Dragon Capital Proposes Solutions to Capital Mobilization Challenges for Vietnamese Enterprises
Dominic Scriven, Chairman of Dragon Capital Vietnam, has proposed solutions to capital mobilization challenges faced by Vietnamese businesses to foster sustainable economic growth. Key proposals include upgrading the stock market's status, easing listing regulations, and creating mechanisms for FDI companies to retain foreign currency.
Dragon Capital Vietnam, a prominent asset management firm, has put forward proposals to address capital mobilization challenges for domestic enterprises, aiming to bolster their competitiveness and foster sustainable growth. Mr. Dominic Scriven, Chairman of Dragon Capital Vietnam, presented these recommendations at the National Conference on Research, Study, and Implementation of Politburo Resolution No. 10-NQ/TW on developing the foreign-invested economic sector, held on June 30. Mr. Scriven highlighted the significance of Resolution No. 10-NQ/TW, which reaffirms the foreign-invested sector as an integral part of the Vietnamese economy. The resolution also emphasizes the need to attract high-quality capital, linked with innovation, technology transfer, sustainable development, and enhancing the role of the capital market. However, he noted that significant challenges remain in building an effective capital market, most notably the high cost of capital mobilization for businesses. Many companies are still forced to raise funds at annual interest rates of 10-12%, even for three-year terms. Reducing these costs would provide businesses with a stronger foundation to enhance their competitiveness, drive economic growth, and support long-term growth objectives. To achieve these goals, Mr. Scriven proposed several specific measures. Firstly, creating mechanisms to encourage FDI enterprises to retain foreign currency earned in Vietnam rather than transferring it abroad. FDI companies contribute approximately 20% of Vietnam's GDP. If their profits are retained more within domestic financial institutions and circulate within the country, the market would gain access to a greater supply of capital at more reasonable costs. Secondly, he urged for the acceleration of the roadmap to upgrade Vietnam's stock market to the MSCI emerging market category before 2030. This reclassification would enhance Vietnam's attractiveness to international investment funds, thereby increasing capital access opportunities for businesses. Thirdly, consideration should be given to adjusting listing requirements for science and technology enterprises, particularly in emerging fields like digital technology and artificial intelligence (AI). Current regulations stipulate that listed companies must have no accumulated losses and must have been profitable in the preceding year. However, many technology companies require years of investment in research and development before generating profits. Applying the same listing criteria as traditional businesses could cause many startups to miss out on crucial capital-raising opportunities from the market. "Researching appropriate mechanisms will contribute to promoting innovation and developing Vietnamese technology enterprises," he stated. He also emphasized the importance of establishing International Financial Centers in Ho Chi Minh City and Da Nang. These centers could pilot new mechanisms to attract foreign capital, adhering to international "rules of the game." Furthermore, Mr. Scriven stressed the need to continue developing the domestic investor base to form a source of long-term capital, enhancing the stability of the capital market and reducing reliance on short-term capital flows. Concluding his remarks, Mr. Scriven stated that Dragon Capital, after more than 30 years of operation in Vietnam, maintains strong confidence in the long-term growth prospects of the economy. The firm will prioritize allocating capital to enterprises with strong governance, transparency, effective risk management, and development aligned with ESG standards. Dragon Capital, established in 1993, was one of the first specialized domestic fund management companies in Vietnam. Its core business includes managing equity investment funds and portfolio management. The firm has been at the forefront of developing various fund products, including closed-end funds, open-end funds, and exchange-traded funds (ETFs). Additionally, it has pioneered investments in the private sector and participated in the equitization process of state-owned enterprises. As of the end of last year, the company advised and managed approximately VND 140 trillion (USD 5.4 billion). Dragon Capital is also a leading player in the public fund management market in terms of both the number of funds and total net asset value (NAV) mobilized. Source: VnExpress
多角的分析
ベトナム経済における資本調達コストの高さは、企業の成長とイノベーションの大きな阻害要因となっている。特に、研究開発に多額の投資を必要とするテクノロジー企業にとって、既存の厳格な上場規定は資金調達の障壁となる。ドラゴンキャピタルの提案は、こうした構造的な問題を緩和し、より広範な資金源を国内市場に呼び込むことを目指している。FDI企業の留保外貨メカニズムや、市場格付けの向上は、資本市場の深耕と効率化に寄与し、長期的な経済成長の基盤強化につながると考えられる。
投資家にとって、ベトナム市場の格付け向上は、より多くの国際機関投資家の参入を促し、流動性の向上と市場の成熟化をもたらす可能性がある。また、テクノロジー企業の上場規定緩和は、新たな成長分野への投資機会を創出する。FDI企業の留保外貨増加は、国内市場における資金供給の安定化に寄与し、より予測可能な投資環境を提供すると期待される。ESG基準を重視するドラゴンキャピタルの姿勢は、持続可能性を重視する現代の投資トレンドとも合致している。
企業が直面する高金利での資金調達は、最終的に製品やサービスの価格上昇を通じて消費者に影響を与える可能性がある。また、テクノロジー企業の資金調達難は、国内での雇用創出や先端技術の発展を遅らせる要因となり得る。スクリベン代表の提案が実現すれば、企業はより健全な財務基盤を築き、イノベーションを推進できるようになり、これは雇用機会の増加や国民生活の質の向上に間接的に寄与するだろう。特に、ホーチミン市やダナン市に国際金融センターが設立されれば、これらの都市の国際的な地位向上と経済活性化が期待される。
企業がより低いコストで資金を調達できるようになれば、その恩恵は最終的に消費者にも及ぶ可能性がある。例えば、製品価格の安定化や、より革新的なサービスへのアクセス向上などが考えられる。また、テクノロジー分野でのスタートアップ支援が進めば、新たな雇用機会が生まれ、若者たちのキャリアパスが広がることも期待できる。しかし、これらの提案が具体的にどのように実施され、一般市民の生活にどのような変化をもたらすかは、今後の政策展開にかかっている。
背景・歴史的文脈
ベトナムは1986年のドイモイ政策以降、市場経済化を進め、外国からの投資を積極的に誘致してきた。特に外国直接投資（FDI）は、経済成長の重要な牽引役となっている。しかし、国内資本市場の発展は遅れており、特に中小企業や新興テクノロジー企業は、資金調達において高金利や厳しい上場基準といった課題に直面してきた。また、ベトナム市場の国際的な格付けは依然として新興国レベルに留まっており、機関投資家の参入を制限する要因となっている。今回のドラゴンキャピタルの提言は、これらの長年の課題に対し、具体的な解決策を提示するものであり、ベトナム政府が掲げる「質の高い成長」への移行を目指す文脈で重要視される。
原文ソース
VnExpress