Information transparency to effectively leverage capital from the stock market

On August 14, in Ho Chi Minh City, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) in collaboration with the Vietnam International Arbitration Center (VIAC) organized a conference with the theme "Legal framework and capital mobilization solutions for businesses".

Lawyer Vu Anh Duong - Permanent Vice President and General Secretary of VIAC shares information. Photo: M. Tuan

Risks from capital mobilization disputes

From the perspective of the dispute resolution coordination agency, lawyer Vu Anh Duong - Permanent Vice President and General Secretary of VIAC said that the rate of disputes in the finance - banking sector has shown signs of increasing quite rapidly in recent times, with a more complex nature compared to other types of disputes due to many specific factors related to technology and expertise.

"In the context of many changes in economic development policies and laws, the number of disputes in this field is expected to continue to increase," Mr. Duong commented.

Meanwhile, Dr. Ta Thanh Binh - Member of the Board of Members and General Director of Vietnam Securities Depository and Clearing Corporation (VSDC), VIAC Arbitrator, commented that the development of the stock market and the trend of international financial integration open up many opportunities to access large-scale capital sources at more reasonable costs.

However, this is also a big challenge, as businesses, especially small and medium enterprises, still face difficulties in accessing quality capital sources.

From the practice of recent disputes related to capital mobilization through the stock market, lawyer Nguyen Van Hai - Member Lawyer of Allen & Overy Shearman Sterling Vietnam believes that risks originate from both sides. On the business side, the lack of information transparency and limited management capacity can lead to many violations such as misuse of capital, violation of commitments on yield, payback period or other rights of investors.

On the investor side, especially individual investors, it is the lack of financial and business knowledge and experience that can cause these investors to face legal risks when they do not fully understand or understand the terms of the contract, even falling into a situation where the contract is invalid due to violation of the law.

Dr. Ta Thanh Binh - Member of the Board of Members and General Director of Vietnam Securities Depository and Clearing Corporation (VSDC). Photo: M. Tuan

Analyzing the risks of enterprises when accessing capital from foreign investment funds, Dr. - Lawyer Phan Hoai Nam - General Director of W&A Consulting & Law Firm, VIAC Arbitrator informed that small and medium enterprises tend to access capital from foreign investment funds. However, the interest rates and borrowing costs from these funds are often significantly higher than bank loans, along with many terms and conditions that enterprises must commit to.

Meanwhile, businesses often find it difficult to meet the standards set by investment funds, which increases the possibility of risks.

Expectations from new legal frameworks

According to lawyer Vu Anh Duong, the National Assembly 's approval of Resolution 222/2025/QH15 in June 2025 on the International Financial Center in Vietnam, with a favorable legal framework, consistent with international practices from applicable laws, dispute resolution mechanisms to preferential policies, is expected to open up strong development opportunities for the financial sector.

Regarding the legal framework related to capital mobilization, Dr. Ta Thanh Binh said that recently, many regulations, especially in the securities sector, have had many important adjustments, creating a more transparent legal corridor, better protecting investors; on the other hand, it also requires businesses to adapt quickly, strictly comply and improve their internal capacity to take advantage of opportunities.

Conference scene. Photo: M. Tuan

According to lawyer Nguyen Van Hai, recently, a series of new regulations adjusting many core contents such as conditions for public offering, regulations on professional securities investors and private offering mechanisms have been issued, hoping to help make the market more transparent.

Regarding this, Mr. Hoang Anh Tuan - Director of Customer Relations at MB Securities Joint Stock Company (MBS) said that currently, many Vietnamese enterprises are interested in raising capital from this market through issuing stocks and bonds, to meet the needs of expanding production, investing in technology, and penetrating new markets.

At the conference, experts recommended that in order for the securities channel to effectively promote its role in capital mobilization, parties need to ensure transparency of financial information, comply with regulations on issuing stocks and bonds, as well as have appropriate strategies and plans for capital use and capital repayment.

Regarding the potential of the fund market in Vietnam, Ms. Ma Thanh Loan - CEO of Auxesia Holdings, Permanent Vice President of the Ho Chi Minh City Consulting Business Club, said that it will grow strongly if there are appropriate support policies.

Specifically, the State can consider tax and fee incentives for both individual and institutional investors, while encouraging the development of more diverse fund products, thereby directing cash flow from short-term speculative channels to professional, long-term investment channels, helping the fund market become an important pillar of Vietnam's capital market.

Source: https://hanoimoi.vn/minh-bach-thong-tin-de-phat-huy-von-hieu-qua-tu-kenh-chung-khoan-712571.html