| Vietnam is the seventh country that has set up a Stock Exchange Market among the ten countries of ASEAN. On the 20th of July 2000, the Center of Stock Exchange started business in Ho Chi Min. It indicates that the stock market of this southeastern socialist country has been officially opened. The Center of Stock Exchange in Ho Chi Min has completed one hundred days of trading from the 28th of July 2000 to the 28th of March 2001 and the stock index has risen to 260.7 from the initial 100. The stable operation and immediate success of the Vietnamese Stock Market has been evaluated positively and its situation and development have been given increasing attention.It is a delicate question how to regulate and develop stock markets within socialist economic system. The Chinese stock market has been highly successful in its ten years history and its influence on the national economy is continuously increasing. However, some problems still exist that we cannot ignore. How these problems are solved will determine the success of the stock market and the economic reforms. Thus, how will Vietnam with a similar situation to China develop its stock market within economic reforms? What are the characteristics and problems of Vietnam's stock market? Are there things that our country can learn? Does the development of Vietnam's stock market offer new opportunities for Chinese enterprises and investors? The study of the theory and practice of Vietnam's stock market is still a completely new field in China. However, such study is highly important for the development of stock markets of socialist countries. At the same time, it is a part of research on the internationalization of stock markets. In addition, it is a practical dimension to understand and make use of Vietnam's capital market to open-up the markets of Vietnam and Southeast Asia for investors and enterprises. Like China, Vietnam's stock market has been set up mainly by its government within economic transformation, and it is the result of Vietnam's opening and reforms and further reforms of state enterprises. This study begins with Vietnam's reforming of economy and state enterprises. The first chapter argues that the role and significance of Vietnam's stock through introductions and analyses Vietnam's economic reforms and the reform of state enterprises. The guiding thoughts on construction by the government and the starting situation of Vietnam's stock market have been introduced and analyzed. In the second chapter, the structural design and situation of Vietnam's stock market are introduced and evaluated. In the third chapter, the characteristics and main problems of Vietnam's stock market are analyzed and proposal for changes are made. This chapter further compares the market of development of stock market, such as the dialectical relationship between regulation and development, the deepening of property rights reform, the currency of state-owned shares, and the model of the stock market opening to the outside. There is no doubt that Vietnam has looked at, carefully studied and learnt from Chinese experiences and lessons in socialist market economic reforms, reforming of state enterprises and the construction of stock market. Therefor, Vietnam has had similar experiences to China in these aspects. However, Vietnam has made innovations in theory and practice due to study some strong points. Among them, for China, there are some valuable aspects which are worth considering and learning from Vietnam's construction of stock market. There are at least four aspects. Firstly, prior to the establishment of its stock, Vietnam has put in place the departments of authority and administration and made preparations in terms of laws and statutes in order to minimize chaos caused by administration and operation of the market. Secondly, in the supervision of the stock market, Vietnam has carried out strict and regulatory measures to limit some illegal business practice of registered companies and put more stress on protecting investor's benefits in order to develop... |
PDF Full Text Request