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Viet Nam-fastest growing stock market in Asia (08/09)
06/08/2010 - 190 Lượt xem
In the next few years, the stock market in Viet Nam will see further robust growth, Netty Ismail and Stephen Engle quoted economic specialists as saying in an article entitled “Sell-offs could drive market in Viet Nam” published in the International Herald Tribune on August 31.
The paper quoted Spencer White, Hong Kong- based Asian strategist at Merrill, as saying that, “We are going to see a very significant transformation of the Vietnamese stock market over the next two to three years."
Viet Nam, which began market-oriented reform in 1986, has the fastest-growing stock market in Asia, he said.
Currently, there are 48 companies on the six-year-old Ho Chi Minh City Securities Trading Centre with a combined market value of about 3 billion USD. Market value on the Vietnamese exchange increased 50 percent on July 12, 2006 after shares in Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank) made their debut.
Meanwhile, Kelvin Lee, head of investment banking at VinaCapital Group in Ho Chi Minh City , which manages 600 million USD of investments in Viet Nam , said that sales of shares in state-owned companies could accelerate stock market growth as the government seeks to sharpen the ability of those firms to compete after Viet Nam joins the World Trade Organisation (WTO).
Jonathan Pincus, senior country economist at the United Nations Development Programme in Ha Noi, said that having a capital market is very important to Viet Nam 's future.
A securities law that comes into effect in January seeks to lay out standards of disclosure and governance for all companies, whether they trade over- the-counter or on exchanges. Viet Nam is also offering tax incentives for companies to shift the trading of their shares to the stock market, he said.
Source: Vietnam Agency
