To encourage businesses to carry out initial public offerings (IPOs) in Vietnam

To encourage businesses to carry out initial public offerings (IPOs) in Vietnam (Internet image) 

Regarding this matter, LawNet would like to answer as follows:

This is the content mentioned in Notice 122/TB-VPCP dated March 27, 2024, on the Prime Minister's conclusions at the conference on implementing the tasks of developing the securities market in 2024 issued by the Government Office.

To encourage businesses to carry out initial public offerings (IPOs) in Vietnam

To implement the tasks of developing the securities market in 2024, the Prime Minister has requested the Ministry of Finance to take the lead, coordinate with relevant agencies to implement the following contents:

- Urgently issue specific plans, action programs to implement Decision 1726/QD-TTg dated December 29, 2023, of the Prime Minister approving the Strategy for developing the securities market until 2030 to be timely and effectively implemented, completed in March 2024.

- Conduct a comprehensive review and propose amendments and supplements to legal documents, regulations related to corporate information disclosure, rights and responsibilities of regulatory entities, market participants to address outstanding issues, enhance transparency in the securities market, and create favorable conditions for accessing the Vietnamese securities market for foreign investors.

- Strengthen the upgrade and construction of infrastructure systems serving the operations of the securities market in a modern direction, strongly apply information technology, digital transformation, improve the quality of market management and supervision activities; create favorable conditions for businesses, market institutions, and investors to participate in the Vietnamese securities market in a way that harmonizes the interests of the State, businesses, and investors.

- Continue to strengthen supervision, inspection, examination, timely prevention, control, and deterrence of violations in the securities market, strictly handle violators in accordance with legal regulations, and ensure the sustainable development, safe operation, fairness, transparency, and integrity of the securities market.

- Expand international cooperation, promote promotion activities, and enhance the image of the Vietnamese securities market in particular, and the Vietnamese economy in general to attract indirect investment capital into the Vietnamese securities market.

- Strengthen information dissemination and communication about the policies of state management agencies, proactively provide timely and accurate official information to create social consensus, stabilize market sentiment, and increase investor confidence; enhance propaganda and training to improve financial knowledge, analytical and evaluation capabilities for investors in the securities market.

- Intensify administrative procedure reform, reduce compliance costs for individuals and businesses. Research and use appropriate, transparent, and compliant tax management tools, in accordance with regulations, linked to strengthening digital transformation to prevent tax losses.

- Encourage various types of businesses to carry out initial public offerings (IPOs) in connection with listing and trading registration on the securities market; continue to develop derivative securities products and new products; Improve the quality of existing indices, modify the Index Rulebook to be consistent with international practices, and develop additional underlying indices for the derivatives market.

- Direct the State Securities Commission to continue strengthening the management and supervision of securities practitioners; coordinate with professional associations to apply principles and standards of professional ethics for securities company managers, fund management companies, and practitioners; gradually study the transfer of organization and conduct of examinations; and issue professional certificates for professional associations.

More details can be found in Notice 122/TB-VPCP dated March 27, 2024.

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