26-06-2013 07:13:29
There is no denying the difficulties that the economy and the stock market has been going through, but not so pessimistic with the result that we did.
"When building handshake stock exchange market in Hanoi, we encountered numerous difficulties, lack of infrastructure, server room even longer leaking, the risk of electric shock anytime. But with the determination and strength, we still do. Vietnam stock market today, which have HNX, has evolved into a different phase, we have a position in the financial markets, with clear operational direction, good IT systems, with gradual integration the regional market, so I believe in the bright future of the stock market in Vietnam, "said Tran Van Dung, Chairman and CEO of Hanoi Stock Exchange share DTCK.
He put his faith in the future market, but the fact Vietnam's economy is facing a lot of difficulties and stock market is always mirror the difficulties most clearly, sir?
There is no denying the difficulties that the economy and the stock market has been going through, but not so pessimistic with the result that we did. By many measures, the government is trying to restore the economy and I believe that Vietnam's economy will gradually become more stable, the most difficult period is over.
Step Vietnam war economy is clearly reflected by the stock market over time. Stock index and liquidity has recovered quite YTD, foreign investors have become more involved. On the bond market, could see yields have fallen to 2007 levels. Several months ago, the yield curve is almost straight, but now, we have interest rates are curved, so much nicer, the economy shows positive signs go up.
Regarding bonds, bond market specialist at HNX after 4 years of operation is confirmed effective channel for capital mobilization for the state budget, helped mobilize hundreds Budget trillion each year with interest lower. However, the structure of investors in this market seems to be very monotonous, sir?
Currently, the major investors in the bond market is the commercial banks. The number of bonds issued by the fund and securities companies hold less. Vietnam bond market investors lack the traditional institutions that world, which is the retirement system and large investors. These weaknesses need to continue to overcome, to improve bond market actually become tools of effective mobilization of capital and government markets provide important indicators for the Ministry of Finance, the State Bank of Fiscal policy - the currency in general.
Much remains to be done, but in my opinion, in the future, need to focus on improving the system of investor products and systems to improve transparency and public markets. To achieve these goals requires the efforts of many ministries and of course the HNX. On HNX, we are focusing on the development of products and new investment tool. After the construction of yield curve, here, HNX will indicate systematic investment bonds and bond index Bond index, expected in late 2013. Product, in 2012, we cooperated with the State Bank, the State Treasury to Treasury bills on the floor. Currently, the HNX are several research and development of new products, such as pre-release (khi Issued) repurchase transaction currency cross (cross currency repo) planned 2014 bond futures contracts (futures ), is expected in 2015.
If the bond market is a bright spot in HNX the stock market seems to be very strong pressure purification, the HNX with many major companies, had to leave the floor. What do you think about this phenomenon and HNX will do to stock market development?
HNX inception is positioned lower listing standards, in order to create better conditions for enterprises on the floor. Over a prolonged period of tough economy, some companies that have not qualified in the floor is easy to understand. The purification is no longer eligible companies listed inevitable process, and is set for HNX a new requirement: we must find and support the best in listed companies. HNX need to do more to bring the specific value for the DN on the floor.
At age 5 the Hanoi Stock Exchange (24/6/2009-24/6/2013), HNX will bring the product to market, new investment tools, sir?
Currently, the HNX is preparing conditions for trading ETF products, build new indicators for stock market and a number of products on the bond market as stated above, is expected to deploy in in 2014. HNX also preparing the necessary conditions for the end of 2015, the derivatives market.
We will continue to enhance the transparency and efficiency of markets HNX under management. In particular, the new trading system in HNX expected to apply in 7/2013 of a breakthrough technology to help speed order processing much faster. The system of corporate disclosure (CIMS) and will also be upgraded, expected in 2014, 100% of companies registered for trading / listing companies / securities company members will perform on HNX Disclosure of information through CIMS, information assurance fastest, most accurate to investors and markets.
In the administration of the Department, and we will improve the regulation, management of work processes are transparent, transparent, and well implement ethical standards have been promulgated. Besides, HNX is cooperating with the audit firm PricewaterhouseCoopers (PwC) complete risk management system for the operation of the Department, is expected to apply from 2014. We consider the governance and risk management as well as good internal prerequisites for development and better serve the market.
As the Department of the next life, the HNX indelibly marked in many international markets by the collaborative efforts with many organizations, many important markets. Can you tell us the effectiveness of this collaboration is what?
Right from its inception, we have the view that international cooperation is a very important segment, helping HNX gap with the facility to go ahead and take your experience to the development partners. Currently, the HNX has participated as a member of many prestigious organizations in the securities industry, such as the Federation of World Stock Exchange (WFE), the Federation of Stock Exchange Asia - Pacific (AOSEF) .. .
Regarding bilateral cooperation, HNX signed cooperation memorandum of understanding (MOU) with Stock Exchange, focusing on developing relationships with the major Stock Exchange, the world's prestige as the New York Stock Exchange, London Stock Exchange, the Stock Exchange in Asia, such as Tokyo Stock Exchange, Korea, China, Taiwan and the ASEAN Stock Exchange. In addition, the HNX also expand relations with other organizations such as the German organization GIZ organized USTDA or the United States.
In international cooperation, HNX really focus on reality. Thus, each MOU was signed that come with practical training, or counseling programs, exchange of specific information. We learned a lot about developing and mastering the technology system, the model of the modern development of the market, the internal governance, corporate governance, on how to build an urban school student performance ... In fact, the success of today HNX major contribution of our international friends. Choose and work with the best partners is the way that HNX effective and will deploy.
With continuous efforts, after 4 years of operation under the model of a Stock Exchange, HNX have shaped a modern Stock Exchange, noted within the public and international friends. But the policy of the Government, two in Vietnam Stock Exchange will merge in the near future. If this takes place, where HNX will, sir?
I have expressed the view it is important that future Vietnam Stock Exchange would like. With the policy of the Government is to develop Vietnam's stock market to drive economic growth, the stock market should be restructured to make the best possible function as capital channel. If ever, funding for economic development relies heavily on the banking system, the task set for the stock market to a more balanced flow of capital.
To achieve this, in my opinion, Vietnam Stock Exchange in the next 10 years need to be focused on developing the 3 components: a good stock market liquidity for companies raising capital and protecting the rights of large investors, a good bond market, government and businesses to help raise funds in a sustainable manner at a fair price, a modern derivative market and useful. On her third pillar, the organization of the two facilities into one facility is the best option for centralized intelligence Vietnam to build a more efficient market. The results that have been doing 2 base will contribute to the overall STC future. The water around us, such as Indonesia, Thailand, Malaysia has succeeded in unifying the Stock Exchange after dozens of years of development by many base models. Vietnam will do when we have faith and have a clear vision for the future Stock Exchange. I personally believe that the success and believe that 5 years from now, the structure and position of Vietnam's stock market will be another 10 years will be much different than it is today.
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