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Ha Noi bourse runs the numbers
The Ha Noi Securities Trading Centre added 53 new listings in 2008, bringing the total number of enterprises listing shares at the centre to 168 by the end of the year, representing total market capitalisation of nearly VND55.2 trillion (US$3.25 billion).
The centre also saw a trading volume of 1.5 billion shares in 2008.
"Although suffering from the global economic crisis along with everyone else; we are proud of these achievements," said centre director Tran Van Dung.
Dung also said that these figures proved the activeness of the securities market in the north. "Our market is still attractive," he said.
In 2008, foreign investors traded 116.3 million shares on the northern bourse, representing 5 per cent of total market volume and a year-on-year increase of 38.5 per cent.
"In the future, we will receive significant share volume from different sources, which is expected to increase investor confidence and stimulate securities investment in the new year," Dung said.
The centre hosted 29 share auctions in 2008, including 13 initial public offerings by former State-owned enterprises. Just 42.9 million shares were sold through these auctions, earning just over VND1 trillion ($61.2 million).
In comparison with 2007, when the centre hosted 47 share auctions selling a volume of 279.6 million shares worth VND14.6 trillion ($859.4 million), the figures were disappointing.
"The insignificant development impacted the Government's equitisation process," said Dung.
A vital bond market
In 2008, the Ha Noi Securities Trading Centre also completed establishment of a dedicated bond market which allows investors to issue and trade in bonds only via the Ha Noi centre.
"Establishment of the market aims to promote transparency and concentrate bond investors," said Dung, noting that the positive outcomes of Government bond auctions in the third and fourth quarters of 2008 were evidence of the market's effectiveness.
"The coupons of these bonds were lower than commercial bank interest rates," he comment.
Overall, the Government raised over VND7 trillion (US$421.2 million) last year through 44 Government bond issues, a total which represented only 22.1 per cent of the year's target.
Dung blamed the lack of success of bond auctions earlier last year on tightened monetary policies and the out-of-control inflation rate.
The northern market also achieved success in the auction of the first Government-guaranteed corporate bonds issued by the Viet Nam Expressway Corporation, which raised capital for the Noi Bai - Lao Cai national way, suggesting a new channel for raising capital for infrastructure projects.
Viet Nam News
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