Vietnam’s stock market is becoming more and more attractive to foreign investors after Switzerland’s Credit Suisse, one of the world’s leading banks, became the latest foreign investor to join the market.
Lito Camacho, vice chairman of Credit Suisse Asia Pacific, said his bank received a securities trading code certificate from the Vietnam State Securities Commission (SSC) last week enabling it to trade equities, government and corporate bonds in Vietnam.
“We are delighted to have obtained a trading code to buy and sell domestic securities in Vietnam. This move further underpins Credit Suisse’s commitment to Vietnam,” Camacho said.
Credit Suisse’s Investment Banking business has appointed Saigon Securities Incorporation as its local broker for equities and ACB Securities Company for fixed income products, while its asset management business appointed Vietcombank Securities Company as the local broker.
Credit Suisse is among many foreign banks, financial institutions and investment funds to receive the certificate to trade domestic equities in Vietnam.
Every foreign investor wanting to trade securities on Vietnam’s Hanoi and Ho Chi Minh stock exchanges is required to obtain an SSC securities trading code.
Morgan Stanley, Vietnam Holdings and Merrill Lynch have already joined the market in Vietnam. Meanwhile, VinaCapital and Dragon Capital have pushed to set up additional investment funds to raise foreign capital.
Other foreign invested fund management companies, such as Hong Kong based- Nomura International, Singapore’s Blackhorse Asset Management Pte Ltd. and Korean Mirae Asset Maps Investment Management Co., Ltd, have set up representative offices in the country as well.
Vietnam’s stock market is predicted to attract a large influx of investment from global investors following the country’s entry into the World Trade Organization. There are now around 20 foreign invested funds with total capital of over $2 billion in Vietnam, according to the SSC.
Source: VEN
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