Vietnam's stock market on track to hit $100 billion by end of 2016
Vietnam's stock market on track to hit $100 billion by end of 2016. |
Companies listed on the Ho Chi Minh Stock Exchange, one of the main bourses, were valued at $62.2 billion at the end of trading on Friday, an increase of $10.8 billion since the end of 2015, according to market data.
“Market capitalization has reached about VND1,687 trillion ($75.5 billion), an increase of 24 percent from the end of last year and equal to 40 percent of gross domestic product. These figures represent good signs for the stock market,” said Deputy Finance Minister Vu Thi Mai on Friday.
Statistics show the HNX index, the smaller bourse in Hanoi, has jumped 7 percent in the past 12 months spurred by a surge in individual investors and the government’s latest privatization push.
Vietnam is in the process of merging its two major stock exchanges in the belief that the single bourse will boost the growth of its capital market, said Mai.
The newly launched VNX Allshare has a total of 451 listed companies, including 237 from the Ho Chi Minh Stock Exchange (HOSE) and 214 from the Hanoi Stock Exchange (HNX).
A derivatives market will also be introduced next year, she added.
According to the State Securities Commission (SSC), Vietnam has outperformed other Southeast Asian markets to become the fastest growing in the region with a projected market capitalization of more than $100 billion in 2016, or 55 percent of the country’s gross domestic product.
Data shows that the 10 richest people on the stock market are holding $3.7 billion. Just last year, it took 500 rich guys on the stock market to hold that much wealth.
Stocks are beating gold and real estate in terms of returns, broker Phan Dung Khanh told Thanh Nien newspaper.
Vietnam's stock exchanges to merge Vietnam is planning to merge the Hanoi Stock Exchange and HCM City Stock Exchange into the Vietnam ... |
But most locals are sitting out. Only about 2 percent of Vietnamese people were investing in stocks as of the end of September, according to the Vietnam Securities Depository.
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
More News
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance