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More banks to list on stock exchanges
Last year, the domestic stock market did not promise much and many banks decided to defer their plans to list on the bourses. However, the quick recovery shown by the country's economy and the need to improve their position and competitiveness in the market have prompted them to list their shares this year.
The HCM City Housing Development Bank (HDBank) typifies this trend. Chairwoman Le Thi Bang Tam said HDBank planned to raise its charter capital from the current VND3 trillion (US$142.85 million) to VND4 trillion ($190.47 million) and prepare necessary conditions to list on the official bourses.
The bank expects that its listing plan will go smoothly partly because of its achievements last year.
In 2010, HDBank earned profits of VND351 billion ($16.7 million), VND51 billion ($2.42 million) higher than the set target, Tam said.
The Military Joint Stock Commercial Bank (MB) also delayed its listing plan last year and is set to do it this year.
MB Deputy General Director Cao Thi Thuy Nga said last year the stock market had faced many difficulties, and the bank did not have the right conditions for listing on the official bourse.
The bank's management board had asked for permission from its shareholders to continue preparing for listing this year, Nga said.
The Technological and Commercial Joint Stock Bank (Techcombank), one of the big joint stock banks, also wants to go public soon.
"We are making careful preparatory steps to ensure that the listing plan can be implemented successfully this year," said general director Nguyen Duc Vinh.
Most of the banks planning to list see it as a necessary move to improve their liquidity, polish their trademark and sharpen their competitive edge.
Experts said both the MB and Techcombank were now appreciated by industry insiders for achieving high growth rates and earning attractive profits of VND2 trillion ($95.23 million) and VND2.8 trillion ($133.3 million) respectively, both exceeding set targets.
They also said, however, that listing on the official bourse would not be an easy task as it depended on market developments.
The Viet Nam Commercial Joint Stock Bank, for instance, had listed on the Ha Noi Stock Exchange in the fourth quarter of last year in an attempt to raise its charter capital.
However, the listing did not go very well because its share price stayed equal to the face value of VND10,000, reflecting the market's gloomy outlook.
Thien Ly
vietnamnews
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