Overview of the meeting
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Accordingly, Ms. Vu Thi Chan Phuong – Chairwoman of the SSC and Mr. Ketut Kusuma – Senior Financial Sector Specialist and Finance Program Coordinator of the World Bank in Vietnam jointly chaired the working session.
Attending the working session, on the SSC side were the SSC’s Board of Directors; members of the Task Force on Upgrading the Vietnamese Stock Market; representatives of the leaders of the units under the Commission; representatives of the Vietnam Securities Depository (VSDC) and custodian banks, and securities companies.
On the side of international organizations, there were Mr. Lyndon Chao, Managing Director of Securities and Trading, and members of ASIFMA and representatives of a number of foreign investors (Citibank, BlackRock…).
Speaking at the meeting, SSC Chairman Vu Thi Chan Phuong expressed her gratitude to the World Bank and ASIFMA for coordinating the organization of the working session, creating an opportunity for the SSC to listen to the diverse opinions of international organizations as well as representatives of foreign investors on the draft Circular to remove obstacles related to the criteria for upgrading the stock market.
The draft Circular has been widely consulted in various forms such as: officially posted on the SSC’s website; organizing workshops, working sessions with domestic and international experts and market members. The contributions from ASIFMA members at the meeting will help the management agency finalize the draft circular, including issuing regulations on the settlement process in line with international practices.
Speaking at the meeting, VSDC representatives presented a number of key points on the settlement process under current regulations and the draft regulation on the settlement process without requiring margin deposit before trading securities for securities transactions of foreign investors on the Vietnamese stock market.
Following that, the SSC and representatives of ASIFMA members, along with several foreign investors, discussed and exchanged in an open spirit to clarify a number of contents of the draft Circular that the Ministry of Finance is developing and seeking comments on. The content of particular interest to the parties at the meeting was the issue of pre-trade margin deposit, the payment processing procedures of VSDC, securities companies, and custodians for foreign investors’ transactions, and the ability to settle transactions.
At the end of the meeting, the SSC Chairman acknowledged the contributions and expressed his hope that the SSC would receive even more comments from ASIFMA representatives, the World Bank, and foreign investors in order to finalize the mechanism and policies contributing to accelerating the upgrading process of the Vietnamese stock market.
Ha Le
