Foreigners Hold US$500M on Hand to Invest in Vietnam Stocks: SSC Chairman
Foreign investors are keeping US$500 million in cash in their accounts at local securities companies to seek bargains in Vietnamese shares.
“Foreigners now have US$500 million account balance, compared to the lowest level of US$300 million,” State Securities Commission (SSC) Chairman Vu Bang said.
Foreigners were jumping on board in the last three months, with a net buying value of US$100 million, although they were net sellers of US$500 million in local shares in the first quarter of this year due to the impacts of the global financial crisis, Bang said.
Foreign capital is expected to keep flowing into Vietnam as the country is recovering from the financial turmoil.
The VN-Index jumped 46.7 per cent in the last three months to close at 454.71 on July 24.
Overseas investors held US$10 billion worth of Vietnamese shares in 2007, Bang noted, without giving current figures.
As of June 30, the stock market accounted for 36.6 per cent of Vietnam’s gross domestic production (GDP), compared to 19.7 per cent in 2008, 40 per cent in 2007 and 0.28 per cent in 2000 when the market was born. (Stock Investment)
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