Vietnam's First Stock Exchange OpensVietnam opened its first securities trading center in Ho Chi Minh City on Thursday. The opening ceremony of the Ho Chi Minh City Securities Trading Center was held Thursday afternoon by the State Securities Commission (SSC).This is a new important measure by the Vietnamese government to mobilize capital for the development of its economy. To date, four joint stock companies have been permitted to list their shares at the center. SSC has, to date, granted licenses to six securities companies and appointed a bank as the settlement bank for the center. Government bonds and bank bonds worth about 300 billion Vietnamese dong (VND) (21.4 million U.S. dollars) are ready for the first auction session and the amount will be increased to at least 2,000 billion VND (143 million U.S. dollars) by the end of this year. In ten ASEAN member countries, Vietnam has become the seventh member country that has securities market. Based on current regulations of the country, foreign organizations are allowed to possess 20 percent of shares in a single listed company while foreign individuals are allowed to hold just 3 percent of total shares in a Vietnamese company. |
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