
ideological reasons, but rather are called “equitizations.” In 1986, Vietnam launched the Doi Moi
(or Renovation) intended to transition the country from a centralized economy to a socialistoriented market economy. These reforms have borne fruit.
In 2006, Vietnam’s stock market index surged 145% and in the first three months of 2007, the
index rose another 60%. It should be understood that the Vietnamese stock market started from
a very low base of 22 listed companies two years ago with a market capitalization of $144
million. Confronted by such a hot stock market, the government authorities are trying to cool the
market without discouraging foreign investment, but one of the reasons for the market’s
momentum is that the government’s sale of SOEs is proceeding very slowly and there are
serious limits on the percentages of nongovernmental investors in these SOEs once they are
equitized.
Vietnam’s securities markets are supervised and essentially managed by the State Securities
Commission which is part of the Ministry of Finance. A Law on Securities (23/08/2006) was
adopted in June of 2006 to facilitate the development of the securities market speedily and
sustainably. The law covers the regulation of listing and trading securities; the State’s role in
administering and inspecting the securities market; the public offer of securities; the disclosure
and corporate governance of public companies; the organization of trading markets; depository,
clearance and payment facilities; investment management and fund companies; information
disclosure; inspections and dispute resolution. The extent to which this law and its
administration will be adequate will probably be tested by the stock market’s resiliency in the
event of a serious market break or scandal. Since the adoption of the Law on Securit...
VIETNAMESE STOCK MARKET
DEVELOPMENT
Vietnam’s GDP is rising dramatically, its foreign direct investment is rapidly increasing, and its
stock market is soaring. On November 7, 2006, Vietnam was officially recognized by the
international community as the 150
th
WTO member. Vietnam is Asia’s second fastest growing
economy after China, and it has been forecast that Vietnam will become the world’s 17
th
largest
economy by 2025. Although the country has been a one party communist state since 1976,
Vietnam has eased restrictions on private enterprise and is selling off many state owned
enterprises (“SOEs”) to the public. These offerings are not referred to as privatizations” for
ideological reasons, but rather are called “equitizations.” In 1986, Vietnam launched the Doi Moi
(or Renovation) intended to transition the country from a centralized economy to a socialist-
oriented market economy. These reforms have borne fruit.
In 2006, Vietnam’s stock market index surged 145% and in the first three months of 2007, the
index rose another 60%. It should be understood that the Vietnamese stock market started from
a very low base of 22 listed companies two years ago with a market capitalization of $144
million. Confronted by such a hot stock market, the government authorities are trying to cool the
market without discouraging foreign investment, but one of the reasons for the market’s
momentum is that the government’s sale of SOEs is proceeding very slowly and there are
serious limits on the percentages of nongovernmental investors in these SOEs once they are
equitized.
Vietnam’s securities markets are supervised and essentially managed by the State Securities
Commission which is part of the Ministry of Finance. A Law on Securities (23/08/2006) was
adopted in June of 2006 to facilitate the development of the securities market speedily and
sustainably. The law covers the regulation of listing and trading securities; the State’s role in
administering and inspecting the securities market; the public offer of securities; the disclosure
and corporate governance of public companies; the organization of trading markets; depository,
clearance and payment facilities; investment management and fund companies; information
disclosure; inspections and dispute resolution. The extent to which this law and its
administration will be adequate will probably be tested by the stock market’s resiliency in the
event of a serious market break or scandal. Since the adoption of the Law on Securities,
Vietnam has experienced only a bull market. Indeed, both the proverbial bull and bear statues in
front of the Ho Chi Minh Stock Exchange look remarkably tame, and the bear resembles a teddy
bear more than a fierce and dangerous animal.
The State Capital Investment Corporation represents the State as an investor where the state
retains a majority interest in SOEs sold on the public securities markets. This organization is
modeled after Temasek Holdings, the investment arm of the Singapore government, which is
one hundred per cent owned by the Ministry of Finance of Singapore. The State Capital
Investment Corporation is working with the World Bank, the IMF and similar organizations to
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