Opportunities for listed enterprises and public companies to develop

On June 6, the Vietnam Institute of Directors in collaboration with the State Securities Commission organized a workshop on “Resolution 68-NQ/TW on private economic development: What opportunities are there for listed enterprises and public companies?”.

The conference marks an important starting point for the business community in the stock market, with the specific goal of transforming the institutional reform contents of Resolution 68-NQ/TW into practical development strategies, starting from the highest leadership level of the enterprise: the Board of Directors and the Executive Board, with the direction and support of market management and development agencies.

Resolution 68-NQ/TW: Institutional “runway” for private enterprises to take off

Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, said that Resolution 68 has breathed new life into the private sector in general and businesses participating in the Vietnamese stock market, creating a very positive ripple effect.

At the same time, the Resolution sets out 8 groups of key tasks and solutions, of which the second group of solutions "improving institutions" emphasizes supporting businesses to improve their governance capacity, build a transparent and standardized financial system, and measures to enhance reputation and access to financial resources.

In his speech, Mr. Phan Duc Hieu, full-time member of the National Assembly's Economic and Financial Committee, affirmed that the greatest spirit of Resolution 68 is to establish a free, transparent, and equal business environment. There is no longer any room for the "ask-give" mechanism or the "if you can't manage, ban" management style.

Mr. Phan Duc Hieu, Full-time Member, National Assembly Economic and Financial Committee

According to Mr. Hieu, the Resolution has “changed in substance” when previous institutional obstacles have been removed in three notable points: Cutting down on cumbersome procedures; Increasing protection and Unleashing resources. The Resolution has mentioned the principle of not criminalizing civil and economic relations, not applying unfavorable retroactivity and requiring clear separation between enterprises and individual managers. This creates a safe, consistent legal framework and creates trust for investors and enterprises.

“Taking enterprises as the center, taking development as the main goal” is the conclusion of Dr. Bui Thanh Minh, Deputy Director, Office of the Private Economic Development Research Board (Board IV) when summarizing Resolution 68. He said that the policy system is designed separately for each type of enterprise, opening up a large space for the development of private enterprises.

Agreeing with the above viewpoint, Ms. Nguyen Thi Tra My, Vice Chairwoman of the Board of Directors, General Director of PAN Group, Chairwoman of the Board of Directors of Vinaseed expressed that Resolution 68 and new regulations on institutions have given entrepreneurs confidence, from which business leaders "dare to play a bigger game", more bold in investing in a more systematic, professional and worthy manner. Ms. Tra My suggested that institutions need to be implemented promptly so that businesses like PAN Group have the basis to restructure the company, expand research and business.

Opportunities for listed and public companies

In recent times, the Vietnamese stock market has developed strongly, with increasing openness and transparency. The KRX system has been deployed. Work related to upgrading the market has been carried out vigorously, promoting the development of businesses in the stock market.

At the Workshop, the problem was posed to find specific initiatives and implement the most suitable and fastest action program to seize the opportunities created by Resolution 68 for listed enterprises and public companies.

Ms. Pham Thi Thuy Linh, Head of the Securities Market Development Department, State Securities Commission, pointed out that the direction to effectively implement Resolution 68 for enterprises is to review and perfect the legal regulations of the law, have policies to help enterprises access capital sources through the stock market, through private issuance of bonds, followed by public issuance with a level of transparency, and widely publicize information.

On the part of the State Securities Commission, the Commission has drafted a Decree to submit to the Government, including a proposal to reduce administrative procedures on securities, from 93 to about 63 procedures; in each procedure, it also reviewed and reduced paperwork and records for ease of implementation. This will create motivation for businesses to conveniently access capital sources on the stock market when participating in listing and trading, Ms. Linh added.

Discussing the opportunities for listed enterprises and public companies, Dr. Bui Thanh Minh said that these are enterprises with higher management and technological capacity than the general level, so there are great opportunities and clear advantages in accessing capital and financial markets. However, these enterprises also need to proactively transform green and transform digitally.

Businesses need to proactively transform green and digitally

From the perspective of listed enterprises and public companies, it is necessary to improve the corporate governance model; raise awareness of the board of directors and executive board; build a transparent governance culture; and meet the expectations of investors, partners and the market. This is the content shared by Ms. Ha Thu Thanh, President of the Vietnam Institute of Directors (VIOD).

At the same time, Ms. Thanh raised the "Breakthrough Corporate Governance" initiative (BCGI) to realize the second group of solutions of Resolution 68 on perfecting institutions, enhancing modern corporate governance according to international standards, ensuring transparency, efficiency and sustainable development.

The institution has created a runway, whether or not the enterprise can take off depends on its own internal motivation. The first thing is to improve management capacity, so that the enterprise can go further, stronger and more stable, Mr. Phan Duc Hieu affirmed.

According to nhandan.vn

Source: https://huengaynay.vn/kinh-te/nghi-quyet-68-nq-tw-mo-ra-co-hoi-cho-doanh-nghiep-niem-yet-va-cong-ty-dai-chung-154432.html