The State Securities Commission (SSC) will continue to focus on long-term measures to develop the Vietnamese stock market which has huge potential, chairman Vu Bang has said.
|Investors watch share price movements at a brokerage in HCMC. The chief of the securities watchdog shrugs off fears of a further collapse in the stock market and forecasts a bright future for the Vietnamese market (Photo: SGGP)|
The measures are meant to restructure the market system and improve the quality of stock issuance and market transparency, he said.
Though the market has been affected by the global recession this year, it would not collapse like it did last year, he said.
Since the country’s market is new and economy young, the development opportunities are enormous, he said.
The Government has adopted measures to stabilize the economy, foreign currency reserves are healthy, enterprises have made adjustments to adapt to the market, and the country’s political and social situation are stable, he said.
Referring to mergers and acquisitions of securities firms, Mr. Bang said it is normal in the current situation and would only make firms stronger and better.
The SSC drafted a legal system for mergers, acquisitions, and bankruptcy of stock companies six months ago when the market begun to deteriorate, he said, adding it would soon announce regulations for bankruptcy filing and mergers and acquisitions.
The regulator would also help securities companies raise funds and restructure their organization, he said.
It would establish special teams to resolve financial difficulties and other problems for companies unable to cope with the recession and minimize their impacts on the market, he said.
He was confident that companies listed on the bourse can overcome all difficulties since they are managed well and transparently though it is a given they would face difficulties caused by the economy.