Experts attending a conference yesterday urged securities companies to pay more attention to the process of administrative reforms in the sector
Speaking at the meeting, Fred Burke from the American Chamber of Commerce in Viet Nam, who is a member of the Advisory Council for Administrative Procedure Reform, said that symplifying administrative procedures in the securities sector aimed to increase the competitiveness of the economy, reduce risks of corruption and create a healthy business environment.
Financial and securities activities were very sensitive, thus the State management must maintain the stability and integrity of the system.
However, some administration procedures were hurting enterprises and securities companies, Burke said.
Therefore, it was necessary to streamline the procedures so that the State still reached its management targets, while creating more favourable conditions for enterprises, he said.
The conference was co-organised by the American Chamber of Commerce in Viet Nam and the Viet Nam Association of Securities Businesses to collect opinions of companies on securities formalities, which need to be streamlined.
But in fact, few opinions were contributed.
Attendees said that securities companies were not informed adequately about the Government's Plan 30 on administrative reform and they had not yet paid attention to ensure their own benefits, Lawyer Pham Chi Cong from Khai Phong Company said.
Experts suggested they should be more pro-active in creating a healthy competitive environment for themselves by paying more attention to administrative procedures.
Nguyen Thanh Ky, General Secretary of the Viet Nam Association of Securities Businesses, said that currently, securities firms had to do many kinds of reports because they were required by many related authorities even though there are websites that have been created for this process.
He said that all companies now had to submit reports to the National Financial Supervisory Committee while they also had to report to the State Securities Commission.
"It is very time-consuming. Why does the committee not use information already provided to the commission?," said Ky.
Cong said that many procedures required the State Securities Commission's approval in principle, but the step was not necessary.
He also recommended that the time taken for spliting shares should be shortened from 30 days to 15 days. Plans concerning capital increases submitted when companies wished to raise their register capital should be removed because the resolution at the General Shareholder Meeting also included it, he added.