Stronger cooperation between the financial regulatory institutions of two countries to come.
The Ministry of Finance (MoF) is expected to cooperate with the US Financial Industry Regulatory Authority (FINRA) via official cooperative mechanisms such as memoranda of understanding, meetings to share experiences to establish stronger cooperation, and support in technology and training, Minister of Finance Dinh Tien Dung said during a visit to FINRA as part of a conference to promote investment from the US to Vietnam being held from July 1 to July 5 in New York.
These fields of cooperation are very important in enhancing the ability to oversee Vietnam’s financial market, Minister Dung said.
He also said that the Vietnamese Government is trying to stabilize its macro-economy, restructure the economy, provide a favorable business environment, develop infrastructure, and restructure State-owned enterprises.
Moreover, the restructuring of the stock market has been a focus of MoF and the State Securities Commission. The stock market is expected to be a channel to mobilize capital, providing mid-term capital and long-term capital to the economy, with financial intermediation to be developed and benefits to investors protected.
FINRA also spoke of its responsibilities, such as ensuring compliance among its members and its work with the US Securities and Exchange Commission (SEC) to detect irregularities in the market to protect investors. The two parties also discussed how to guarantee transparency in the market
A wide range of solutions were provided by FINRA, on supervising the market and its participants, using technological system to ensure reporting, and conducting programs to protect investors via training courses.
- Dinh Tien Dung