Vietnam SSC: Foreigners Hold US$4.6 Bln Vietnam Shares By end-2008
Vietnam’s State Securities Commission, the stock market watchdog, has said that foreigners were reported to hold roughly US$4.6 billion worth of local shares by the end of 2008, down US$4 billion, or 46.6 per cent on year.
The SSC attributed the sharp drop in value of foreign investment portfolios in part to 70 per cent reduction in shares prices last year, in part to capital shifts to other sectors including the realty projects.
The SSC confirmed that not much foreign cash had been withdrawn out of Vietnam’s stock market.
Foreigners were selling shares, particularly g-bonds due to negative impacts of the global economic crisis, the SSC said, adding two thirds of foreign investment portfolios belong to closed investment funds.
Currently, Vietnam’s stock market capitalization is estimated at VND229 trillion (US$13.550 billion) with 338 stocks, four fund certificates, and 595 bonds and 521,000 investors including 12,000 foreign investors.
The market capitalization will be much higher as a number of 1,000 public companies are requested to register their shares under Vietnam’s securities law. (Stock Investment)
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