Vietnam Stock Exchange to be based in HCM City

15:25 | 30/06/2016 Finance Follow english.haiquanonline.com.vn on

"The Vietnam Stock Exchange to be based in HCM City is within the Government's goal of quickly turning HCM City into the country's largest financial center," Tran Dac Sinh, Chairman of the Management Board of the HCM City Stock Exchange, told business news site Bizlive.

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Vietnam Stock Exchange to be based in HCM City.

At the working session between Prime Minister Nguyen Xuan Phuc and HCM City officials on June 27, the HCM City People's Committee asked the Prime Minister’s consideration and approval of putting the headquarters of the Vietnam Stock Exchange (based on the merger of the HCM City and Hanoi Stock Exchange) in HCM City to promote the city’s role as the economic engine of the country.

Sinh told Bizlive that Prime Minister Nguyen Xuan Phuc agreed with the city’s recommendation.

As the largest city of Vietnam, where the number of enterprises accounts for 34% of the country’s total and which hosts the large number of investment funds, HCM City has a dynamic environment suited to be a stock exchange headquarters

According to city authorities, in October 2016, the overall index VNX AllShare of both Hanoi and HCM City stock exchanges will officially operate with 208 shares of the HCM City Stock Exchange and 180 shares of the Hanoi Stock Exchange. This will be a measure for investors to track the fluctuations in the stock market, attracting more foreign investment flows.

Currently the Ho Chi Minh City Stock Exchange accounts for over 88% of the stock market capitalization of the country.

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The Ministry of Finance and HCM City have invested VND800 billion (nearly $40 million) in a modern information technology system and VND400 billion (nearly $20 million) to build the headquarters in preparation for the establishment of the Vietnam Stock Exchange.

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Vietnam Stock Nguyen Xuan Phuc Ho Chi Minh city exchange financial business headquarters foreign investment

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