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VIETNAM – Seminar on Securities Law Revision
Project VIE/032 and Vietnam's State Securities Commission (SSC) held a two-day internal seminar on 13 & 14 July to discuss amendments to Securities Law which was last revised in 2010 whilst the market's rapid growth has since required further updates to ensure effective operation.
The seminar was chaired by SSC Deputy Chairwoman Vu Thi Chan Phuong, who was joined by Vu Bang, SSC former chairman and now member of Board of Economic Consultants to the Prime Minister, together with Nguyen Trong Nghia, consultant of the finance ministry and who used to head the ministry's legal department. SSC Chairman Tran Van Dzung also made a brief attendance on the final day.
Discussions on the law's amendments were shared among SSC inspectors and officials from its seven departments, namely legal, IPO management, public company monitoring, market development, trading management, fund management and market monitoring departments.
Following the seminar, SSC would introduce changes to the draft and make it available for public opinions tentatively between now and the year end via a public seminar with expected participation of representatives from market players such as stock exchanges, securities firms, banking and finance institutions.
Once all the inputs have been collected, SSC would finalise the draft with the support from Project VIE/032’s international legal experts and send it to the government for submission to the National Assembly, which is scheduled to review the law and approve it within 2019, said SSC Chairman Tran Van Dzung.
"We have high expectation that the new generation of the securities law, once approved by the government to take effect in 2020, would continue to create a foundation for the next boom of the stock market and the financial market in the new period, meeting demand for fund raising and allocation, contributing to changing the growth model of Vietnam's economy", Dzung said on the sidelines of the seminar.
He also added that "We hold that between 2020 and 2030, and by 2040 the role of the stock market on allocating medium- and long-term funds for the sustainable development of the economy will be clearer, hence in the next generation of securities law, we ought to create conditions for enterprises as well as the government in raising funds and using funds more effectively, making more contributions to the economic development".
Mr Dzung expressed his great appreciation to the support from Project VIE/032 to help drafting the Law Amendments, organizing oversea study tours and consultation workshops – particularly providing experienced legal international experts so that SSC could summarize the experience from overseas markets. "They have also directly joined in dealing with issues of Vietnam's economy as well as putting those issues into the Securities Law, ensuring the development and a better management of the securities market in future." Dzung said.
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