Fin 201- Development of Capital Markets
I. Purpose Development of rapid, uniform, stable capital markets of Vietnam, in which the stock market plays a key role; gradually bring the capital market became an important component of the financial markets, to contribute effectively to mobilize capital for development investment and economic reform; protect the legitimate rights and interests of investors; gradually improve competitiveness and active integration of international financial markets. Striving to 2020, Vietnams capital market development equivalent market countries in the region. Development of capital markets to meet the diverse needs of capital mobilization and investment of all objects in the economy. Striving to 2010 the market capitalization of the stock is 50% of GDP by 2020 and 70% of GDP.II. Implement solutions 1. The long-term solution a) Development of capital markets towards modernization, the complete structure (including the stock market, bond market, the market of derivative instruments, market focus, decentralized market ) , which according to international best practices, it is likely linked to the regional market and internationally. b) Develop strong channels provide both domestic and international capital markets; expand the system to investors, especially investors organized; full development of intermediary institutions; diversification of services provided,
c) The coordination between monetary policy and fiscal policy; harmony between objectives to mobilize capital for economic growth, sustainable development of the capital markets with macroeconomic stability, control inflation and ensure national financial security. d) Strengthen state management, implementing effective inspection functions, monitoring compliance with the laws of the organizations and individuals involved in activities in the market. 2. Existing solution a) scale development, improve the quality and diversity of goods to meet the needs of the market: – The scale and diversity of types of bonds, the release mode of government bonds, local government bonds, corporate bonds on the capital market; the development of the convertible bonds, corporate bonds for investment projects in the infrastructure projects of national importance. – To accelerate the equitization program enterprises, state corporations, economic groups and the state-owned commercial banks, associated with the listing of shares on the stock market; expand the issuance of new shares to raise capital on the market. Convert now invested abroad to form a joint stock company and listed, traded on the stock market. – Development of derivative securities such as options purchased, sold stock options; futures contracts; forward contracts; associated products (securities – insurance and securities – credit, savings – stock ); products from securitized assets and debts . b) Step by step complete structure of the capital market ensures the management and supervision of the State: – Extract from the bond market to the stock market formed special bonds market. To study the formation and development of future trading market for derivatives, securitization markets of central loans, the banks long-term