Vietnam Exchange to Open Trading Market for Unlisted Firms in June
The Hanoi Stock Exchange (HSE) expects to open up an equity market for unlisted public firms namely Upcom in June this year in an effort to narrow the free playground and widen the market managed by the state, said HSE Director Tran Van Dung.
The opening will be made after the government decides on the permitted foreign ownership ratio in unlisted companies, Dung said.
After the Upcom is activated, the exchange will ask for an approval from authorities to allow securities trading via market founders to increase the liquidity of unlisted shares and complete a modern over-the-counter trading model.
The HSE said about 20 public companies have pledged to join the Upcom market after its inauguration. Leading stock brokers expected to join the market include SME Securities, Saigon Securities Inc and FPT Securities.
The Ministry of Finance has not yet ratified any regulation on foreign holding in unlisted shares. The rate is expected at 49 per cent for firms, and 30 per cent for banks, the same as in the listed market.
Vietnam has more than 1,500 public companies but only 300 of them are listed on the official stock exchanges currently. (Vietnam Economic Times)
Vietnamese
