Minister of Finance Ho Duc Phoc said, "With the growth of the economy, our financial market is still good" and that “investors' interests are always safeguarded.”
Ranked among the securities markets with the highest profitability in the world, Viet Nam’s has over 4.9 million accounts opened by domestic retail investors, or approximately 5 per cent of the country’s population and close to the target set by the Government for 2025.
But its rapid development amid a volatile economic environment has exposed certain shortcomings that need to be addressed to ensure sustainability in future.
“Recently a number of businesses offering private bonds violated the law by providing false information to customers, and are facing criminally charges,” Phoc said.
“A number of securities companies that committed violations in providing services are also being investigated.”
Speaking to the media recently, he said investors’ interests are being protected in accordance with the law, and the key principle is that bond issuers are fully responsible for their activities.
His ministry has worked with bond issuers to safeguard the interests of investors, and they have promised they would pay fully when their bonds mature, he said.
“We will actively monitor and safeguard investors’ interests."
The Government and the Ministry of Finance are acting urgently to ensure investors get their money back, including by freezing the accounts of violators to ensure repayment to investors.
The Government has issued Decree No. 65/2022/ND-CP to amend and supplement a number of articles in Decree No. 153/2020/ND-CP on offering and trading private placement bonds in the domestic market and selling corporate bonds in the international market, he said.
Besides, Prime Minister Pham Minh Chinh has issued two documents directing ministries and agencies to effectively implement measures to ensure the stock and corporate bond markets operate in a stable, healthy, transparent, safe, and sustainable manner and to protect the legal rights and interests of investors.
The government is committed to ensuring steady development of the stock and corporate bond markets since they are an effective capital mobilisation channel for businesses, he said.
The Government's message is very clear: protecting the legal interests of investors and strengthening the legal and institutional system to ensure healthy development of the stock and bond markets, he added.
Phoc said his ministry plans to review the mechanisms and policies related to the securities market, especially the corporate bond market, to make appropriate amendments to promote the development of the market and protect the legitimate interests of investors.
The Government's policy is not criminalisation of economic relations and civil transactions, but ensuring there is a conducive legal environment for safe, sustainable and transparent stock and corporate bond markets. — VNS