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Investors await regulated OTC market
Despite rumours to the contrary, trading on the over-the-counter (OTC) market remains as slow as it has been on the stock exchange in recent weeks.
"Trading in this market is actually quite sluggish. It is only active for real estate and banking stocks," said Dong, who works for sanotc.com, an OTC trading website, and who asked to be identified only by his given name.
"The fear of losing money prevents investors from trading on the OTC market," Dong said.
Nguyen Tien Dung, an independent analyst, said that everyone knows the risk of trading on the OTC market, calling it "a gamble".
He said, however, that "investors still join in the gambling lately because it brings them enough return to help make up for their losses on the official markets."
Nguyen Hung, a Hanoi investor, said, "I traded on the OTC market for two weeks and earned a good amount from banking shares."
Investors were waiting for the more regulated OTC market, being set up by the Ha Noi Securities Trading Centre, suggested Dong.
"The regulated OTC market may be ready to operate in early June because we are now waiting only for the new trading regulation from the Ministry of Finance," said Nguyen Vu Quang Trung, deputy director of Ha Noi Securities Trading Centre.
"We also did the trial test with 69 securities firms and Viet Nam Securities Depository Centre, and everything goes well. The errors that happened during the trial could absolutely be repaired and upgraded."
Hanoi launched a project to bring the OTC market under its management in the middle of last year, and the Ministry of Finance approved the plan last December.
The market would help assure payments agreed to during negotiations, the most troublesome issue for traders on the OTC market.
"Thanks to the feasibility of the project, many investors delayed trading in OTC market for a month to begin a new investment when the project starts in June," Dong said. He expected the market would then begin to draw the attention of investors away from the official markets.
Analyst Dung cautioned against undue optimism, however.
"In the current situation of the economy, and with less and less capital available for securities investment, it's hard to say whether this market will get be brighter with this project," Dung said.
VNN
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