Accounts of Five Investment Organisations Closed

According to the State Securities Commission, the Ho Chi Minh City Securities Trading Centre has decided to close accounts for five foreign investment organisations, including the branch of the Bank of China Ho Chi Minh City, the Albetta International; Delaney& Co, Indochina Ltd; Danu Vina and Galaxies Enterprise. This is because the organisations and enterprises did not apply for trading codes. So, after over seven months since the Government has issued new regulations on foreign investors, an iron measure has been taken against violated organisation in an effort to make transactions of foreign investors’ transparent.

Nguyen Thi Lien Hoa, head for the Market Development Department of the State Securities Commission, said that while many other organisations had observed the Government’s new regulations, the five organisations were still stubborn. To prevent those agencies from illegally trading securities in the market, the Ho Chi Minh City Securities Trading Centre finally decided to close their accounts.

 

It is reported over 60,000 accounts have been opened at the Ho Chi Minh City Securities Trading Centre, but foreign investors account for just 1.1 per cent of the figure.