They agreed that the amendments are necessary to promote capital market development, streamline administrative procedures, encourage innovation and digital transformation, enhance market safety, and protect investors’ rights and interests.
Tran Anh Tuan, a deputy from Ho Chi Minh City, said: “The current Law requires custodian banks to meet minimum capital adequacy ratios, demonstrate profitability in the most recent year, and have the necessary facilities and equipment for custodial operations. The draft law removes all three requirements. I support this change, as it reduces licensing conditions and simplifies administrative procedures.”
Deputies pointed to several obstacles concerning requirements for legal representatives, professional qualifications for general directors, and remuneration policies for human resources and proposed solutions to improve capital flows while maintaining market stability and safety.
To Ai Vang, a deputy from Can Tho city, said: “The Chairman of the Board of Directors primarily provides strategic direction, coordinates capital flows, and attracts partners. The role does not involve personally working on the trading floor or executing technical trading orders. When major global financial fund management groups invest in Vietnam, they often appoint international executives as chairpersons to shape their strategic vision and expand their global client networks."
"Maintaining the current requirement for a Chairman of the Board of Directors to hold a specialized professional practice certificate would create a significant administrative bottleneck and make Vietnam less attractive to foreign capital. I propose that this certificate requirement apply only to the General Director (CEO) and Deputy General Directors directly responsible for specialized operational areas,” said Vang.
Other deputies proposed adding a provision affirming the State’s responsibility to adopt appropriate policies and measures to protect investors’ legitimate rights and interests in the stock market.
