In the context of the increasing number of small investors in the stock market, playing a

significant role in its development, their rights and benefits have not been fully protected
due to limitations in knowledge and unequal access to transparent information compared
to other businesses or intermediaries. Therefore, to improve this issue, state management
agencies need to continue to build appropriate policies to protect small investors, towards
a fair and stable securities market.
The Vietnamese government has implemented many measures to protect minority
investors in the stock market. The State Securities Commission (SSC), as the securities
market management agency, plays an important role in implementing these measures.
One of the important ways that the Vietnamese government protects minority investors is
disclosure of information. Listed companies are required to provide complete and
accurate information to investors, including financial statements, annual reports, and
other important events that may affect their business operations. In particular, the SSC
has strengthened supervision to ensure that securities market transactions are conducted
in accordance with regulations and to avoid fraudulent activities. Providing knowledge
about the stock market to small investors, improving the quality of management in
detecting and promptly handling legal violations is also implemented. Moreover,
enhancing information and educating minority investors is also an important measure to
help them have the necessary knowledge and skills to make smart investment decisions
and protect their investment capital. In addition, the government needs to continue to
introduce policies and measures to support small and medium-sized enterprises,
especially those that are developing, to help them access investment capital and be listed
on the stock market more easily. This will increase opportunities for minority investors to
invest in companies with development potential and also help increase transparency and
honesty in the securities market. Furthermore, the SSC has issued detailed regulations
and guidance on ensuring the rights of shareholders and improving access to information.
Protecting minority investors helps investors trust and choose to participate in
contributing capital to joint-stock companies, which is the protection of their existence.
Due to the nature of owning a small percentage of shares and limited participation in
management, operation, and legal aspects of Vietnamese companies throughout various
periods, there have always been mechanisms in place to protect minority investors to
establish a balance of interests within the company. Therefore, in order to protect the
legitimate interests of small investors in Vietnam, there have been many legal documents
drafted quite tightly in the Enterprise Law, Securities Law, Investment Law or from
Circulars of the Ministry of Finance, decrees of the Government, and from the State
Securities Commission. With the aim of developing the stock market into a channel for
medium- and long-term capital mobilization, especially to meet the needs of participants
and to promote the development of the economy after the COVID pandemic. The
government has issued regulations with the goal of strictly dealing with violations related
to the stock market to create a positive and healthy environment for investors,
strengthening penalties for law violators in the stock market, restoring trust, avoiding
manipulation, price fixing, ensuring sustainable and transparent development. The
government has directed the State Securities Commission to require securities exchanges
and the Vietnam Securities Depository Center to review procedures and regulations
related to securities activities through inspection and supervision activities, standardizing
market principles and some other measures, actively monitoring market developments,
such as capital markets, domestic and international currency markets, in order to take
timely measures and ensure smooth operation, avoiding unfortunate risks that the market
can bring, such as sharp interest rate increases, inflation, etc. Along with that, the market
needs to be elevated from a peripheral position to an emerging market to attract foreign
investment.
However, in order to ensure maximum safety and protection for investors, these
protective measures need to be continuously updated and enhanced to meet new
challenges and situations in the stock market.
Therefore, to ensure the stock market continues to develop sustainably, stably, and fairly,
and the rights of investors are maximally protected, the Vietnamese government, the
Securities Commission, and other related organizations need to continue building and
improving policies to a higher degree of perfection.