tailieunhanh - State control over development of stock exchange: Lessons for Vietnam

Since the first trading session on July 28, 2000, Vietnam’s stock exchange has developed for over 10 years and experienced positive changes. However, it is still an infant market that has been gradually getting accustomed to international rules, sense of compliance and operational practices. | ECONOMIC DEVELOPMENT No. 205, September 2011 STATE CONTROL OVER DEVELOPMENT OF STOCK EXCHANGE: LESSONS FOR VIETNAM by BUØI THANH* Since the first trading session on July 28, 2000, Vietnam’s stock exchange has developed for over 10 years and experienced positive changes. However, it is still an infant market that has been gradually getting accustomed to international rules, sense of compliance and operational practices. Learning foreign management models and drawing lessons from market operations and foreign managerial practices is crucial to develop the Vietnam’s stock exchange in a sustainable and efficient manner. Keywords: stock exchange, state control, securities, foreign investment 1. State control over stock exchanges in some countries a. Building and perfecting the legal framework: - Securities law: All governments pay full attention to building and perfecting the securities exchange law because it is an important and indispensable condition for development of stock exchange. Foreign experience shows that stock exchanges in such countries as China, Thailand, South Korea and the . have not been perfected and well developed until legal framework and securities and stock exchange laws were introduced. Securities laws are made after stock exchanges have come into being and operation for a certain period. Therefore, these * Ho Chi Minh National Academy of Politics and Public Administration laws are practical and appropriate to stockexchange operations and enjoy high stability. In 1948, the Securities Law based on US Securities Act of 1933 and Securities Exchange Act of 1934 was promulgated in Japan. It was followed by relevant laws, such as Foreign Securities Firms Law of 1971, Securities Investment Trust Law of 1954, Law relating to Book-Entry and Share Certificates and Law concerning Investment Advisory Business Relating to Securities of 1986. The system of Japanese laws on securities and related legislation is pretty perfect, creating a .

• Đầu tư Chứng khoán
• Stock exchange
• State control
• Foreign investment
• State control of Vietnamese stock market
• Economic development
• Communications in Physics
• Study of HaNoi and HoChiMinh stock exchange
• Stock exchange econophysics methods
• Hanoi Stock Exchange
• Hochiminh Stock Exchange
• Investors’ stock trading behavior
• Perspective of dhaka stock exchange
• Dhaka stock exchange
• Highest educational level
• Categorized by gender
• Exchange rate
• Interest rate
• Stock return
• Vietnam stock market
• Interest rate on stock return
• Impact of exchange rate
• Dissertation abstract Accounting
• Information of exchange rate differences
• Financial statements on the stock price
• Non fianancal joint stock companies listed
• Vietnam’s stock market
• HCMC stock exchange
• Market risk
• Stock prices
• VN Index
• Ho Chi Minh City Stock Exchange
• Institutional investors
• Stock price synchronicity
• Stock price informativeness
• Informational efficiency
• Diaspora remittances at nairobi securities exchange
• Stock market development at nairobi securities exchange
• The Error Correction Term
• Foreign Investor Participation
• Stock Market Development and Nairobi Securities Exchange
• Oil prices
• Gold market
• Stock market
• Evidence from Pakistan stock exchange
• n Iran Tehran stock exchange
• chứng khoán Iran Tehran stock exchange
• giao dịch chứng khoán
• đầu tư chứng khoán
• sở giao dịch chứng khoán
• Corporate financial structure
• Manufacturers listed
• Influential factors
• Hồ Chí Minh stock exchange
• Stock exchange market
• Tạp chí khoa học
• Corporate governance on earnings management of enterprises listed
• Ho Chi Minh Stock Exchange
• The CEO duality
• Corporate governance mechanism
• Technical efficiency
• Nigerian stock exchange
• Manufacturing companies
• The technical efficiency
• Enterprise risk management
• Company value
• Nairobi stock exchange
• Enterprise risk management implementation
• Value of companies listed
• Credit affect the profitability of state owned banks listed
• The indonesia stock exchange
• State owned banks
• Significant impact on bank profitability
• Banks listed in Tehran Stock Exchange
• Tehran Stock Exchange
• Risk management on earnings volatility
• Dichev and Tang
• Journal of Accounting and Economics
• Volume spread analysis
• Stock price manipulation
• Professional traders
• World economy
• Macroeconomic policies
• Liquidity stock
• Listed stocks
• Micro factors
• Financial market
• Stock market liquidity
• market making
• price fluctuation
• Picking Strategies
• Summary of the dissertation
• Non financial information disclosure
• The level of non financial information disclosure
• Companies listed on the stock exchange
• The stock exchange
• Stock index
• Securities market in Vietnam
• Stock market index
• Finance accounting and Auditing
• Security exchange
• Corporate governance
• Involuntary delisting
• Involuntary delisting firm
• Doctoral dissertation in Finance
• Performance of exchange
• Traded funds tracking
• Tracking Vietnam stock market
• Central bank
• Stock price
• European central bank
• Influence stock prices
• Day of the week
• Zimbabwe stock exchange
• Efficient market hypothesis
• Overall stock market returns
• Establish whether returns