Saturday, October 1 2016

VietNamNews

HCMC suggested for VSE

Update: May, 25/2016 - 10:30
HCM City Party Secretary Dinh La Thang and Deputy Prime Minister Vuong Dinh Hue. — Photo soha.vn

Viet Nam News HCM CITY — HCM City Party Secretary Đinh La Thăng yesterday repeated his wish to locate the Việt Nam Stock Exchange (VSE) in HCM City at a meeting held with Deputy Prime Minister Vương Đình Huệ in the city.

Early this month, Thăng sent an official letter to the Prime Minister, saying that the VSE should be located in HCM City, which is opposed by the Ministry of Finance.

The ministry suggested the merger of the HCM City and Hà Nội stock exchanges into the Việt Nam Stock Exchange, with headquarters in Hà Nội.

In the letter, Thăng said that HCM City was now the national economic hub, with total GDP during the 2011-2015 period reaching annual growth of 9.6 per cent, 1.6 times higher than the national average.

Financial activities, including HCM City Stock Exchange, have greatly contributed to the city’s development.

At the HCM City Stock Exchange, total capital value of listed companies was 88 per cent of total market capital, accounting for 28.5 per cent of GDP by the end of 2015.

It has helped enterprises mobilise a huge amount of capital serving production and trading.

“A national stock exchange is often located in a country’s financial centre,” Thăng said.

Trần Đắc Sinh, chairman of the HCM City Stock Exchange’s management board, said that the VSE should be located in HCM City to take advantage of international development. — VNS

 

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