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IFC and HASTC Help Develop Capital Markets in Vietnam
IFC and HASTC help develop the capital markets in Vietnam:
Hanoi, Vietnam, March 30, 2009—IFC, a member of the World Bank Group, and the Hanoi Securities Trading Center (HASTC) have joined forces to support the development of Vietnam’s capital markets by introducing best practices and helping strengthen the capacity of market participants.
The two organizations today signed a memorandum of understanding to work jointly on initiatives that will improve information dissemination and market transparency for the bond market and for UPCOM, the newly organized equity market for unlisted public companies.
“We expect to obtain valuable knowledge from IFC’s financial experts and specialists to improve market regulation and supervision and to apply best operational practices, especially in the government bond trading and upcoming UPCOM markets,” said Tran Van Dzung, Managing Director of HASTC.
Nguyen Phuong Quynh Trang, IFC Head of Advisory Services for the Mekong region, said: “In response to the global financial crisis, this project emphasizes developing the bond market to tap more local funding. Given the scarcity of foreign funds, increasing transparency and introducing global best practices to strengthen the bond and equity markets will help better position Vietnam’s private sector for attracting investors.”
In Vietnam, IFC advises national and local governments, private companies, and industry sectors on how to grow businesses sustainably and create a healthy investment climate. The work includes providing advise on expanding access to finance for businesses, strengthening basic infrastructure, and raising social and environmental standards. IFC advisory services are delivered in partnership with Australia, Canada, Finland, Ireland, Japan, New Zealand, the Netherlands, Norway, Sweden, and Switzerland. For more information, visit www.ifc.org/mekong.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.
About the Hanoi Securities Trading Center
The Hanoi Securities Trading Center is a nonprofit organization under the State Securities Commission of Vietnam. Established in 1998 and launched in 2005, HASTC handles auctions and trading of stocks and government bonds. As of March 2009, 177 companies were listed on the HASTC equity market with a market capitalization of 24.3 trillion Vietnamese dong. The government bond market lists 533 issues worth 167,069 billion dong in face value. For more information, visit www.hastc.org.vn.
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