Tiếng Việt
普通话
He saw investments in the market wrongly directed but the regulators did not take any action. Money flows entered “bad” stocks, causing negative impacts and a fall in blue chip prices. These “bad” stocks must be removed but the mechanism of “ask and give” prevented it to happen.
Hai believed feasible and immediate solutions are within regulators’ hands such as: putting a cap of 17-18% lending rate cap instead of easing monetary policy and money supply; soon to issue gold trading decree instead of just a promise.
The Secretary General pointed out that a basic solution is to strengthen personnel in the managerial level, especially in the monetary and securities areas. This is an “urgent” solution but it has not been carried out yet.
Hai , however, supported for tight monetary policy, arguing that easing policy would lead to uncontrolled borrowing, and this in turn, has negative impacts on the stock market. Hai analyzes that a good credit policy will provide good finance, reducing interest rates and businesses will have to operate more seriously.
Speaking about stock market difficulties, Hai said inflation has been under control, there are some conditions for considering lowering interest rate level, therefore, the current problem is fortify investors’ confidence.
Commenting on banking restructuring plan, Hai thinks the SBV should include solutions to help banks raise funds from equalization such as raising foreign room in banks to 35% instead of 30%, non-vote shares. Hai also added that banks should also accumulate their own equity, raise long term funds through issuing shares.
Hai believes that the current stock market conditions have not yet allow listed companies to rely their medium on long term funds on the market in the next few years except for some blue chip ones.
He said Vietnam must have specific policy to clear navigate funds into stock market.