Quản lý nhà nước đối với hoạt động huy động vốn qua phát hành chứng khoán của các ngân hàng thương mại cổ phần việt nam tt tiếng anh

MINISTRY OF EDUCATION AND TRAINING THUONGMAI
UNIVERSITY

NGUYEN THI THU HANG
STATE MANAGEMENT ON CAPITAL MOBILIZATION
ACTIVITIES THROUGH THE SECURITIES ISSUANCE
BY THE JOINT STOCK COMMERCIAL BANKS IN
VIETNAM

Major: Economic Management
Code: 934.04.10

SUMMARY OF ECONOMIC DOCTORAL THESIS


Ha Noi, 2020

The work was completed at:
Thuongmai University
Full name of the Supervisors:
Supervisor 1: Assoc. Prof., PhD. Nguyen Thi Phuong Lien
Supervisor 2: : Assoc. Prof., PhD. Le Hoang Nga


1
INTRODUCTION
1. Urgency of the topic
Capital mobilization channel through the securities issuance
is considered as the channel that can mobilize a huge amount of
capital to meet the necessary capital needs in each stage of
development of joint stock commercial banks. The joint stock

commercial banks have issued various types of securities, in which
there are mainly stocks to mobilize the equity capitals and bonds to
mobilize debt capitals to serve its long-term development strategies
for these banks.
During the past time, many legal documents on guiding these
activities have been issued, but those have not been completed and
not in compliance with the international practices; The current
organizational structure of the State Management apparatus reduces
the independence of the State Securities Commission of Vietnam in
performing its management functions; Its management model is
inadequate; The roles of testing, inspection, and supervision is
limited in handling the violations; The professional qualifications and
capacity of the officials in charge of management of the securities
issuance are not high. Moreover, there are many other limitations
affecting to the quality of mobilization.
In addition to that, the Circular No. 41/2016/TT-NHNN on
regulating capital adequacy ratios under Basel II standards, which
pressures the banks to increase their charter capital and increase
owners’ equity. Therefore, these banks have chosen the solution to
increase its capital through the securities issuance, mainly to increase
its capital through issuing its bonds to meet the required capital.
By these above reasons, it makes the capital mobilization
activities through the securities issuance by the joint stock


2
commercial banks in Vietnam face many difficulties, creating adverse
effects on the financial system, in general and the banking system, in
particular.
With the desire to contribute to supplementing the scientific

and practical bases to properly assess the actual situation and propose
some solutions to overcome the aforesaid limitations, the author
chose the research topic as "State management on capital
mobilization activities through the securities issuance at some
joint stock commercial banks in Vietnam” as his doctoral thesis.
This topic is an essential research orientation and contains many
implications both in theory and practice, contributing to the complete
state management of joint stock commercial banks through the
activities of the securities issuance, development of banking systems
and stock markets in the coming years.
2. Research objectives and mission:
2.1. Objectives
The thesis focuses on researching the literature reviews,
surveying, analyzing, and assessing the actual situation of state
management on the activities of the securities issuance at some joint
stock commercial banks in Vietnam in the period of 2012-2018,
thereby, proposing some solutions with scientific and practical bases
in order to improve the state management on these activities in the
coming time.
2.2. Research mission
- To clarify the theoretical issues about capital mobilization
activities and characteristics of commercial banks affecting to the
decision-making on capital mobilization through the securities
issuance and state management on the securities issuance by the joint
stock commercial banks. From which, the thesis has set up the


3
literature reviews for state management on these activity in terms of
the approaches of economic management major, learning from the

experiences in some countries around the world, and drawing some
valuable lessons as the references for Vietnam.
- To analyze the actual situation, draw some comments and
evaluations of the gained results and limitations in state management
on capital mobilization activities through the securities issuance by
the joint stock commercial banks in Vietnam to be used as the
practical basis and arguments for the proposal of some solutions on
completion.
- To propose a number of solutions with the purpose of
completing the state management on the capital mobilization
activities through the securities issuance by the joint stock
commercial banks in Vietnam in the coming time.
3. Objects and scope of the research
3.1. Objects of the research
The research objects of the thesis are theoretical and practical
issues on state management on capital mobilization activities through
the securities issuance by the joint stock commercial banks in
Vietnam.
3.2. Scope of research
- Regarding to the space: State Management on capital
mobilization activities of issuing the stocks and bonds of the joint
stock commercial banks in Vietnam under the methods of public
offerings and private issuances.
- Regarding to the time: The researches of the thesis are
based on the information and data on capital mobilization and state
management on capital mobilization activities through the securities
issuance by the joint stock commercial banks in Vietnam for the


4

period of 2012-2018.
- Regarding to the research content:
+ Subjects of State Management: Management activities of
the State Bank of Vietnam and the State Securities Commission of
Vietnam (Ministry of Finance) for the capital mobilization activities
on the issues of stocks and bonds of the joint stock commercial banks
which are listed and traded on Ho Chi Minh Stock Exchange and
Hanoi Stock Exchange.
+ Contents of State Management: State Management on
capital mobilization through the securities issuance by the joint stock
commercial banks based on its management functions, in-depth
analysis of management objectives, legal environment, organization
of management apparatus, and the instruments for management,
inspection, supervision, and administration.
4. New findings of the thesis
- New findings in academic and literature reviews;
- New conclusions on practical assessment;
- New proposals on policies and solutions.
5. Thesis structure
In addition to the Assurance, the Table of Contents, the
Conclusion, the List of Published Works of the Ph. D Candidate
related to the thesis, the List of References and 11 appendices, the
thesis is be construed in 4 chapters as follows:
Chapter 1: Overview of research situation and methodology
Chapter 2: Literature reviews of State Management on
capital mobilization activities through the securities issuance by the
joint stock commercial banks in Vietnam
Chapter 3: Actual situation of state management on capital
mobilization activities through the securities issuance by the joint

5
stock commercial banks in Vietnam
Chapter 4: Orientations, perspectives, and solutions to
improve the State Management on capital mobilization activities
through the securities issuance by the joint stock commercial banks
in Vietnam
CHAPTER 1
OVERVIEW OF RESEARCH SITUATION AND
METHODOLOGY
1.1. Overview of research situation related to thesis topic
There have been a number of research works in the form of
doctoral theses, master theses, ministerial-level scientific researches
(sector), domestic and foreign monographs and journals referred to
the different terms and scopes of contents related to the capital
mobilization activities, stock market activities and state management
of the subjects participated in the aforesaid stock markets, etc.
1.2. Research gaps and scientific and practical values to
be inherited in the thesis
1.2.1. Limitations and research gaps
- Limitations of the research: Most of the studies are not indepth studies on state management on capital mobilization activities
through the securities issuance by the joint stock commercial banks
in terms of approaches in economic management major; Time of the
research data, so some research conclusions are no longer consistent
with the current actual situation.
- Research gaps and questions: How do the characteristics of
commercial banks affect to the decision-making on capital
mobilization through the securities issuance by the joint stock
commercial banks and to the contents and managing subjects of State

6
Management on capital mobilization through the securities issuance
by the joint stock commercial banks? What are the contents,
evaluation criteria, and influencing factors for the state management
on capital mobilization through the securities issuance by the joint
stock commercial banks in terms of the approaches in economic
management major? What was the actual situation of the State
Management on the above activities in Vietnam in the period from
2012 to 2018? What are its shortcomings, causes, and set research
problems that the Ph. D Candidate should continue to study to
improve? What measures should be implemented to complete and
improve the effectiveness and efficiency of the State Management on
capital mobilization activities through the securities issuance by the
joint stock commercial banks in Vietnam?
1.2.2. Scientific and practical values to be inherited in the
thesis
Literature reviews and practical basis of the research works
in the previous section was used by the Ph. D Candidate for partial
reference during the process of implementing the thesis topic. In
addition, the Ph. D Candidate has consulted on the experiences of the
regulations on the securities issuance of the commercial banks around
the world, thereby, drawing some lessons for the state management
on capital mobilization activities of the joint stock commercial banks
in Vietnam.
During the process of research and writing of the thesis, the
Ph. D Candidate also consulted the research methodology of the
above research works in order to select the appropriate methodology
for his research.
1.3. Research Methodology

1.3.1. Methods of information and data collection


7
+ Secondary information and data: Secondary data is
collected from the reports of joint stock commercial banks, the State
Securities Commission of Vietnam, the State Bank of Vietnam; Data
figures from the General Statistics Office, Ho Chi Minh Stock
Exchange and Hanoi Stock Exchange, books, newspapers,
magazines, and internet networks.
+ Primary information and data: Primary information and
data are collected through the following methods: Direct interviews;
Surveying by questionnaires.
1.3.2. Method of information and data processing
- Secondary information and data: The Ph. D Candidate have
used methods of statistical research, analysis, synthesis and
comparison.
- Primary information and data: The Ph. D Candidate have
used SPSS 20.0 Software to assess the actual situation of state
management on the securities issuance by the joint stock commercial
banks in Vietnam.
1.3.3. Summary of research methodology and instruments
The common methods that Ph. D Candidate have applied are:
analytical and synthesis methods; methods of statistics, comparisons,
and assessments; methods of expert interviews and sociological
surveys combined with qualitative methods to analyze the literature
reviews and evaluate the practical of thesis topic.


8

CHAPTER 2
LITERATURE REVIEWS OF STATE MANAGEMENT ON
CAPITAL MOBILIZATION ACTIVITIES THROUGH THE
SECURITIES ISSUANCE BY THE JOINT STOCK
COMMERCIAL BANKS IN VIETNAM
2.1. Literature reviews on capital mobilization through
the securities issuance by the joint stock commercial banks in
general
2.1.1. Commercial banks and forms of capital mobilization
of the joint stock commercial banks
2.1.1.1. Definitions of commercial banks and joint stock
commercial banks
2.1.1.2. Forms of capital mobilization of the joint stock
commercial banks
Commercial banks are able to mobilize its capital in various
forms such as Deposits, The securities issuance, loans from other
credit institutions in Vietnam and other foreign credit institutions,
borrowings from the State Bank of Vietnam, and other forms in
accordance with the regulations of the State Bank of Vietnam.
2.1.2. Types of securities issued by the joint stock
commercial banks
The joint stock commercial banks usually issue the following
types of securities: Stocks; Bonds.
2.1.3. Methods of issuing the securities of the joint stock
commercial banks
2.1.3.1. Public offerings
a. Definitions, characteristics, conditions, and dossiers for
public offering of securities
b. Procedures on issuance

9
- The issuing bank makes some plans for capital mobilization
through the securities issuance.
- Organize the implementation of the plan for capital
mobilization through the securities issuance.
In order to carry out the securities issuance to the public,
these banks usually need to perform the following steps:
Step 1: The issuing bank prepares the dossiers for application
to the issuance.
Step 2: The issuing bank submits the dossiers for application
to the issuance to the State Securities Commission of Vietnam.
Step 3: Notice to issuance
Step 4: Offering and distributing the securities to the public
- Summary and evaluation of results on capital mobilization
through the securities issuance
2.1.3.2. Private placements
a. Definitions, characteristics, conditions, and dossier for
private placements of securities
b. Procedures on issuance
Step 1. The issuing bank submits the dossiers for registration
of private placements of securities to the State Securities
Commission of Vietnam.
Step 2. In case the dossier is not complete and valid, within a
certain period from the date of receiving the dossiers, the competent
state authority must send s written request to the issuing organization
for amendments and modifications of its dossiers.
Step 3. Within a certain period from the date of receiving the
full and valid dossiers for registration, the State Securities
Commission of Vietnam shall notify the organization to register and

publish on its websites on the private placements of securities of the


10
registered organization.
Step 4. Within a certain period from the date of completion
of the session of private placement, the issuing organization must
send the reports of the results of the private placement to the
competent state authority.
Each form of offerings the securities has its advantages and
disadvantages. Depending on the actual situation of each issuing unit,
it may choose the appropriate methods of issuance.
2.1.4. Advantages and disadvantages of capital mobilization
through the securities issuance
Advantages and disadvantages of the issuance of stocks.
Advantages and disadvantages of the issuance of bonds.
2.2. State management on capital mobilization activities
through the securities issuance by the joint stock commercial
banks
2.2.1. Definitions, objectives, methods and instruments for
state management on capital mobilization activities through the
securities issuance
2.2.1.1. Definitions and characteristics
State management on capital mobilization activities through
the securities issuance by the joint stock commercial banks is
considered as the organized and legally governed impacts of the State
on the capital mobilization activities of the joint stock commercial
banks to manage and supervise these activities of the joint stock
commercial banks so as to promote the efficiency of capital
mobilization for the joint stock commercial banks, in particular and

the stock markets, in general.
* Characteristics of state management on the securities
issuance by the joint stock commercial banks


11
- Administrative;
- Organizational and regulatory;
- Scientific, planned;
- Continuous and stable on the process of the securities
issuance by the joint stock commercial banks.
Originated from the characteristics of the commercial banks
as the types of monetary-trading enterprises, the state management on
the securities issuance by the joint stock commercial banks also has a
lot of differences in managing subjects and contents of management.
2.2.1.2. Objectives
- To increase the quality of goods for the stock markets;
- To strengthen the roles and effectiveness of the State
Management of the stock markets, at the same time, enhance the
compliance with the laws of the banks on the activities of securities
issuance;
- To ensure the honesty in the process of issuing and protect
the investors;
- To ensure the effective operations of capital mobilization of
the joint stock commercial banks.
2.2.1.3. Methods
- Direct administrative methods;
- Economic methods;
- Educational methods;
2.2.1.4. Instruments

- Laws;
- Plans;
- Policies
2.2.2. Contents of State Management on capital
mobilization activities through the securities issuance of the


12
commercial banks
- Developing legal frameworks;
- Building the models and organizing management apparatus;
- Organizing the implementation of management activities;
2.3. Criteria for evaluating the state management on
capital mobilization activities through the securities issuance by
the joint stock commercial banks and influencing factors
2.3.1. Criteria for evaluating the state management on
capital mobilization activities through the securities issuance by the
joint stock commercial banks
The criteria for evaluating the state management on capital
mobilization activities through the securities issuance by the joint
stock commercial banks are based on qualitative and quantitative
criteria.
2.3.2. Influencing factors for the state management on
capital mobilization activities through the securities issuance by the
joint stock commercial banks
2.3.2.1. Factors of the managing subjects
- Awareness and management capacity of managing subjects;
- Responsibilities of state management agencies;
- Procedures for legal administrations of the state
management agencies;

- Teams of public servants of the state management agencies;
- Technological facilities, information and data management
systems.
2.3.2.2. Factors of the managing objects
- Knowledge of securities laws and the laws relating to the
activities for securities issuance;
- Awareness of compliance with the laws from the banks;


13
- Efficiency of banking management;
- Levels of development of the banks.
2.3.2.3. Factors of the management environment
- Economic institutions;
- Legal environment;
- Stock markets;
- International Economic Integration.
2.4. Experiences in state management on capital
mobilization activities through the securities issuance by the joint
stock commercial banks in some countries around the world and
lessons learned for Vietnam
2.4.1. Experiences in state management on capital
mobilization activities through the securities issuance by the joint
stock commercial banks in some countries around the world
- Experiences in the United States of America;
- Experiences in Japan;
- Experiences in China;
- Experiences in Thailand.
2.4.2. Lessons learned for Vietnam in state management on
capital mobilization activities through the securities issuance by the

joint stock commercial banks
- To have to uniformly manage and build a centralized
management mechanism for the stock markets;
- To assign a state management agency with its certain high
position and independence in the management apparatus;
- The identification and selection between the state
management and autonomy depends on specific conditions of
Vietnam;
- To apply one of two management models depending on the


14
current actual conditions of the stock markets in Vietnam or the
combination of the two models;
- Management methods need to be studied to apply in
reforming its inspection and supervision systems.
CHAPTER 3
ACTUAL SITUATION OF STATE MANAGEMENT ON
CAPITAL MOBILIZATION ACTIVITIES THROUGH THE
SECURITIES ISSUANCE BY THE JOINT STOCK
COMMERCIAL BANKS IN VIETNAM
3.1. Brief overview of the commercial banking system and
the actual situation of capital mobilization through securities
issuance of the joint stock commercial banks in Vietnam
3.1.1. Overview of the system of the joint stock commercial
banks in Vietnam
3.1.1.1. Numbers of joint stock commercial banks in Vietnam
As of June 30, 2018, Vietnam's banking system included: 2
policy banks, 31 joint stock commercial banks, 4 state-owned
commercial banks, 10 100%-foreign-owned banks, 2 joint venture

banks. Among 31 joint stock commercial banks, 9 banks are listed on
the Ho Chi Minh Stock Exchange, 3 banks are listed on the Hanoi
Stock Exchange and 3 banks are listed on the unlisted public
company markets.
3.1.1.2. Situation of assets, capital
Total assets, equity capital, and charter capital of the whole
banking system and credit institutions have increased over the years,
reaching a very large volume, ensuring the stable and developing
operations of the banks.
3.1.1.3. Business results


15
In recent years, the joint stock commercial banks’ business
activities have achieved high profits, increasing the attractiveness of
joint stock commercial banks' securities to both domestic and foreign
investors.
3.1.2. Actual situation of capital mobilization through the
securities issuance by the joint stock commercial banks in Vietnam
3.1.2.1. Actual situation of the issuance of stocks
The need to expand the operation scale of banks is very large,
the banks have increased its capital mobilization by issuing its stocks,
helping them increase its competitiveness to keep up with
international economic integration. However, the issuance of stocks
takes place continuously in large numbers, so the ability of state
management agencies to control the quality of stocks is very difficult.
3.1.2.2. Actual situation of the issuance of bonds
In the past few years, the form of bond issuance has been
rarely used by the joint stock commercial banks, until 2018, capital
source through bond issuance channel has increased with a large

amount of capital but is still less than the amount of capital mobilized
through issuing shares.
3.2. Actual analysis of state management on capital
mobilization activities through securities issuance of the joint
stock commercial banks in Vietnam
3.2.1. Actual situation of developing a legal framework for
state management on capital mobilization activities through
securities issuance by the joint stock commercial banks in Vietnam
In the period of 2012-2018, the State has issued 51
documents related to the securities issuance activities of joint stock
commercial banks including 5 Laws, 10 Decrees, 21 Circulars, 15
Decisions issued by the Government, Ministry of Finance, State


16
Securities Commission of Vietnam and State Bank of Vietnam.
However, the legal framework for this activity is incomplete.
3.2.2. Actual situation of model and organization of state
management apparatus for capital mobilization activities through
the securities issuance by the joint stock commercial banks in
Vietnam
The model of management of capital mobilization through
the securities issuance by the joint stock commercial banks in
Vietnam is both based on the quality and the management model on
the basis of full disclosure, so it is not suitable with the actual
situation and international practices.
The activities of securities issuance by the joint stock
commercial banks is governed by the State Securities Commission of
Vietnam and the State Bank of Vietnam, so each of these
management agencies has its own organizational structure, which

makes it difficult for the banks in the process of securities issuance.
3.2.3. Actual situation of implementing state management
activities on securities issuance by the joint stock commercial banks
in Vietnam
3.2.3.1. Actual situation of issuing license management
From 2012 to 2018, most of the dossiers for application for
public offerings of the joint stock commercial banks were approved
by the State Securities Commission of Vietnam and State Bank of
Vietnam. However, management agencies have difficulties in
controlling the capital mobilization and use of banks when issuing
securities.
3.2.3.2. Actual situation of inspection and supervision of the
process of securities issuance and handling of violations of law on
securities issuance


17
The inspection and supervision of the process of securities
issuance are carried out strictly according to the processes and
procedures. Most of joint stock commercial banks have all the
necessary documents when applying for licenses, complying with the
stipulated time. However, there are still some banks that have not
established and submitted public company dossiers to the State
Securities Commission of Vietnam. The violations and forms of
penalties with its low values make it easier for the joint stock
commercial banks to accept its fines for greater benefits from noncompliance with state management agencies' regulations.
These banks all use capital for the right purposes as stated in
the issuance plan, the State Bank of Vietnam did not detect cases of
using capital for wrong purposes. The State Bank of Vietnam usually
focuses on supervising the compliance with laws, compliance with

prudential ratios and limits, with little attention to assessing and
warning risks in banking operations.
3.3. Assessment of the actual state management on capital
mobilization activities through the securities issuance by the joint
stock commercial banks in Vietnam
3.3.1. Assessment of the actual state management on
capital mobilization activities through the securities issuance by the
joint stock commercial banks in Vietnam from Summary of survey
results
The survey results show that the state management status of
securities issuance activities by the joint stock commercial banks in
Vietnam still has many limitations that need to be overcome in the
coming time.
3.3.2. General assessment of the actual state management
on capital mobilization activities through the securities issuance by


18
the joint stock commercial banks in Vietnam
3.3.2.1. The gained results
- The legal environment is gradually improved;
- Organization and management model are becoming more
and more reasonable;
- Inspection, supervision and handling of violations have
been strengthened.
3.3.2.2. The limitations
- The legal framework is not complete, comprehensive and
consistent, slow compared to reality.
- The current organizational structure of the management
system are inadequate causes difficulties in the management work.

- The state management activities on securities issuance by
the joint stock commercial banks in Vietnam are still limited:
Licensing is also procedural; Inspection, supervision and handling of
law violations are still inadequate
- The coordination between the State Securities Commission
of Vietnam, State Bank of Vietnam and line agencies is not tight.
3.3.2.3. Causes of limitations
* Causes of the managing subjects (Ministry of Finance,
State Securities Commission of Vietnam, State Bank of Vietnam)
- Awareness and management capacity of state management
agencies have not met the actual situation;
- The state management agencies play many roles, so the
ability to fulfill high responsibilities is very difficult;
- Legal administrative procedures of state management
agencies are still cumbersome and complicated;
- The spirit, attitude and ability to perform work of staff of
state management agencies are not high;


19
- Infrastructure for state management activities has not the
requirements.
* Causes of the managed subjects (the joint stock
commercial banks)
- The level of legal knowledge of laws relating to securities
issuance is still low;
- The bank's awareness of law compliance is not high;
- Banking governance efficiency is still poor;
- The level of development of the bank is lower than other
countries in the region and the World.

* Causes of the management environment
- The laws, mechanisms and policies are still overlapping,
contradictory, unstable and consistent, and have not created an open,
transparent and stable investment environment.
- The legal environment is in the process of completion and
stability;
- In the fast-growing market of securities market, state
management agencies do not have much experience in managing
stock market, often in passive position;
- International economic integration has happened quickly
and deeply, causing the stock market to change soon.


20
CHAPTER 4
ORIENTATIONS, PERSPECTIVES AND SOLUTIONS TO
IMPROVE STATE MANAGEMENT ON CAPITAL
MOBILIZATION ACTIVITIES THROUGH SECURITIES
ISSUANCE BY THE JOINT STOCK COMMERCIAL BANKS
IN VIETNAM
4.1. Development orientation and perspective
on perfecting state management on capital mobilization activities
through securities issuance by the joint stock commercial banks
in Vietnam
4.1.1. Forecast of socio-economic context of Vietnam and
the World
4.1.2. Development orientation of Vietnam's stock market
4.1.3. Development orientation by the joint stock
commercial banks in Vietnam
4.1.4. Forecast of mobilization demand through securities

issuance by the joint stock commercial banks in Vietnam
Based on the economic situations of the world and Vietnam,
the regulations of the State Bank of Vietnam and the development
scale of each bank, some joint stock commercial banks forecast their
own capital mobilization needs. In order to make the banking system
develop healthier, in the context of medium and long-term capital
mobilization through increasingly difficult forms of deposit
mobilization, the banks are planning to increase the owners’ equity,
paying special attention to the forms of capital mobilization through
securities issuance with the aims of raising its capital adequacy
ratios.
4.1.5. The perspective on perfecting state management on
capital mobilization activities through securities issuance by the joint


21
stock commercial banks in Vietnam
- Perspective synchronized, stable and comprehensive:
- The perspective of unified management;
- The perspective of development and efficiency.
4.2. Solutions to improve state management on capital
mobilization through securities issuance by the joint stock
commercial banks in Vietnam
4.2.1. Complete the legal framework for state management
on capital mobilization through securities issuance by the joint
stock commercial banks in Vietnam
Issue uniformly the Decrees, detailing and detailing all
articles of the Securities Law, promptly updating new regulations,
amendments and supplements to suit the actual situation;
4.2.2. Improving the model and organizational structure of

state management on capital mobilization through securities
issuance by the joint stock commercial banks in Vietnam
Improve the state management model of capital mobilization
through securities issuance by the joint stock commercial banks in
Vietnam by gradual change of management model based on full
disclosure of information.
Improve the organizational structure to ensure state
management activities on capital mobilization through the securities
issuance of the joint stock commercial banks in Vietnam smoothly
and effectively.
4.2.3. Improve the state management on capital
mobilization through securities issuance by the joint stock
commercial banks in Vietnam
- Strictly control the application file for securities
issuance license of the joint stock commercial banks;


22
- Strengthen the organization of inspection teams, especially
focus on deploying unexpected inspection teams to promptly detect
and strictly handle violations.
4.2.4. Strengthening the coordination in state management
on capital mobilization through securities issuance by the joint
stock commercial banks in Vietnam
The State Securities Commission of Vietnam cooperates with
the Ministry of Finance and other ministries and branches to ensure
the effectiveness of supervision, enforcement, and safety for
securities issuance.
Strengthen close coordination among regulatory authorities
(State Bank of Vietnam, State Securities Commission of Vietnam,

Vietnam Banking Association and National Financial Supervisory
Commission).
4.3. A number recommendations for perfecting the state
management on capital mobilization through securities issuance
by the joint stock commercial banks in Vietnam
4.4.1. For the National Assembly and the Government
4.4.2. For the Ministry of Finance, the State Securities
Commission of Vietnam and ministerial-level agencies
4.4.3. For the State Bank
4.4.4. For the joint stock commercial banks in Vietnam
CONCLUSION
Recently, the State management on capital mobilization
activities through the securities issuance by the joint stock
commercial banks has shown many limitations, creating difficulties
for both state management subjects and issuing banks. On the basis
of applying a combination of research methods, the graduate student


23
has studied and implemented the research objectives set out.
Firstly, the thesis has focused on clarifying the theoretical
issues about capital mobilization activities and characteristics of the
commercial banks affecting the capital mobilization decision and
state management for these activities. Since then, the thesis has
established a theoretical basis for state management on capital
mobilization activities through the securities issuance by the joint
stock commercial banks under the approach of specialized economic
management.
Secondly, on the basis of using evaluation criteria (both
qualitative and quantitative ones) to collect and analyze secondary

and primary data in order to assess objectively about: The
appreciation and uniformity of policies; The publicity, transparency
and openness of the policies; The feasibility and effectiveness in state
management. At the same time, the thesis has also pointed out the
factors of the subjects, the object and the management environment
that affects the state management on capital mobilization activities
through the securities issuance by the joint stock commercial banks.
Thirdly, it has analyzed the status of capital mobilization
activities through the securities issuance and the state management
on capital mobilization activities through the securities issuance by
the joint stock commercial banks in Vietnam in 2012 - 2018 period.
Based on the results of interviews and sociological surveys from
managers, by processing the survey results using SPSS software and
combining with qualitative research, the graduate student has drawn
comments and assessments on achieved results and limitations and
causes in the state management on capital mobilization activities
through the securities issuance by the joint stock commercial banks
in Vietnam, and seen them as a basis and practical arguments for