HoSE, HNX will have separate roles and missions
The Ho Chi Minh Stock Exchange (HoSE) will solely concentrate on operating the according to the Ministry of Finance.
The Ha Noi Stock Exchange head office. Under the new rules, the northern market regulator will concentrate only on the derivatives and bond markets. – Photo cafef.vn
Meanwhile, the Ha Noi Stock Exchange (HNX) will take control of the derivatives and bond markets.
The changes are stated in the draft decision on the establishment of the Vietnam Securities Exchange that has been submitted by the Ministry of Finance to the Prime Minister.
The two exchanges will become sub-companies of the Vietnam Securities Exchange to improve the control of listed companies and market members (securities firms) and enhance the quality of technological facilities.
Under the draft, the Vietnam Securities Exchange will develop overall policies and rules, plan the launch of new products, and manage the capital, asset and finance of member companies in accordance with existing regulations.
Member companies – the stock exchanges and relevant units – will operate and monitor the markets as well as explore new products as oriented by the Vietnam Securities Exchange.
Under Decision 32/QD-TTg approving the plan on its establishment, the Vietnam Securities Exchange will have VND3 trillion (US$129 million) in charter capital, which is made up from HoSE’s charter capital (VND2 trillion) and HNX’s (VND1 trillion).
The Ministry of Finance will start studying the equitisation plan for the Vietnam Securities Exchange and submit a draft plan to the Prime Minister in 2023.
As of December 31, 2018, HoSE and HNX had total equity capital of VND2.52 trillion. By the end of 2023, the two stock exchanges will keep increasing their charter capital using their annual post-tax profits.
Leading each of the two exchanges will be a chairman, a director or general director, and a supervision board as stated in the Law of Enterprises and the Law on using the State capital in business operation. – VNS
The Government will decide the location of the soon-to-be-established Vietnam Stock Exchange (VNSC) in either Hanoi or HCM City, a National Assembly (NA) deputy chairman said on Monday.