Expert: Many top 50 companies by market capitalization worry investors
At present, the number of listed companies held by foreign capital is not large. Although there are hundreds of companies in the stock market, there may only be 30-40. This is quite uncomfortable for this group of potential investors. A few days ago, at the “Looking for Stock Market Momentum in the Last Months of the Year” seminar held by Danchi Newspaper, suggestions and advice were put forward regarding the story of market information transparency. Government and regulatory agency VinaCapital Fund Management Joint Stock Company Investment Director Mr. Dinh Duc Minh shared the story of solving economic problems and creating momentum for stock market development. Regarding national regulatory agencies, securities commissions, and even listed companies, I think there is a need to find a way to Improve the governance quality of stock exchange companies to better protect the interests of investors.
In many cases, public companies and their boards of directors make all the decisions. However, their actions need to put the interests of investors first.
Try to conduct a market survey of the 50 largest companies in the market. How many of these 50 companies have investors worried about the quality of corporate governance? I don’t think this number is small. “
Mr. Nguyen Anh Duc, Director of Institutional Client Securities Services Department of SSI Securities Company (HM:), said that judging from contacts with foreign investors, the number of businesses currently approved for foreign investors to participate in is not large, although there are hundreds of companies in the stock market. But there are probably only 30-40 companies.
Investment here should be understood as companies with good governance, high transparency, good information disclosure, large business scale, good shareholder structure, etc. However, there are almost zero companies that meet these standards. There are many, if any, companies. There will be no rooms. This is quite uncomfortable for this group of potential investors.
At the same time, there are also many small businesses that are highly speculative, engage in disorderly activities, increase fictitious capital, and create many loopholes to circumvent the law.
So if you can somehow have a group of companies with better management quality, say, instead of 30-40 companies, you need to expand to 60-70 companies. On the other hand, the level of governance also needs to be improved to enhance investor confidence in participating in the stock market.
Mr. Pan Yongqing, an independent securities expert, said that as an investor with 23 years of stock market investment experience, I have seen that throughout the entire investment process, in the early stages, regulations and laws have not been met, and there are still many problems. Follow market trends. In recent years, it has become more flexible, resulting in better results.
|Mr. Phan Dung Khanh (left cover), Mr. Nguyen Anh Duc (right cover) and Mr. Dinh Duc Minh (second from left)
Or some more macro policies, such as exchange rate policy. In recent years, the exchange rate of the Vietnamese dong (HM:) against other foreign currencies, especially the US dollar, has been very stable. Businesses often complain about interest rates, but few openly talk about exchange rates. Even in 2022, if we hold Vietnamese dong, investors can make twice as much profit because of the highest interest rates in years. What’s more, if the Vietnamese dong is compared with pounds, euros, and yen, investors will have extra profits. The exchange rate against the U.S. dollar has remained stable over the last year and in recent years.
However, there are some things that I think can be solved quickly, even faster than the above question because the above question is macro. However, due to technical issues, we sometimes do not act quickly. About a year or two ago, there was a period near closing time where people couldn’t place orders because our system couldn’t keep up with the market and orders got stuck.
Or the KRX system, expected to be deployed later this year, was also a multi-year plan but was only recently implemented. Another point is that from 2003 to 2005, the market was still T+4, about 10 years later it became T+3, and more than a year ago it dropped to T+2.5. Technically, I think we can do it faster, give investors more options, and the system is smoother.
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