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ACB reinforces position as premier custodian bank for global investors
Asia Commercial joint-stock bank (ACB) was granted custodian member status by the Vietnam Securities Depository and Clearing Corporation (VSDC) in August.
This milestone marks ACB as one of the leading domestic custodian banks in Vietnam, offering crucial support services to financial institutions and organisations investing in Vietnam's securities market. By facilitating investment activities, ACB contributes significantly to the growth and development of the domestic capital market.
From a modest market with only two stocks, each with a market capitalisation exceeding $5 billion, Vietnam's stock market has witnessed remarkable growth. As of the end of the second quarter of 2024, the market capitalisation reached over VND7.1 trillion ($288.3 million), equivalent to 69.1 per cent of the estimated GDP for 2023. This represents a substantial increase compared to the modest figure of nearly VND1 trillion ($40.6 million) in 2000, positioning Vietnam's stock market as an increasingly promising and dynamic investment destination.
“ACB passionately believes in the immense potential of Vietnam's capital market, which stands out as an attractive investment destination in the region. Leveraging our competitive edge as a leading domestic bank with exceptional service quality and deep market understanding, ACB is committed to act as the bridge that connects financial institutions to Vietnam's securities market. We will spare no effort to deliver the best experience to our clients, including financial institutions and investment funds, as we help the market capitalises on the incoming wave of investment into Vietnam," said Huynh Duy Sang, head of financial markets division.
In addition to launching securities custody services, ACB has also introduced supervisory bank and fund Accounting services for domestic fund management companies, aimed at providing a comprehensive service offering. Together with ACB Securities and ACB Capital Management Company, ACB is enhancing its financial services ecosystem to fully support the investment activities of financial institutions.
Through extensive research on foreign investors, ACB has identified two primary challenges. The first is the need for access to comprehensive information, comparable to that of domestic investors. The second is the understanding of regulations and legal frameworks in Vietnam. ACB’s investor services are designed to address these issues by assisting with opening securities trading accounts, obtaining securities trading codes, facilitating transactions, and providing timely market updates.
With a swift registration and transaction process, convenient documentation, operated by an experienced and professional securities services team, ACB's custody service offers a full range of essential services provided by custodian banks.
ACB will continue to collaborate with ACB Securities and ACB Capital Management Company to develop its ecosystem that can leverage maximise support for investment from foreign funds and domestic fund management companies. This initiative aims to contribute to the development of the local capital market, towards the goal of upgrading to secondary emerging market status for Vietnam.
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