According to equitisation process, up to 2010, the State will streamline and equitise 2,500 small and medium sized enterprises (SMEs) with total capital of around VND30 trillion. Thus, the number of enterprises who need an environment for transaction of securities will become remarkable.
In order to settle these issues, the Ministry of Finance (MoF) has officially announced the orientation to operate and develop Vietnam stock market. Accordingly, in addition to develop HCMC Securities Trading Center to a centralized center for trading securities of big scaled enterprise and will gradually become a Stock Exchange which can link to regional stock markets, Hanoi Securities Trading Center will develop to an Over the Counter (OTC) for trading securities insufficient to be listed, SMEs’ stocks and bonds. In the first stage from now to 2007, Hanoi Securities Trading Center will organize transaction of non-listed securities be registration and conduct stocks auctions and financial assets bids. Expectedly in this stage, Hanoi Securities Trading Center will conduct transactions all kind of stocks of enterprises of which chartered capital ranging from VND5 billion to VND30 billion, unlisted stocks of companies who have chartered capital of over VND30 billion, government bonds, local government bonds, enterprise bonds, investment fund certificates and other financial assets.
Hanoi Securities Trading Center is in a hurry to completed related works for its opening by beginning of 2005, specifically, Hanoi Securities Trading Center is coordinating with related organs to build up legal framework necessary for its operation then submitting to MoF for issuance in coming time, improvement of transaction floor has been completed and ready to put in use, installation of hardware system has been completed in July 2004, transaction software is on trial run, error correction and integration. Experts and enterprises expect Hanoi Securities Trading Center will meet demand of both investors and enterprises once entering operation.
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