Cập nhật Phát triển chứng khoán xanh dần trở thành hiện thực
Cập nhật thông tin mới nhất về Phát triển chứng khoán xanh dần trở thành hiện thực
Green stock market
“If the apartment is according to international standards, Vietnam currently does not have green securities products. However, in terms of the nature of these products, green bond products have begun to appear on the Vietnamese stock market. These are government bonds, government-guaranteed bonds and local government bonds to finance irrigation, environmental protection, wind power projects…”, Ms. Nguyen Thi Hoang Lan, Deputy General Director Director of the Hanoi Stock Exchange (HNX) said at the seminar “Building a oriented framework for green finance and green financial products for Vietnam’s stock market”, co-organized by the Securities Commission and the German Development Cooperation Organization. (GIZ) just held. The seminar attracted many securities companies, fund management companies, domestic and international experts to attend.
As the focal point for organizing transactions in the Vietnamese bond market, according to the HNX, the legal framework for green bond development has so far been shaped in: Decision 1393/2012 of the Prime Minister, approved by the Prime Minister. National strategy on green growth; Decision 403/2014 of the Prime Minister approving the National Action Plan on green growth for the period 2014-2020.
Especially, recently, on October 20, 2015, the Minister of Finance issued Decision 2183/QD-BTC approving the Action Plan of the financial sector to implement the National Strategy on Green Growth until 2020. 2020; Legal documents provide investment orientation for projects of green nature such as projects on irrigation, wind power, solar cell production…
However, the development of green bonds is facing many challenges due to the lack of common standards on green standards and green bond input. Initial costs for green projects often have higher capital requirements than other projects and are subject to high capital cost risks…
As noted by the Ho Chi Minh City Stock Exchange. In Ho Chi Minh City (HOSE), the investment demand for sustainable development in Vietnam has been quite clear, when there is a SSI Sustainable Competitive Advantage Investment Fund in the market, managed and focused by SSI Fund Management Company. invest in listed companies with sustainable competitive advantages. In addition, the Mekong Brahmaputra Clean Development Fund LP (closed fund) managed by Dragon Capital, currently focuses on investing in areas using clean technology in the Mekong region, including Vietnam…
In order to promote the development of green securities products in the coming time, domestic and foreign experts believe that regulators need to soon form a synchronous legal framework from standards for products such as bonds. green, green index… to tax and fee support policies to encourage the development of these products.
“The impetus for green finance development lies on the part of policy makers by providing a specific roadmap on: policy preparation, funding, implementation. During the implementation process, there should be a close connection between the regulatory agencies, the Stock Exchange, enterprises … “, Mr. Michael Abraham, co-CEO of Concerto Financial Services Company (Germany) recommended and let that, in order to start the trend of investing in green securities, Vietnam should start from building and deploying a green index.
Market organizations need to understand the specific requirements of investors to develop corresponding green indicators. If this is done soon, Vietnam can become the first country in Indochina to have a green index, thereby increasing the prestige of the Vietnamese stock market.
The first step of legalization
“In the appendix to Circular 155/2015 of the Ministry of Finance guiding the disclosure of information on the stock market, replacing Circular 52/2012/TT-BTC, there are requirements for listed companies in the disclosure of information. believe in sustainable development. This is the first step towards the development direction of institutionalized green securities…”, Vice Chairman of the Securities Commission Nguyen Thanh Long said, adding that the SSC looks forward to the coming time, with the support and coordination of various stakeholders. Ministries, sectors, related units and with the support of GIZ and SSC, can build and deploy a legal framework on green finance as well as green financial products for businesses operating on the stock market.
Mentioning in detail the orientation to building a legal framework for the development of green securities products, Mr. Nguyen Son, Director of the Market Development Department, SSC said that the regulatory agency will establish a green financial framework for green securities. capital market activities such as: promulgating regulations and conditions when listing shares (green listing), reporting (in sustainability reporting) and monitoring (according to green financial criteria).
Develop a project to develop products of the green capital market, including: green bonds are bonds of green enterprises, issued for green projects or green products; government bonds and local government bonds for green programs and projects; a set of green indicators (sustainability index, carbon index…) to monitor, evaluate and trade on the capital market; green investment certificates issued by investment funds for green projects and fields…
In addition, it is necessary to strengthen the implementation of policies, especially on taxes and fees, to encourage enterprises to mobilize investment capital for green growth through the issuance and listing of green bonds and shares. There should also be a mechanism to encourage and support enterprises and investment funds in procedures, and a favorable investment mechanism when issuing bonds, investment certificates, etc. for green projects, programs and fields…” Mr. Son said.
Mr. Michael Krakowski, chief advisor of GIZ’s Macroeconomic Reform/Green Growth Program, pledged to support the SSC to develop green securities with specific contents such as: establishing criteria for green listing. and information disclosure, sustainable development reports; develop and publicize green indicators; green bond development…
According to Investing in Securities