Vietnam's listed companies asked to publish information in English
Vietnam's securities regulator has asked listed companies to publish their information in both Vietnamese and English, and in accordance with international norms, saying it is an important step to attract foreign investment.
Speaking at a meeting in Ho Chi Minh City on January 19, Nguyen Son, chief of State Securities Commission of Vietnam, said his agency has been issuing legal documents in English for the same purpose.
The move is part of Vietnam's ongoing efforts to revamp the local stock market, increasing its position from "a frontier market" to "an emerging market," Son said.
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| A file photo of investors at Hanoi Stock Exchange. Photo: Ngoc Thang |
Many international analysts have considered Vietnam's market as a "bright spot" in Southeast Asia. The benchmark VN-Index rose 6.1%to 579.03 at the end of 2015.
The overhaul started in 2012, just two years after the sector reached its peak and soon saw a downturn, forcing many brokerage firms to shut down.
Besides improving the market's transparency, the government has orchestrated three mergers among local securities companies.
Official figures showed that 80 securities companies are now operating in Vietnam, with total assets of VND74.7 trillion (US$US3.3 billion) and a combined equity of VND41.6 trillion (US$1.83 billion). That compares to 102 companies with total assets of VND107.2 trillion (US$4.74 billion) in 2010.