Starting from zero, the Vietnamese stock market has overcome many ups and downs to get the current scale, which is aconsiderable achievement. It wassaid by Dominic Scriven, OBE, Chairman of Dragon Capital Group on 20 years of development of Vietnam’s stock market.

Mr. Dominic Scriven, OBE, Chairman of Dragon Capital Group  

Dragon Capital Group has accompanied Vietnam’s stock market since the first days of launching. Witnessing the development of Vietnam’s stock market, what do you think about this process?

Regarding the development of Vietnam’s stock market over the past time, I would like to mention two concepts.

The first concept of “from zero to achievement” is a very important thing. The establishment of stock security has created a concept that Vietnam has never had before. Creating things that Vietnam has not experienced is very difficult, of course it has learned from the experience of countries that have stock markets, but it must implement them in a way that is suitable for Vietnam. Starting from zeroto onecan be called creating "life" with the concepts of the stock market.

The second, when creating “life” for the stock market, we have to maintain and develop this “life”. We must have concepts about building and developing the stock market, increasing its scale and developing theoperation scale and role of the stock market.

Thus, after 20 years of establishment and development, it can be seen that Vietnam’s stock market every year has developed more impressively than the previous year, and founders and drivers of the stock market can absolutely be proud of this.

Many have said that each stock market must play an important capital mobilization channel for the economy and finance sector. In your opinion, the Vietnam’s stock market performed well this role?

As we know, in Vietnam’s financial system, the banking system is the oldest, the most specialized and best known. In addition, there is the capital market.If we compare the capital market including the stock market and the bond market, I think the scale of the capital market is not much lower than that of the banking market.

In terms of scale, in the past 20 years, the capital market has grown the same as the scale of the banking market. Currently, we cannot say that the capital market is new and small. It may be correct; the Prime Minister has provided policy on the support and development of the State in the medium and long term, of the budget, of businesses to have access to the capital market rather than another market. Therefore, the role, potential and future development of capital markets are very optimistic and have great tasks. This is both a challenge, an opportunity and an honour for Vietnam's capital market.

For the development of the fund industry, the investment fund is one of the subjects that started operating on the stock market from the beginning. How do you evaluate the operation of fund management companies in Vietnam?

A fund management company is one of the members of the market, including listed companies, issuing bonds, stocks, securities companies, stock exchanges, other agencies and enterprises, custodian banks that all were present from the beginning and have developed to this day.

However, in fact, in recent years, the fund management industry has also developed but to develop faster, it is a long term and there are many things to do to create reliable capital sources and actions with the responsibilities of professional shareholders to increase governance.

In the near future, to continue attracting investors to fund management companiesis a necessity that needs further attention. Fund management companies have also worked and researched with policymakers, experts and staff of the State Securities Commission of Vietnam on how fund management companies are part of the plans of investors.

In addition, funds should also exchange, explain, persuade and attract the attention of investors so they feel the investment must be worthy. This is what funds have to do. Currently, some fund management companies have made great efforts to do this, some of them still have difficulties but such competition is to build a developed market together.

One of the important milestones for Vietnam's stock market in the near future is that the revised Securities Law will come into effect on January 1, 2021. What expectations do you have for the stock market in the near future?

The Securities Law will take effect on January 1, 2021, I and people interested in this field expect the management agency to issue guiding decrees and circulars soon to put the law into operation. This is the most important, and other things will come.