The Ho Chi Minh City Securities Trading Center – Asia’s hottest stock exchange last year – is scheduled to transform itself into the HCMC Stock Exchange (HOSE) on August 8.
Following a decision approved by Vietnamese Prime Minister Nguyen Tan Dung in May, HOSE will organize transactions for eligible listed companies and have the power to issue listing licenses.
The limited liability state company will have a chartered capital of VND1 trillion (US$63 million) and will perform many of the duties currently carried out by the State Securities Commission (SSC).
Companies expecting to trade shares on the stock market will have to submit applications to the HOSE instead of the SSC.
HOSE will be Vietnam’s most advanced stock market platform yet and will list only big corporations. The company will go public by 2010.
A clear and detailed agenda will be mapped out to create a modern stock market capable of linking with other regional markets.
The HCMC market is home to 109 listed stocks, including two funds and more than 40 brokerage firms.
Stock market capitalization is forecast to hit US$30-40 billion by 2010, accounting for between 30 and 40 percent of the country’s gross domestic product (GDP), according to SSC.
Source: Thanh Nien
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment