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VIETNAM ACADEMY OF SOCIAL SCIENCES GRADUATE ACADEMY OF SOCIAL SCIENCES DO THI THU HA LEGISLATION ON INFORMATION PUBLICATION OF PUBLIC COMPANIES IN THE STOCK MARKET IN VIETNAM Major: Economic Law Code: 9380107 SUMMARY OF THESIS PH.D IN LAW HA NOI, 2019 THIS WORK IS COMPLETED AT GRADUATE ACADEMY OF SOCIAL SCIENCES SCIENCE INSTRUCTOR: Assoc Prof Ph.D Le Thi Thu Thuy Reviewer : Prof Ph.D Le Hong Hanh Reviewer 2: Assoc Prof Ph.D Tang Van Nghia Reviewer 3: Assoc Prof Ph.D Duong Dang Hue The thesis is defended before the thesis appraisal board of the Academy at the Graduate Academy of Social Sciences at: hours, date month 2019 This thesis can be found at: - Library of Graduate Academy of Social Sciences - National Library of Vietnam LIST OF WORKS BY THE AUTHOR PUBLISHED RELATED TO THE THESIS THEME Do Thi Thu Ha (2018), "Public information disclosure activities of public companies and securities investor protection", Journal of Finance, Period 1- October 2018, pages 48 - 50 , Hanoi Do Thi Thu Ha (2018), "Legal issues regarding the rights and obligations of public companies in information disclosure activities", Financial Magazine, Vol 2- October 2018, pages 59 - 60 , Hanoi Do Thi Thu Ha (2018), "Handling of violations of public information disclosure by public companies on the stock market", Journal of Democracy and Law, No 11 (320) November / 2018 page 35 -39, Hanoi OPENING The urgency of the title: Legislation on information publication of public companies in the securities market is defined as an important component in securities law The highest goal of information publication is to create transparency in the stock market, create conditions for investors to make timely and correct decisions to carry out transactions on the market Therefore, in order to have a transparent market for information, there needs to be a new approach to public publication of public companies in stock market However, currently, related to public publication of public companies in the stock market is a new, quite multidimensional research, both legal and economic, researches on this new issue mainly exist in the form of articles, articles of research works on the economic side rather than the legal aspect Being aware of the above issues, the I choos the content: "Law on information publication of public companies in Vietnam stock market" as my doctoral thesis research title Researching purposes and tasks: 2.1 Researching purposes: Research in the thesis aims to further clarify theoretical issues about information publication of public companies on the stock market and legislation on information publication of public companies on the stock market Thereby forming basic theoretical and developing scientific arguments to assess the legal status of information publication of public companies on the stock market, since then, find solutions as well as directions to improve legislation on information publication of public companies on the stock market in Vietnam 2.2 Researching tasks: Firstly, this thesis collects and systemizes scientific works on information publication of public companies on domestic and foreign the stock market; Secondly, explain theoretical issues about information publication of public companies on the stock market and laws on information publication of public companies on the stock market in Vietnam Thirdly, this thesis gives assessment about laws on information publication of public companies on the stock market in Vietnam Finally, this thesis suggests orientations and solutions to improve legislation on information publication of public companies on the stock market in Vietnam Subjects and scope of research 3.1 Subjects of research This thesis focuses on researching theoretical issues about information publication of public companies on the stock market and laws on information publication of public companies on the stock market, and legal status of information publication of public companies on the stock market in Vietnam 3.2 Scopes of research: Research scope of the thesis is defined as: provisions of legislation on information publication of public companies on the stock market and practical application of law on this issue in Vietnam today The thesis does not go into legislation regarding the settlement of disputes arising in public information publication of public companies in the stock market because legislation on dispute settlement in this field is not specific legal regulations In fact, information and communication activities of public companies in the stock market, including the official stock market and the informal stock market, are concentrated and the stock market is decentralized Activities of information publication of public companies on the stock market focus and decentralized stock market are very different However, in the scope of the thesis, the author only studied deeply the regulations on information publication of public companies on the centralized stock market Methodology and research methods 4.1 Methodoly: This thesis researches information publication activities of public companies on the stock market in an interdisciplinary law combining theoretical knowledge of economics 4.2 The research method: This thesis uses traditional research methods including: analysis and synthesis methods, system methods, comparative law methods, statistical methods The new contribuitions of the thesis: Firstly, research results of the thesis contribute to supplement and develop theoretical issues about information publication of public companies on the stock market and laws on information publication of public companies on the stock market in Vietnam, clarify scientific basis to balance interests of public companies with investors 'benefits, ensuring market transparency and protecte investors' legitimate interests Secondly, the author assesses the legal status of information publication of public companies on the stock market in Vietnam Thirdly, the thesis defines orientations and solutions to improve provisions of law on public information of public companies on the stock market as well as improve the effective application of legal regulations in practice Thesis contruction: Include: Opening, chapters, conclusions and recommendations; List of published works of the author related to the thesis title, references and appendices Chapter RESEARCH OVERVIEW AND THEORETICAL BASIS 1.1 Reseach overview related to the thesis: 1.1.1 Survey on theoretical issues of information publication and legislation of public publication of public companies in the stock market Foreign scholars have researched theoretical issues of information publication of public companies in stock markets such as: Jonas and Blanchet, Ferdy van Beest, Geert Braam Frank Heflin, Francis WKSui, Paul M Healy, Zhang Yuemei, Li Yanxi An, Lyle.N In Vietnam, researches have had deep and systematic discussions on theoretical issues of information publication and legislation of public publication of public companies in the stock market, including the Stock Market Curriculum of the Financial Academy authored by author Bach Duc Hien Legal textbook on Stock Market of Law Faculty - Hanoi National University, edited by author Le Thi Thu Thuy, monograph “Stock market edited by author Le Hoang Nga, monographs "Sustainable development of Vietnam's stock market" edited by author Dinh Van Son, scientific article of author Pham Thi Giang Thu: "The law publics information of companies listed on the stock market Vietnam practices legal and direction to improve” Stock Market Monograph by author Bui Kim Yen In addition, the authors such as Nguyen Thi Anh Van, Nguyen Thi Hai Ha, Nguyen Thi Hang Nga, Ta Thanh Binh who also have research works to address under various aspects on the theoretical issues of public information of public companies on the stock market and the law on information publication of public companies on the stock market 1.1.2 Survey of legislation situation on information publication of public companies in the stock market The researches mainly refer to law application as well as research and assessment of the reality of legislation on public publication of public companies on the stock market as the views of some authors: Ta Thanh Binh and Pham Thi Hang Nga, Nguyen Thi Hai Ha, Hoang Thi Quynh Chi, Nguyen Tuan An… 1.1.3.Survey on orientation and solutions to improve legislation on information publication of public companies in the stock market In recent years, domestic studies have focused on making recommendations on solutions to solve problems related to information publication of public companies on the stock market and also, some scientific works learn about solutions to improve some specific features related to public information publication activities of public companies in the stock market such as: Tran Van Long, Trinh Hong Ha, Vien The Giang, Pham Thanh Thuy 1.2 Evaluation of the research situation and research issues in the thesis 1.2.1 Assess the research situation In theory, research projects have basically clarified theory of information publication of public companies on the stock market, but have not systematically clarified theory of information publication of public companies in the stock market On situation, researches mainly refers to legal obligations of information publication activities, there is no research on information publication activities in terms of public companies' rights Unidentified information publication rights are important, urgent and optional of public companies There should be a mechanism to encourage public publication of public companies to help public companies see the benefits of information publication and value of associated businesses Analyzing the importanct public publication of public companies in the stock market, determining information publication are not an obligation, it is also an important right to help businesses raise their value and reputation in the stock market In solution, in the research projects, there have been relatively consistent views and judgments about the orientation to improve legislation related to information publication of public companies in the stock market In Vietnam, but there are not any scientific research works on electricity related to perfecting legislation on information publication of public companies in the stock market and improving the effectiveness of information publication activities of public companies on the stock market 1.2.2 Research issues in the thesis The thesis is responsible for clarifying the legal theory of information publication of public companies on the stock market, assessing situation and proposals and solutions to strengthen information publication activities of public companies in the stock market 1.3 Theoretical basis of the thesis 1.3.1 Theoretical research of the thesis - Theory of Vietnam socialist republic - Theory of unbalance information - Behavior theory - Theory of protection in stock investment business 1.3.2 Research hypothesis The characteristics of information publication activities of public companies in the stock market Theoretical issues, reality of legislation on public publication of public companies in the stock market and the orientation and solutions to improve legislation on public information of public companies in the stock market need to be studied systematically, deeply and comprehensively 1.3.3 Research question of the thesis - What are specific characteristics of public information publication activities compared to information publication activities of other entities on the stock market? What content, principles, types of information should public information of public companies in the stock market? - What is legislation on information publication of public companies in the stock market? How is it characterized and structured? What factors affect this legal relationship? - What is current situation of legislation on public publication of public companies in the stock market in Vietnam? What are the achievements and shortcomings of information publication activities and legislation on public publication of public companies in the stock market today? - What are the orientations and solutions to improve legislation on public publication of public companies in the stock market and enhance the efficiency of public information publication of public companies in the market in Vietnam? Chapter conclusion Chapter THEORETICAL ISSUES ON THE INFORMATION PUBLICATION OF THE PUBLIC COMPANY IN THE SECURITIES MARKET AND LEGISLATION OF INFORMATION PUBLICATION OF THE PUBLIC COMPANY IN THE SECURITIES MARKET 2.1 Theoretical issues on the information publication of the public company in the securities market 2.1.1 Definition, characteristics of public companies and disclosure activities of public companies on the stock market  Definition of the public company: From the definitions of public companies analyzed, research students synthesize and record the concept of public companies as follows: Public On the other hand, the requirement of information disclosure of public companies on the stock market is an intrinsic requirement of the stock market, a real necessary solution to ensure that the securities market operates safely, stably, publicly, transparently, and protects interests legal status of investors, especially small investors Firstly, protect the rights and interests of investors on the central securities market Secondly, public publication of public companies in the stock market makes sure that stock market operates efficiently, objectively, transparently and publicly Thirdly, information publication of public companies improves quality of corporate governance Fourth, public information of public companies protects small shareholders 2.2.3 Classify information publicized by public companies in the stock market Through research on the stock market law of some countries, there are many standards to classify information publication of public companies in the stock market Each classification standard has its own meaning for management and research Based on the subject, information publication by public companies is possible to access information publication of public companies according to subjects Publication of information according to the subject is the obligation to implement information publication of objects: public listed companies, unlisted public companies 2.2.4 Principles of public publication of public companies in the stock market Firstly, information must be fully and accurately disclosed 10 Secondly, information must be promptly and regularly published Thirdly, binding and enhancing responsibility principle for the subject to announcement information of public companies on the stock market Fourthly, information publication must comply with equality and fairness principles for objects receiving information 2.3 Theoretical issues about legislation of public publication of public companies in the stock market 2.3.1 The definition and legal characteristics of information publication of public companies in the stock market  Definition of information publication of public companies in the stock market From previous studies and on the basis of inheriting the research points, the candidate gives the following concept: "Legislation governing information publication activities of public companies on the stock market is a set of important parts of legislation regulating information publication activities on the stock market It is a synthetic of legal regulations governing public publication of public information, including legal groups and the following legal regulations: Subjects, deadlines for public information activities of public companies public companies on the stock market, rights and obligations of public companies in information publication activities on the stock market, methods of public information publication of public companies on the stock market, protecting legitimate rights and interests of investors in the information publication activities of public companies on the stock market and handle violations in information publication activities of public companies on the stock market”  Legal characteristics of information publication of public companies in the stock market 11 Firstly, legislation on information publication has a close relationship with other law provisions such as law on joint stock company management, law on accounting and law on auditing Secondly, legislation on public publication of public companies on the stock market is an important factor contributing to make a transparent stock market and sustainable development Thirdly, legislation on public information publication of public companies on the stock market has a great impact on the internal information system of the company, especially information related to secrets and strategies business Fourthly, legislation on information publication of public companies in the stock market contributes to improving the management skills of public companies in the stock market 2.3.2 Legal content of information publication of public companies on the stock market Firstly, the legal regulations adjust objects and time limit for information publication of public companies on the stock market Secondly, the legal regulations regulating the rights and obligations of public companies in information publication activities on the securities market are important legal departments, adjusting the legal position of the public company in information publication activities on the stock market, including the rules for empowering public companies to proactively disclose information to ensure their legitimate rights and interests in the stock market Thirdly, the legal regulations regulate the information publication method of public companies in the stock market Including legal provisions on public publication of public companies in the stock market should be implemented to ensure that shareholders and the public can have fair access 12 Fourthly, legal provisions on the protection of legitimate rights and interests of investors in the information publication of public companies in the stock market are general provisions of law regulating legal position of investors in accessing and using public information of public companies in the stock market Fifthly, the legal regulations on handling violations in public publication of public companies in the stock market are an important part of legislation on information publication of public companies in the stock market, which governs violations committed by public companies or public information publication representatives of public companies in public information publication activities of public companies in the stock market are contrary to the provisions of legislation on state management in public publication of public companies in the securities market and are subject to relevant legal responsibilities 2.3.3 Factors affecting the law governing the disclosure of information by public companies on the stock market Firstly, it is international integration requirement Secondly, the realities of information publication of public companies on the stock market require legislation of information publication activities of public companies in the stock market to have regulations requiring public companies to be more transparent, open and timely disclosed on the stock market Thirdly, the stock market's operating principles have a great impact on legislation regulating public publication of public companies on the stock market Conclusion of Chapter Chapter ACTUAL SITUATION OF LEGISLATION ON INFORMATION PUBLICATION OF PUBLIC COMPANY ON THE STOCK MARKET 3.1 Subjects and duration of information publication activities of public 13 companies on the securities market 3.1.1 Subjects of information publication activities of public companies on the securities market Before the 2006 Securities Law was enacted, information publication on Vietnam stock market had a distinction between listed and unlisted companies Accordingly, public joint stock companies participating in listing on the stock exchange must perform the obligation to announce a variety of information while unlisted public companies are not obliged to public information Then, in 2006, when Law on Securities was effective that supplemented more regulations for public companies by introducing definition of public companies and detailing information publication obligations of the company on Circular 38/2007 / TT-BTC and Circular 09/2010/ TT-BTC Accordingly, all public companies owning charter capital from 10 billion VND and over 100 shareholders must perform information publication obligations (regardless of public listed or unlisted public companies, provided that meet conditions to become a public company) This provision has added subjects who must public information and remedies inequality inssue in information publication activities on Vietnam stock market 3.3.2 Duration of information publication activities of public companies on the securities market Information publication duaration is specified according to the following criteria: periodic information publication, extraordinary information publication and publication of information upon request 3.4 Rights and obligations of public companies in information publication activities on the stock market 3.4.1 Rights of public companies in information publication activities on the stock market 14 First, public companies have rights to implement information publication when there is a need to reach potential investors through activities: advertising information, promoting new products and services Second, public companies their right to public information to reduce agency costs Thirdly, public information right of public companies publicizes transactions with related parties for benefits or related internal shareholders, major shareholders of the company, parties with related interests The authorities are not entitled to vote on issues that they are a party to, restricting the provision of loans or financial guarantees to internal shareholders and related persons, ensuring the rights of shareholders, openly remuneration for the Board of Directors and the Board of Management 3.4.2 Obligations of public companies in information publication activities on the stock market Firstly, the public company obligates to public information on the stock market accurately and promptly Secondly, the public company obligates to public information on the stock market on time 3.5 Information publication method of public companies in the stock market Currently, information publication method of public companies in the stock market is implemented by general information publication of other information publication subjects the market including: direct information publication and indirect information publication methods 3.6 Protecting legitimate rights and interests of investors in public information publication of public companies in the stock market 15 3.6.1 Protecting legitimate rights and interests of investors on access to information First, legal regulations must ensure the right to access information of shareholders Shareholders participate in the General Meeting of Shareholders and vote on the development strategy of the company with resolutions, and the Board of Directors, General Director /Director and Control Board implement Resolution content under their authorities Therefore, when executing Resolution of the General Meeting of Shareholders, the administrator is easy to use his/her right leading the company to go beyond the goals and principles of the company's operations that can affect company owner’s right Therefore, ensuring access information right about the company is the most important factor to help shareholders to oversee activities of the company administrator Therefore, information on the stock market is very diverse coming from many different sources, for many different purposes, without excluding illegal purposes, such as: spreading false rumors, using insider information, buying and selling information for illegal profits Therefore, when developing legal regulations on information publication, it is necessary to attach special importance to the role of management, supervision and handling of law violations by competent agencies 3.6.2 Protecting legitimate rights and interests of investors on using information Firstly, current legal provisions on the protection of investors' rights and interests in the stock market in information publication activities of public companies in particular show that there have been more and more completed regulations Secondly, Vietnam's regulations on investor protection are just in line with adjustment of behaviors occurring in the domestic market without the compatibility 16 with international practices, but especially according to the goals and principles recommended by IOSCO Thirdly, provisions of Vietnam's securities laws not have regulations on management of public publication of public companies in the Upcom (Unlisted Public Company Market) and OTC markets (Over The Counter Market) 3.7 Sanctioning administrative violations of information publication of public companies on the stock market It can be said that the Securities Law and its guiding documents have created a highly effective, relatively complete, synchronous, uniform and comprehensive legal framework for securities and securities market contract with regulations on securities offering, listing, trading, trading, securities investment, securities and securities market services, state management, inspection, examination and treatment handling violations, settling disputes, complaints and denunciations related to securities and securities market Thereby, creating favorable conditions for Vietnam stock market to develop healthy, stably and solidly Current law has provisions on handling civil offence in the securities market in general and public information publication activities of public companies in the securities market in particular, including rules on compensation for damage to protect legitimate rights and interests of individuals and organizations when they are illegally violated In Vietnam, these provisions can be found in many legal documents, from the principle of Constitution to the provisions of the Civil Law and specialized legal documents However, in reality, handling of violations of public information of public companies on the stock market only prescribes the handling of administrative violations and regulations on civil treatment seem to be "extremely fuzzy", have never even been done in practice The regulation and concretization of crimes related to information publication 17 in the Crimail Law is a step forward in the application of legal responsibilities in the information publication field including information publication activities of public companies in the stock market However, the application implementation also has some obstacles such as criteria to consider "can greatly affect securities prices", "causing serious consequences", the actual operation of the market securities, prescribing low levels of consequences or illicit profits - that is, criminalizing an act that should have been applied only to administrative treatment - will not be consistent with current practice of handling violations in the stock market Conclusion of Chapter Chapter ORIENTATION AND SOLUTIONS TO COMPLETE LEGISLATION ON THE INFORMATION PUBLICATION OF THE PUBLIC COMPANY IN THE SECURITIES MARKET IN VIETNAM 4.1 Orientation to complete legislation on the information publication of the public compant in the securiries market in Vietnam Firstly, perfect legislation on information publication of public companies on the stock market to ensure that the stock market operates transparently and protects legitimate rights and interests of investors Secondly, perfect legislation on information publication of public companies on the stock market to remedy inadequacies of current law on public information activities of public companies on the stock market Thirdly, perfect legislation on information publication of public companies on the stock market to meet equirements of international integration for the stock market and public information actitivies of public companies on the stock market 4.2 Solutions to complete legislation on the information publication of the public compant in the securiries market in Vietnam 18 4.2.1 Regarding the subject, the deadline for information publication of public companies in the stock market In order to improve legislation related to the object, the time limit for information publication of public companies on the stock market needs to legalize the regulations on public publication of public companies on the stock market, specially, there are specific provisions in the upcoming amended and supplemented Law on Securities As follows: Firstly, about periodic information publication Secondly, about English information publication Thirdly, about required and optional information publication 4.2.2 Regarding the rights and obligations of public company in the information publication activity in the stock market Specify clearly about information publication methods, subjects, content of information publication as well as clarify clearly the information publication responsibility of major shareholders or investors owning more than 5% of closed fund certificates , group of related people and internal titles, related persons of internal people of public companies or public funds Help businesses operate more effectively because through information clearrness obligations , businesses need to make efforts to build their trust to investors and customers 4.2.3 The nformation publication method of public company in the stock market Firstly, although State Securities Commission has built an information publication system in the stock market on ids.ssc.gov.vn, it has only served one way and has no connection with Hanoi Stock Exchange and Ho Chi Minh Stock Exchange Therefore, the management agency needs to build and develop a system of digital stock exchanges based on electronic information pages with synchronous 19 connections Secondly, the market management agency needs to build a public information saving Center Thirdly, State Securities Commission should build a information publication development system 4.2.4 Protect legal rights and interests of inventors in the information publication activity of public company in the stock market Firstly, it is necessary to improve the legal regulations on information publication eassily to understand and simplely to applicate and enforce, clearly stipulate definition of related persons and regulations about related groups, the responsibility to disclose information to major shareholders / investors owning 5% or more for stocks and investment fund certificates; group of related people and insiders; and set information publication standards in group of companies based on capital size and “popularity” Secondly, need to enhance investors' responsibility in accessing and using information 4.2.5 Solutions to improve legislation on handling violations in information publication of public companies in the stock market Firstly, it is necessary to soon issue additional legal provisions related to the sanctioning of administrative violations in public information operations of public companies on the stock market, in order to enhance the publicity and transparency of the stock market, access to standards and international practices on information security on the stock market, protecting the legitimate rights and interests of investors Specifically, the proposed standardization of Information disclosure regulations on Vietnam's stock market; supplementing the liability of information security for major shareholders owning 5% or more of stocks and investment fund 20 certificates; groups of related people and company insiders; and regulations on CB standard by company group based on capital size and popularity Secondly, it is necessary to concretize criminal responsibilities for authorized people in information publication activities of public companies in the stock market Thirdly, improve principles of determining how to calculate damages to claim, regulations on how to calculate and prove the actual damage of investors arising from public acts Publication of false information, causal relationship between damage and violation acts, thereby "filling" the gap of the law to ensure that investors and related entities in the market perform rights and legitimate interests 4.3 Other support solution groups 4.3.1 Develop a set of information transparency indicators for public companies In Vietnam, since the stock market officially operated in 2000 up to now, there has not been any set of information transparency indicators applied to measure the transparency of public companies Therefore, Vietnam also needs to research and establish information transparency index for public companies on the basis of acquiring experiences of other countries In particular, Vietnam needs to apply Standard & Poor’s (S&P)’s criteria in building a transparency index in public publication activities of public companies Information application in information publication is evaluated based on the detail of detail of the three groups of information: the structure of equity and investor's rights (with 28 details); financial statements and business information (with 35 details); ownership structure and benefits of management levels (with 35 details) Detailed information is considered in not only annual reports, but also on the company's website and other means that the company must use to publicize information 4.3.2 Transparency of information published in Vietnam stock market 21 In parallel with the above solutions, transparency of information published in the Vietnam stock market should also be seriously considered, such as: strengthen management and improve efficiency, quality of independent auditing; continue to improve the enterprise accounting system in general and the system of financial reports in particular, towards the information publication activities to get the common standards and rules of the world 4.3.3 Improve information publication means Firstly, management agencies and public companies need to simultaneously develop a website-based digital information publication system Secondly, the market management agency needs to build a Published information storage Center to monitor the market more effective Third, encourage activities of providing professional information firms, especially when the stock market develops In addition, there also needs some solutions such as training public companies to enhance the responsibilities of public companies and investors for transparency obligation in the stock market or completing the violation handling mechanism for information publication violations in the stock market Conclusion of Chapter CONCLUSION Currently, studying legislation on public publication of public companies in the stock market in Vietnam is necessary for the integration process and reaching international standards and practices as well as recommendations of IOSCO's about stock market operations Over 20 years of establishing developing the securities law system in general and legislation on information publication of public companies in the stock market in particular, it have been built fully and completely, improved and helped 22 Vietnam's information publication activity to become closer to world standards From the above analysis, I draw some conclusions as follows: In chapter 1: The thesis clarifies domestic and foreign research situation on issues related to information punblication of public companies in the stock market including: research projects on information publication and legislation on information publication of public companies in the stock market, the status and practice of law enforcement on public information publication in securities market, orientation and solutions improving legislation on public publication of public companies in the stock market Then make assessments to comment on the achievements of related research projects, and also specify issues which the thesis can inherit and continue to study In Chapter 2, the thesis focuses on studying theoretical issues about public information publication of securities companies and evaluating the effectiveness of the law The thesis has focused on clarifying definition of public companies, public companies in the stock market, publication of information and laws on public information of public companies on the stock market The thesis has affrimed roles and necessity of public information publication of public companies on the stock market for the sustainable development of the stock market The thesis also points out the factors affecting regulate public information publication activities legislation legal structure of the public company in the stock market Studies in chapter show urgent requirements of the information publication activity of public companies in the stock market In chapter 3, the thesis clarifies issues related to the status of legislation on public publication of public companies in the stock market in Vietnam Thereby, give assessments and comments on the current status of the law on public publication of public companies in the stock market and point out the reasons of 23 some outstanding limitations in practice In chapter 4, the thesis provides necessary and basic orientation and solutions to build and improve legislation system on information publication of public companies on the stock market Accordingly, the thesis determines the orientation and solutions to improve the provisions of law on information publication of public companies on the stock market as well as improving the effectiveness of application of legal regulations in practice such as: improve legislation relating to object and time limit for information publication of public companies on the stock market; Rights and obligations of public companies in information publication activities on the stock market; Methods of information publication of public companies on the stock market; Protect legitimate rights and interests of investors in the information publication activities of public companies on the stock market; Sanction in information publication activities of public companies on the stock market; Other groups of supporting solutions (building a set of information transparency indicators for public companies and completing information publication means) On research results, PhD student has clarified some issues of theory, situation, orientation and solutions to improve the law on the content of information disclosure of public companies in the stock market in Vietnam However, because of knowledge and time limitations, I has not yet researched and evaluated the effectiveness of proposals to improve legislation system on information publication content of public companies in the stock market PhD student will continue to learn more about propound contents in later researches 24 ... information publication on Vietnam stock market had a distinction between listed and unlisted companies Accordingly, public joint stock companies participating in listing on the stock exchange must... standardization of Information disclosure regulations on Vietnam''s stock market; supplementing the liability of information security for major shareholders owning 5% or more of stocks and investment... considered, such as: strengthen management and improve efficiency, quality of independent auditing; continue to improve the enterprise accounting system in general and the system of financial reports in