Toward a well functioning securities market in vietnam

BOCÌGRÂL DIB SRTATĨON ỉr - - — Y a _ Ậ -Si /*v';r T7 -— ' -— •'■*' v/ k' Ỵ' ” ' *V y \ ỳ ^ *-~ M Ia T* '~ í r ••/• L ỊM áV E E â _ _ _ ::ĩ DOCTORAL IÌISSERTATION Nguyen Thi Anh Van SUBMITTED IN FULFILLMENT 01- THE REQUIREMENTS FOR TI 1E DEGREE F DOCTOR F LAWS AT THE NAGOYA UNIVERSITY GRADUATESCHOOL0FLAW April 0 - M a r c h 2003 ACAOEMIC ADVISKR: PROKKSSOR 11AMADA ìMICIIYO s l ỈB-ACADEMI C A I) VI s E KS: ASS OC IAT E PR OP ESS OR NAKA HIG ASH I MASAPU1V1I & ASSOCIA E PROPESSOR FRANK BENNETT THƯ VIỆN TRƯỜNG ĐẠi HỌC LÙẬTHÀNỎI PHỎNG ĐỌC g r a d u a i t ; SCiIOOL OF LAW NACỈOYA UNIVliRSlTY IAPAN D ec e n ìb cr 25, 2002 DOCTORAL niSSERTATION TOWARD A WELL FUNCTIONING SECURITIES MARKET IN VIETNAM Nguycn Thi Anh Van SUBMITTED IN KULPILLMENT OF THE REQUIREMENTS FOR Tỉ 1E DEGREE OF DOCTOR OF LAWS AT THE NAGOYA UMVERSITY GRADUATE SCHOOL OF LAW April 2000 - March 2003 ACADEMIC ADVISKR: PROPESSOR HA MA DA MICHYO SUB-ACADEMIC ADVISERS: ASSOCIATE PROPESSOR NAKAHIGASIII MASAPUMI & ASSOCIATE PROFESSOR PRANK 1ĨENNETT , THƯ VIÊN TRƯỜNG ĐẠI HỌC LUẬTHÀNƠ! I "ilONGDỌC A ị h í \ G R A D U A T K SC IIO O L OF L A W N A G O Y A U N IV LÌR SITY I A P A N D c e e m b c r 25 0 ACKNOWLEDGEMENT I vvould like to express my deep gratitude to Proíessor Hamada Michyo for her research guidance \\ hicli enables me to develop the theses o f the đissertation, for her time reading its earlier versions, and for her discussions and comments I am also indebted to Professor Nakahigashi Masaíumi for his comments on the earlier drafts of the paper, and his classes on Corporale Law where I acquired knowledge of the Japanese and American law of corporations, which vvas very much helpful for my rcsearch I am gratetul to Professor Prank Bcnnett for his guidance, which enabled me to shape the thesis statement and lay dovvn its basic plan at the time ỉ was altcnding his class on Law and ỉts Social Context, and also for his comments on the earlier drafts of the dissertation I am ihankíul to Professor Morigiwa Yasutomo and Professor Mastuura Yoshiharu for their classes from which my paper vvas benefited I would also like to thank Mr John Francis Drennan for his assistance with the linguistic aspects of the paper All errors and omissions remain those of mine I would like to extend my gratitude to the Japanese Ministry of Education, Science, Sports, and Culture (Monbukagakiisho) for their sponsorship of my research I YVOuld a l s o l ike to I h a n k t he V i e t n a m c s e lustice M i n i s t r y a n d Ma noi L a w U n i v e r s i t y íor iheir support, which enabled me to complctc my research I am greatly indebted to the Poreign Student Advisor, Ms Okuda Saori, ỉbr the advice and Help received from her írom time to lime, so lliat I could overcome diíTiculties during my stay in Japan I am a l s o g r a t e í u l to t h e l.n\Y L i b r a r y S l a l T l b r i h c i r k i n d n c s s a n d p a t i e n c e in g u i d i n g m e a s to how to makc use of reíerence malerials and olher library íầcilities when I fist came to the Građuate School ol Lavv Abovc all, I vvould 1ike to thank my parents, my husband, daughter, and sisters, \viihout vvhose continued lovc and support this thesis would never have been vvritten Ngu ven Thi Anh Van Nagoya University Graduate School oi’ l.a\v -lapan Dccember 25, 2002 II TABLE OF CONTENTS AcknowIedgcment List of A b b rev iatio n s ii ix INTRODUCTION CHAPTER I: The Economic System and the Nccd for a Sccuritics Markct in Victnam I An Overvievv of the Historical Devclopmcnt of the Economic System in V ie tn a m The Economic System before the Open Door P o licy The Economic System aíler the Open Door P olicy 6 10 II The Nced for a Securities Market in Victnam A Securities Market and Long Term Pinance for Businesses A Securities Market and the Promotion of the Equitization Process A Securities Market and the Mobilization of Funds from Domestic and Poreign Savings 15 15 17 III The Devclopment of Sccuritics Regulation in Victnam The Introduction ofSecurities Regulation An Overall Appraisal of the Corner Slone of the Securities Rcgulation; Dưcree 48/1998 20 20 23 CHAPTER II: VVhcther llie Disclosure Rcquircmcnts Promotc Cood lnformation FIow 28 I Public OlTcring and Listing Proccss Iindcr tlic Currcnt Securitics Rcguíation Public OtTering Listing P rocess 19 29 29 33 II VVhcther the Currcnt Disclosure Requircmcnts cnsurc the Availability, Timclincss, and Adcquacy of Inĩormation 35 Iníịrmation Disclosure Requirements under the Existing Regulation 35 a Disclosure bv IssuiníỊ Com punies 36 a ì Public ()/ferinq Disclosiire 36 (1.2 P e r i t ì d i c D i s c l o s u r e 39 U.3 Timcly D isclosiire U.4 Discỉosure ul the Request tìf Eilhcr the s s c or u Securilies TrculiniỊ C en ter 40 42 b T n i d i n I n /o r m c ilio n D i s c l o s i t r c R qitirem en l.s xvith R e s p e c l lo S e c u r i í i e s TraclinịỊ C n i c r s 43 c ỉn /o n n a lio n D iscỉosure in Tciulcr O Ịỳ c r s 44 111 Whether the Accounting and Auditing Regulation Well Supports the Information Disclosure R eg im e 47 How Has the Existing Disclosure Regulation W o rk ed ? CI Whether or noi the Existing ỉnỊormaúon Disclosure Requirements have been adequately en/orced b What are the Altitudes o f the 'Trading-Fỉoor-Ready Companies ’ Towards the Current Information Disclosure R eg im e? 57 How Does the s s c R ea c t? 64 57 61 III Whether the Scopc of the ỉnformation Disclosure Regime is Ađequatcly Adopted The Narrovv Scope of the Current Iníbrmation Disclosure Regime 66 66 What Might be the Consequences of the Narrow-Scope-Disclosure R egim e? 67 IV What should bc donc to Achievc bettcr Outcomes 1’roni the Inibrmation Disclosurc Regulation? A Call for Improvement of the Disclosure Requirements applying to those Who Make a Public OiTcring and lo Listed C om panies 70 70 The Necd for Disclosure Requirements Applying to Companies Whose Securities OiTerings not Fall Inlo the Purvievv ofthc “Public Olĩering”, and to Non-lisled Companies 74 The Need to adopt Comparable Accounlinu Rules and Independent Auditing 75 Possible Answers to the Practical Problems 77 CHAPTER III: VVhethcr tlic Anti-lVaud Kcgulation can Fostcr a Hcalthy Markct I The Currcnt Auti-iVaud Rcgulation and the Prcvention ()f Manipulativc and Dcceptive Practices Insider Trading Regulation and the Prevention of Short-swing T radin g Market Manipulalion Regulation and Slabilization I ransactions 79 80 so 85 Misinibrmation Regulation and the Prohibilion o f O m is s io n of I n lb r m a tio n 89 iv II The Existing Anti-fraud Regulation and the Promotion of a Liquid and Healthy Markcl Should Short Sales be Totally Prohibited? 91 91 Should Extension of Credit and Lending Securities (Margin Trading) be Entirely B anned? 97 III The Lack of Lcgal Bases for Investors’ Rights of Aetion and for Meaningfully Dctcrrent Sanction against Violations No Concrete Legal Bases for Rights of Action against Wrongful Conduct Only Administrative Sanctions against Violations IV The Future of the Anti-fraud Regulation Strengthening the Antiữaud Regulation and Enhancing the Eníbrcement M echanism a Short-swing Trading should be Put under C o n tro l b Stabilizing Activiíies should be L eg a liied c Omissions o f Moterial InỊormalion should be P rohibited d Concrete Rights o/Aclion and Meaningfully Deterrent Sanctions for Violations should have Legal Bases in the Securities Regulalion 99 99 102 103 103 103 104 105 105 Providing the Market with more Supporting Instruments (I, Shorl sale shtìiild nol he totally prohibited b MaríỊÌn Tracliní' shouỉd be cilltìxvetl within a cerlain ihreshơld 107 107 107 Eliminating Technical Deiìciencies 108 a C r ea lin iỊ D e fin itio n s un a N u n ib e r ()fSiỵniJìccm l T e r m s 108 b Eliminalinq Inconsistencies in DìỊịcrenl Legal T e x ls 108 CHAPTER IV: \Vhethcr Securitics ProfcssionaIs arc Adcquately Regulated 110 I Regulation of Conllicts of Interest and the Safc(y of Pubic Invcstors Securities Firms in General Brokerage and Dealing Activities can be combined into One Securities Firm in the Absence oTNecessary Regulalion of Contlicls oi' I n t e r e s t II Regulation of the Involvcmcnt of Banks in the Securities Markct The Involvement of Banks in Securities Markcts: Overseas Experience - Lessons for V ietnam a The u s Experience b The Eỉiropean Expcriencc c T h e Jci/)cin E x p e r i e n c e 110 110 114 121 121 121 127 128 V Whether an Entire Prohibition of Direct Involvement o f Banks into the Vietnamese Securities Market will Result in Good O utcom es III Future Regulation of Securitics Professionals The Need for Concrete Provisions Regulating Conílicts of Interest betwcen Securitics Firms and Their C ustom ers 130 132 132 No Need for Indirect Involvement of Banks in a Number of Securities Business Activities 133 The Need for More Concrete Provisions Regulating Banks and Securities Subsidiaries 134 CHAPTER V: Whethcr the Exchange Markets arc Well Organizcd 135 I Stock Exchanges and the Securitics Industry: Past and Present Mutual Form oíStock Exchange Corporate Forin of Stock Exchange Reasons for Demutualization Matters of Concern about the Consequences of DemutuaIization 135 135 137 138 142 II The Lcgal Structurc of thc Victnamcse Exchange Markets in Rclation to an Effcctivc Market 145 S c c u r i t i e s T r a d i n g C e n t e r s a s N o n - p r o l l t O r g a n i z a t i o n s t h a t B e l o n g t o the s s c 145 The Uncertain Legal Structure oi'the Planned Slock Exchanges 150 III A Dcsirable Motlcl for Futurc Cxchangc Mark cts 154 CHAPTER VI: Whcther the Markct Rcgulatory System can Ensure that thc Sccuritics Regulation vvill bc Wcll Enĩorced 157 I Sccuritics Rcgulatory Systems: A Tlicorctical Analysis Securities regulatory system in general 157 157 P u b lic r e g u l a t i o n 159 Selí-regulatory System 160 II Employing an Appropriate Rcgulatory System: the Experience of the u s and Japan ; The u s Securities Regulatory S y stem T h e J a p a n 's S e e u r i t i e s R e g u la t o r y S y s t e m : Past and P r e s e n l I I I T Ỉ 1C C u r r e n t V i e t n a m e s e U c ị Ị u l a t o r v S y s t e m : 11 D c p e i u i c n t 164 164 168 Public VI Regulator acting in the Abscnce of an Important Sclf-regulatory System The Absence of an Important Self-regulatory S y stem The SSC: Lack of Independence, and Being Inadequately empowered a The s s c Structure and Personnel b The s s c P o w ers b.l Rules-making P o w ers b.2 Administrative P o w ers IV The Future Rcgulatory System over the Vietnamese Securities M ark et A Single Public Regulator or a Self-regưlatory System or a Combination of the Two: Which Model should be Chosen for the Future Regulatory S y stem ? What Should Constilute a Self-Regulatory System over the Vietnam Securities M arket? CI Stock Exchanges as Self-Regulatơry O rganizatiom b Other Self-Regulotory Organizations Necessary fo r a Healthy M a rket A n id e a lS S C a IVhat Funn o fS S C is besl fo r Vie í n a m ? b The s s c Roỉe.s in Enfoixing Sccurities Ỉ M W CHAPTER VII: Suggcstions for a Bcttcr Opcrntional Sccuritics Market in Victnam I Pcasiblc Schcdulc for Law Rcform II Enhaneing the Effcctiveness ofa Future Information Disclosurc Rcgimc Future Disclosure Requirements Applying to those Who Make a Public OlTering and to Li Steel Com panies 171 171 172 172 173 174 174 182 182 184 184 185 186 186 187 189 189 190 190 New Iníbrmation Disclosure Regime Governing Those Whose Securilies OíTcriims not fall into the Purview oi'the “ Public OỉTering” and Non-listed Com panies 191 The Neeci for Comparable Accounting Slanciards and Adequate Auditing ỉlegulation 191 Ansvvcrs to the Practical Problems ol'Non-Compliance vvilh Ihe Current Disclosure Retĩim e 192 vii III Strengthcning the Anti-frau(J Regulation Puture Antiíraud Regulation and Entbrcement M echanism a New Regulcition o/Short-sw ing T r a d in g b New Legcil Basis fo r Stabilizing A cíivilies c Prohìbition o f Omissions o f Matcrial Information d New Legaì Bases for Righls o f Actkm cmd for Sonctions against Violations 193 193 193 194 194 194 New Supporting Instruments for a Future M a rk e t a Margin Trading should be allo\ved wiihỉn a Certain Threshold b Short Sale shouỉd not be totally p ro h ib ited 196 196 196 Eliminaỉing Technical Deíiciencies 196 IV Completing Future Regulation of Sccurities Profcssionals Conílicts of Interest Issu es Banks and the Securities M ark et Banks and their Securities Subsidiaries 196 196 197 197 V Institutional Rcĩorni A Desirable Model for Puture Exchanue M arkets 198 198 An Ideal s s c a The Fonn tíf CI Fulure s s c 199 199 b The s s c 's Powers in the Fulurc The Need for a Selí-regulatory System 199 200 Bibliography 201 VIII - D ecree 44/1998/N D -C p Jun 29, 1998 D ecree 64/2002/N D -C P Jun 29, 2002 D ecree 59/CP Oct 3, 1996 D ecree 27/1999/N D -C P Apr 20, 1999 D ecision 211-Q D /N H l Sep 22, 1994 D ecìsion 212-QD/NH1 Sep 22, 1994 C ircular ] -T C /K B N N N o v L 1994 D ecree 24/2000/N D -C P Jul 31, 2000 C ircular 13/2001/TT.TBC Mar 8, 2001 e Securiíies and Securiíìes Markets - D ecree 361-TTg Jun 20, 1995 - D ecree 75-CP N o v , 28, 1996 - D ecree 48/1998/N D -C P Jul 11, 1998 - D ecislon 127/1998/Q D -TT Jul.l l, 1998 - D ecision 78/2000/Q D -U BC K Dec 29, 2000 - D ecision 79/2000/Q D /Ư BC K Dec 29, 2000 - D ecision 04/1998/Q D -Ư BCK3 Oct 13, 1998 - D ecision 04/1999/Q D -U B C K l Mar 27, 1999 - D ecision 42/2000/Q D -U BC K Jun 12, 2000 - D ecision Ị 45/1999/Q D -TTg Jun 28, 1999 - D ecision ỉ39/1999/Q d-T T g Jun 10, 1999 - D ecree 72/CP Jul 26, 1994 - D ecree l/2 0 /N D -C P Jan 13, 2000 - Decree 22/2000 Jul 10, 2000 - C ircular 01/1998/TT-Ư BC K Oct 13, 1998 - C ircular 02/200Ỉ/T T -U B C K Sep 28, 2001 - Circular O l/1999/T T -U B C K l Dec 30,1999 f Taxes - Turnover Collection Reọim e Applying to State Enterprises (Decision 188/CT lun 21, 1988) - Reẹulation on Industriaỉ-C om m ercial Tax (Resolution No 200.NQ/TVQH) - Orcỉinance on Agriculture Tax o f 1983 - Turnover Tax Act o f 1990 - Profits Tax A ct o f 1990 - Special Consum ption Tax A ct o f 1990 - Ỉm port-E xport Duties A ct o f 1988 - R oyalty A ct o f 1990 - H ouse a n d L and Tax A ct o f 1991 - Volue Acỉdecỉ Tax A ct o f 1997 - C orporate Incom e Tax Act 1997 203 - O rdinance on H igh Incom e Earners Tax o f 1994 g Oíhers - C onstitution (1992) - C rim inal Procedure Code - O rdinance on Procedure fo r Settlem ent o f Civil D isputes II CA SES - C harles H ughes & Co V S E C { 1943) - C hasins V Smith, Barney & Co (1971) - C h ia rella v U nited States (1980) - K ardon V N ational G ypsum Co (1947) - Schreiber V Burlington N., Inc (1985) - S E C V C apital G ains (1963) - S E C V H anly (1969) III BOOKS Foreign Books: 1.1 Alan R Palmiter, "Securities Regulaíion: Exam ple & E xplanation ” (1998) 1.2 Bayless M anning & James J Hanks, Jr “L egal C a p ita l” (3rd Ed 1990) 1.3 David L Ratncr, “Securities Regulation ” (1998) 1.4 David L Ratner, "Securities Regulation: M aterials fo r a Basic C o u rse” (3rd Ed 1986) 1.5 D E Ayling, "The Internationalizalion o fS to c k M arkets" (1986) 1.6 Pranklin A Gevurt, “Corporation L a w ” (2000) 1.7 George J Benston, "The Separation o f C om m ercial & Investm enl B a n k in g ” (1990) 1.8 Hal s Scott, Philip A Wellons, “International Finance: Transaction, Policv & R egidation " (6th Ed 1999) 1.9 Hiroshi Oda, “Japanese L a w ” (2nd ed 1999) 1.10 Japan Research Institute, "Securities M arket in Japan ” (1998) 1.11 Jennings, Marsh, Coffee, and Seligman, “Federal Securities Laws: Selecteci Stalut.es, R ules and F o n n s ” (1999) 1.12 Jordi Canals, “U niversal Banking - International Com parisons & Theoritical Perspectives ” (1997) 1.1.3 Louis Loss, “Fundam entals o f Securities Regulation ” (1988) 1.14 Louis Loss & íoel Seligman, "Pundam entaỉs o f Securities R eg u la tio n ” (2001) 1.15 Louis Loss, M akoto Y azawa & Barbara Ann Banoff, "Japanese Securities R egulation ” (1983) 204 1.16 Marc I Steinberge “International Securities Law: A C ontem porary & C om perative A nalysis ” (1 st Ed 1999) 1.17 N s Poser, “International Securities Regulation: L o n d o rìs ‘Big B a n g ’ & the E uropean Securities M arkeís ” (1991) 1.18 “O saka Securities Exchange: F act B ook 1999 ” 1.19 Patrick Raines & Charles G Leathers "Econom ists & the Stock M a rk e t” (2 0 ) 1.20 Robert Charles Clack, “Corporaíe L a w ” (1986, 12th printing) 1.21 Thom as Lee Hazen, "The Law o fS ecu rities R egulation" (1985) Vietnamese Books 2.1 "D ocum ents o f the Sixth N ational Congress o f the C om m unist P arty o f Vietnam ” (1987) (Van kien Dai hoi Dang toan Quoc lan thu VI) 2.2 Nguyen Tran Que, "Securities M arkeí: O perational & Trading M e th o d s” (1996) (Thi truong Chung khoan: Phuong thuc hoat dong va kinh doanh) 2.3 Nguyen Van Luan, Tran Quoc Tuan, & Ngo M inh Chau, Securiti.es M a rk e t” (1995) (Thi Truông Chung Khoan V ietnam ) "Vietnam 2.4 Tran Duong, “Thirly Years: M oney, Credit, B anking in Vietnam: Ỉ951 ỉ ỉ ” (1981) (Ba Muoi Nam: Tien te, Tin dung, Ngan H ang Vietnam: 1951 1981) IV PER IO D IC A LS F o reig n P eriodicals: 1.1 A m erican University International Law Review (1999)14: Jennifer Manvell Jeannot, “An International Perspective on Domestic Banking Reform: Could the European U nion’s Second Banking Directive Revolutionize the Way the United States Regulates its own Financial Services Industry?” (1999) 14 AUỈLR ì À ustralian Journal o f C orporate Law>: (1999) 10 & (1996)6: Frank Donnan, “Selí-regulation and the Demutualization o f the Australian Stock Exchange” (1999) 10 AJCL Roman Tomasic, “T he Securities Lavv o f the P eo ple’s republic o f China: An Overvievv (1999) 10 AJCL Judith ’Hare, “Regulation o f the Securities Industry in Honíỉ Kong: The Securities and Pulures Commission” (1996) AJCL 1.3 B erkeỉcy Teehno/oqv Lcnv lournal (2002) 17: 205 - Jolina c Cuaresma, “ Business Law: The Gramm-Leach-Bliley A ct” (2002) 17 BTLJ 1.4 Boston Colỉege o f International & Comparative Law R eview (2002) 25: - N orm an Brown IV, “The Long Road to Reform: A n Analysis o f Foreign Investment Reform in V ietnam ” (2002) 25 BCICLR 1.5 Brooklyn Journal o f International L aw (1998)23: - Gustavo Visentini, “Compatibility and Competition Between European and American Corporate Governance: vvhich Model o f Capitalism?” (1998) 23 BJIL 1.6 C arzodo Law R eview (1994)15: Jonathan R Macey, “Administrative Agency Obsolescence and Interest Group Formation: A Case Study o f the SEC at Sixty” (1994) 15 CLR 1.7 C olum bia Business Law Review (1987), (1991): Larry Zoglin, “The Global Securities Market: Insider Trading in Japan: A Challenge to the Integration o f the Japanese Equily Market into the Global Securities M arket” (1987) CBLR - Shen-Shin Lu, “Are the 1988 Amendments to Japanese Securities Regulation Lavv EíTective Deterrents to Insider T rading?” (1991) CBLR 1.8 C olum bia Journol o fT n sn a tio n a l Law (1999)38: Roberta s Karmel, “The Case for a European Securities Commission” (1 9 )3 / 1.9 C olum bia Law Review (2002) 102: - John c Coffee, “ Racing Towarđs the Top? 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Binh quan ca nuoc chi co 20% doanh nghiep thuc hien” [Pinancial Statement Avoidance? On Average, only 20% o f Enterprises Nationavvide have Financial Statements Filed] Thoi bao kinh te Viet nam (Sep 24, 2001) - Anh Thi, “Ngai niem yet chung khoan? Xem xet dieu kien thich hop cho cac doanh nghiep” [Hesitancy o f Being Listed? Consitlering Appropriate Requirements Imposed on Enterprises] Thoi bao kinh te Viet nam (May 1 , 0 ) 2.5 Vietnam Investment Revievv (Jan 1995): “ n a b le to M ake the Big Leap, Cooperatives Face Extinction”, Vietnam Investm ent Review (Jan 1, 1995) V REPORTS “Report on Special Study o f Securilies M arkets o f the Securities and Exchange C om m ission", H.R Doc No 95, 88th Cong.m ls t Sess (1963) “C oncept Release; Request fo r C om m ents”, Proposed Rules (SEC) 17 C F R part 240 [Release No 34-42037; File No S7-24-99] RIN 3235AH84, Short Sales Vietnam Ministry o f Investment and Planning, "Report on One Year ỉm plem entation o fth e Enterprise A c t" (Mar 28-29, 2001) 211 VI U N PU B LISH ED & W O R K IN G PAPERS - Joel Seligman, “What can We Learn from Enron”, (Paper delivered at a special lecture conducted by Professor Joel Seligman on “Securities R egulation in the United States”, held by Nagoya University, Center For Asian Legal Exchange (CALE), May 23, 2002) - Paper delivered at a coníerence held on “Pincmciaỉ and the D evelopm ent o fV ie tn a m Securities M a rket", held by the Financial Research Institute, Pinance Ministry, Ho Chi Minh City, May 22, 2001 - Tran Cao Nguyen (et al.), " Vietnam Stock Exchanges: O rganừation, M anagem ent & S u p ervisio n ”, s s c Working Paper (CK-99.03) (1999) - Tran Dac Sinh (et al.), “Fundam entals in M anagem ent, Organization, O peration, and D evelopm ent o f Securities Trading Centers in Vietnam ”, the Ho Chi Minh City Securities Trading C enter’s Working Paper) (2000) VII W EBSITES hltp://w w w austlii.edu.a u : - A ustraỉian C orporation Act 2001 http://apecscc.ora.sg: “ V ietnam ”, APECA Press Release http://ase.tufts edu David o Dapice, “V ietnam ’s Economy: Responses to the Asian Crisis” ỉ ì t t p : / / w \ v w c e p c i & o v t v v / e n » l i s h / s p e c i a l : ‘'Expediting the Privatization o f State Ovvned Enterprises in Taiw an” (Feb 2001) http://w ww.csrs.aov.cn/CSRCsite: - Securities Law o f the People 's Republic o f China 1998 h t t p ://w w w ■c x s ■c o m ■kV “ The Cayman Island Stock Exchanse" h U p : / / ỉ ì n a n c i a l s c r v i c e s Ỉ H ) u s e o o v m c ( ỉ i a / p c l l ~ 21 Representative Max Sandlin, “ Statement for Financial Services Committee Hearing, - Wrong Numbers: Ihc A ccounting Problems aí W orldCom ” (Jul 8, 2002) http://www.forbes.com/markets/newswire - “ U K ’s LSE Chairman Blasts s Corp Reform Act” (Dec 9, 2002) Reuters http://fsa.go.ip - “ Securities and Functions” Exchange Surveillance Commission: History and 10 h t t p : / / w w w h a r t f o f d - i w p c o m - “ Unable to Make Big Leap, Cooperatives Face Extinction”(Jan 1, 1995) Vietnam Investm ent Review 11 http://vvwvv.hksfc.org.hk/chi/press releases/html Laura Cha, “ Securities Market Reform: The Hong Kong Experience” 12 hltp://wvvw.inquirer.net/issues/nov2000 - Doris c Dumlao, “ State F unds’ Participation Demutualizalion” Philippines Daily (Nov 6, 2000) Key to PSE 13 http://www.IOSCO.org;: S C , “Obịecíives and Principles o f Securities Regulation - A Report o f the International Organization o f Securities Commissions: September 1998” : ỈO SCO D ocum ent Library 14 h H p : / / v v w v v 1a v v i n l o c h i n a c o m G uo Li, “The Collapse o f the Glass-Steagall Wall and its Potential ỉm pacts on China’s Banking law”, Legal Forum F eatured Article 15 h t t p : / / \ v w w 1a o d o n g c o m V n : - “ C ong ly TN HH Thien Ho (TPHCM ) chiem doat tien BHXH: cong nhan khoi kien C0112, ty toa!” [Thien Ho Ltd Co.: Usurping Social Insurance Fees - Workers Sued at a Court o f LawJ, Bao lao dong (Aug 6, 2002) 16 http://www.lexis.com "V ietnam 's First Securities Centre Expected to Open in 1999” (Nov 11, 1998) ASỈA PULSE 213 - - - - - “Vietnam to Del áy Opening Hanoi, HCM City Stock Exchanges” (Nov 25, 1999) ASIA PULSE “Vietnam Stock Exchange Opening Delay another W eek” (Jul.3, 2000) D eutsche Presse-Agentur “Developments in Corporate Law in Vietnam: Overview o f Legislative Reforms in V ietnam ” (Apr 2J, 2000) M ondaq Business Briefing Paul Wiseman, “Vietnam Stock Market sees law start, steady growth” (Nov 17, 2000) USA TODAY “V ietnam ’s Finance Minister says SOE Equitizations M ust go Faster” (Dec 24, 1999) ASIA PULSE Indira A R Lakshmaman, Globe Staff, “Veitnam Takes Slow Road Toward Capitalism Stock Exchange Opens to Trade only Stocks” (Nov 27, 2000) The Boston Globe “Dirty Play Drives Market o ff Course” (Jul 16, 2001) The Vietnam Investm ent Revie\v, E m erging M arkets Datạ/ìle Nguyen Hong, Xuan Son, “Hapaco Slock Up Despite STC Alert” (May 28, 2001) The Vietnam Investm ent Review, Em erging M arket Datafile N guyen Son, “Listing Sxveetener Consider” (Oct 8, 2001) The Vietnam Investm ent Review “Proíit Hard to Come by íbr Vietnam Stock Brokers” (Oct 31, 2000) D eutsche Presse-Agentur “ Vietnam is set to Launch Stock Exchanges in July” (Apr 24, 2000) AS1A PULSE “Vietnam Stock Exchange Set to Launch Trading” (Jul 25, 2000) D eutche Presse-Argentur Vu Long, “ Forty Firms Mcet Listing Criteria, But all Remain Hesitant” (Nov 20, 2000) The Vietnam Investm ent Review, E m erging M arket D ota/ìles Vu Long, “Enthusiasm Sinks for Porced Floats o f Equitized Firms” (Aug 13, 2001) The Vietnam Investm ent Revievv, E m erging M arkets Datafile Vu Lonơ, “ Exchange Sets Course for Bank Listings with Legal Fram ew ork” (Jul 9, 2001) The Vietnam ỉnvestm ent Review, Em erging M arket Datạ/ìle Xuan H a “Joint Stock Banks Change Minds on Bourse Listing” (Sep 10, 2001) The Vielnam Investm ent Review, Em ergỉng M arket Datafile Xuan Son, "Disclosure Rules Set for ‘Tightening’” (Feb 5, 2001) The Vietnam Investm ent Review, E m erging M orkets Datafile Nguyên Hone, “ Equitized Firms Necd kNotarized Tradins, Facility’” (Sep 4, 2000) The Vietnam ĩnvestm enl Review, Em erging M arkets Datafile 21 - “ Opinion Differ 011 Hanoi Bourse Role” (Ocl 1, 2001) The Vieínam Inveslm ení Review, Em crging Mcirkets Datafile “V ietnam is set to Launch Slock Exchanges in July” (Apr 24, 2000) AS1A PƯLSE 17 hĩtp://w w w londonstockexchange.com - “ London Stock Exchange: History” 18 http://www.mafa.gov.vn - “V ietn am ’s Economic Renovation and its Main A chievem ents”, M ain M acro-econom ic Indicators 19 h u p ://wwvv.nh an d an ■0r g ■Vn : - “ Lich Su Viet nam ” 20 http://vvw w nul.naaoya-u.ac.ip/ R ichard A Grasso, “Investor Ovvnership o f Stock Exchanges” (Sep 28, 1999) F D C H Congressional Testìmony, - GriíTin Keith, “The Management o f Structural Adjustment and M acroeconom ic Reform in Vietnam” (1998) (17) (1) H um an System M anagem ent 21 h ttp ://w w w p h illip s ro x c o n z : “Victnam Legal Update” Part IV: Equitization Issues 22 http://risk.iici.ch - Em erging Market Committee, IOSCO, “The Causes o f the Asian Financial and Economic Crisis” from the interim report “Causes, EíTects and Resulatory Implications o f the Pinancial and Economic Turbulence in Em erging Markets” 23 h t t p : // w w w r A i s e r u n i h e i d e lb e r iz d e - Kirsch, O ttữ ied c , “Vietnam: Agricultural Cooperatives in Transitional E conom ies” D iscussion Paper 59 h u p :/ /w •\'VXV■s e n a l c g 0-v / ~ b a n k i n g : - Henry M Paulson ‘‘Hearing on the ‘Financial Marketplace o f the F u ture’” (Feb 29, 2000) Senate Banking Com m ittee F in a n cia l Services Mocỉernization A ct o f 1999 25 h ltp://\v\v\v.stalc.iZov: 215 - “ Country Commercial Guides Investment Climate FY 1999: V ietnam ”, Chapter VII: 26 http://www.tradeport.org/ts/countries/vielnam “Vietnam Trade and Prọịect Financing” 27 http://www.tse.org.jp/english “Tokyo Stock Exchange: History” 28 http://www.vneconomy.com - “ Seeing a Com prom ise” SGT Weekly (Dec 8, 2001) - “Readying the Stock M arket for Healthy Acceleration” (Feb 11, 2001) Vietnam Econom y “Regulator to Pilot OTC Stock Trade” Vietnam Econom y - Tron bao cao tai chinh? Binh quan ca nuoc chi co 20% Doanh nghiep thuc hien” [Financial Statement Avoidance? On Average, Only 20% o f Enterprises Nationwide Have Financial Statements Filed] (Sep 24, 2001) Thoi bao kinh te Viet nam [Vietnam Econom ic Times] 29 http://\vwvv.vnexpress.net/Vietnam/Kinli-doanh/Chung-khoan - “Thi truong chung khoan thieu thona tin'' [Securities Markets Fall short o flnfo rm atio n] (Nov 29, 2001) “ N dau tu van doi thong tin” ỊStill Investors in ‘H unger’ for Iníbrmation] (Apr 27, 2002) "N hieu cong ty niem yet vi pham viec cong bo thong tin” [Many Listed Companies Violated Iníbrmation Disclosure Requirements] (Nov 22 2001 ) - “Them hai doanh nehiep nhan 2,iay phep niem yet” [Two more Companies Obtainina Listing Certi Hcate] (Dec 24, 2001) D au tu chung khoan [Seciirities In vestm en t] 216 - “Nha dau tu mat long tin vi doanh nghiep khong trung thuc” [Investors Lost Coníìdence Due to Enterprises’ Dishonesty], D au tu chung khoan [Securities Investm ent] (Sep 5, 2002) - “Gia co phieu tren thi truong tu tang m anh” [Stock Prices in Free M arket Sharply Increase] (Oct 23, 2002) 30 http://www.vietnam panoram a.com: “State Owned Enterprises: Govt Determined to Push up SOEs Reform ” 31 http://vinsight.superb.net: - “Obstacles Ahead for Lauded Vietnam Business L a w ” 32 http://www.vnn.vn/investment/business “Business Environment - Banking and Pinance” 33 http://www.web.acces.uiuc.edu/ “ 1998 World Development Indicators C D -R O M ”, VVorlcl Bank 34 htlp://w w w vvorldbank.org/ - “A dvancing Rural Development from Vision to A ctio n ” Noeleen Heyzer and Marlin Khor, “The Asisan Piancial Crisis: Causes, Consequences and Ways Forward” 217 ... tbreigners and foreign entiũes in the securities market According to this chapter, foreign or°anizations and individuals can take part in the Vietnam securities market by purchasing, selling, and tradino,... requirements, in the anti-fraud regulation, in the regulation o f securities professionals and in the market structure, as well as in the management apparatus o f the markets A nalyzing these problem s and... other m arkets that are ready or approaching readiness for an increasingly s,lobalizina trend if its law and regulation are not standardized and harmonized with the olobal tendency This would also