The meeting between Vietnamese Deputy Minister of Finance Nguyễn Đức Chi and Mariana Kuhnel, Executive Director of the Austrian Financial Market Authority (FMA), in Vienna on September 15. —Photo courtesy of SSC

HÀ NỘI — Vietnamese Deputy Minister of Finance Nguyễn Đức Chi met with Mariana Kuhnel, newly appointed Executive Director of the Austrian Financial Market Authority (FMA), in Vienna on September 15 to exchange experience in financial market management and supervision and discuss orientations for bilateral cooperation, according to the State Securities Commission of Vietnam (SSC).

Chi appreciated the information shared by the Austrian side on reforms in financial management and supervision to keep pace with rapid developments in science, technology and new types of assets.

Regarding crypto assets, he said Việt Nam has established a pilot legal framework and expects the first crypto-asset service providers to be licensed and begin operations in 2026.

Small- and medium-sized enterprises (SMEs) account for about 99 per cent of all operating businesses in Việt Nam, he said, adding that support policies are being refined to strengthen their governance, financial capacity, compliance and digital transformation, helping them better meet requirements for access to credit and the capital market.

According to SSC Chairwoman Vũ Thị Chân Phương, a supervision mechanism is being developed for service providers and investor transactions based on recommendations of the Financial Action Task Force (FATF), with emphasis on risk management, investor asset protection and anti-money laundering.

Việt Nam hopes to draw on experience from the FMA and the EU’s management agencies to perfect its legal framework for the area, she said.

Phương stated that Việt Nam is considering the restructuring of stock trading boards, including those for SMEs, while working to improve the quality of listed products, transparency and disclosure discipline, and enhance supervision to prevent market manipulation and price rigging.

Responding to the Vietnamese side’s proposals, Kuhnel noted that many financial regulations are decided at the EU level while the FMA participates in their implementation in Austria.

She proposed that the two sides step up exchanges through the International Organisation of Securities Commissions (IOSCO) and hold online technical meetings for experts to share information and discuss issues of common interest.

Chi agreed with the cooperation approach proposed by the FMA, expressing his belief that the coordination channels will help translate experience-sharing and technical support between the two sides into concrete activities.

Established in 2002, the FMA is Austria’s independent, autonomous and integrated financial supervisory authority. It supervises banks, insurers, pension funds, securities firms, investment service providers, stock exchanges, investment funds and crypto-asset service providers, as well as oversees investor protection, anti-money laundering and unauthorised financial activities. — VNA/VNS