HCM City wants to be home to Vietnam Stock Exchange

25.05.2016

Last week Deputy Prime Minister Vuong Dinh Hue had a meeting with the city authorities about the economic situation in the past 4 months and the implementation of the resolutions on improving the business environment, creating favorable conditions for businesses.

At the meeting, one of the recommendations of HCM City to the central government was to base the merged stock exchange in the city, citing many reasons.Firstly, according to the HCM City People’s Committee, the Ho Chi Minh City Stock Exchange (HoSE) was established in 2000 and it was where the country’s first stock market opened, which accounts for over 88% of the capitalized market of Vietnam.

Secondly, the Ministry of Finance and HCM City have invested highly in HoSE’s infrastructure to meet conditions of a national stock exchange.Thirdly, according to international practice, stock exchanges are often based in the financial hub of the country.

As the biggest city of Vietnam, HCM City asked the Government to consider setting the headquarters of the Stock Exchange of Vietnam in the city, in order to enhance the role and contribution of the City to the country’s development and create motivation for the city’s development.

HCM City’s Vice Chairman Le Thanh Liem said this was not the first time HCM City made the petition. Previously, the HCM City People’s Committee had proposed and HCM City Party Secretary Dinh La Thang also recently submitted the recommendation to the Government.

Source: Vietnam.net

Photo: CBR Investment AG