Sweeping revamp creates new Vietnam bourse with more powers to watchdog
At present, stock trading is split into two separate and often ill-coordinated stock exchanges that operate under different rules
VIETNAM is boldly racing ahead with plans to boost the fortunes of its stock market. Starting Jan 1, 2021, it will begin the process of creating a new, single bourse to replace the two existing markets in Ho Chi Minh City and Hanoi. And it is decentralising ministerial power and giving more authority to the watchdog, the State Securities Commission (SSC).
The new Vietnam Stock Exchange (VSE) will replace the Ho Chi Minh City Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX), under a recent law on securities. At present, stock trading is split into two separate and often ill-coordinated stock exchanges that operate under different rules.
Vietnam first set up stock exchanges 20 years ago and now has over 30 listed billion-dollar companies, according to the SSC. Listed companies on the HOSE and HNX increased in number from five in 2000 to 743 last year. The market capitalisation of companies traded on the HOSE was more than US$141 billion on Dec 12, 2020, and that of the HNX was over US$10 billion.
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