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Securities companies facing tough times
The Vietnam Association of Securities Business (VASB) reports that 70 to 80 percent of the total 98 securities companies are cutting back operations, reducing the labour force and limiting their activities.
The association attributed the difficulties to poor management and the recent boom of securities companies. High inflation also had an impact, said Nguyen Thanh Ky, general secretary of the VASB.
Ky said that to help securities companies overcome impediments and continue to develop, support from authorised agencies and policy-makers was essential.
VASB requested that the National Assembly and Government temporarily delay levying personal income tax on investors in order to create a stable mid-and-long-term capital mobilisation channel to attract more domestic and foreign investors.
To improve the operation of the securities industry, the Government would need to limit the establishment of new securities companies while strengthening the quality of existing ones, he said.
In response to proposals from the VASB, the chairman of the State Securities Commission (SSC), Tran Thanh Tan, said that authorised agencies had been enhancing inspections on liquidity and risks for securities companies and would further supervise the operation of securities companies.
Tan said stock market transparency must be increased through specific policies and laws.
Authorised agencies needed to conduct their forecasts and warnings in a timely manner and strictly supervise information and transactions released by securities companies, he added.
The Government should also reconsider allowing investors, businesses and individuals to open multiple securities accounts. However, inspection and control should be used to make investor transactions more flexible and help stabilise the market, Tan said.
VNA
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