Vietnam's Ho Chi Minh City Securities Trading Center was upgraded to the Ho Chi Minh City Stock Exchange (HOSE), which operates as a one-member limited company owned by the country's Finance Ministry, according to local newspaper Vietnam News on Thursday.
The new status, starting Wednesday, would facilitate operations for the exchange and shorten the time for issuing its documents or regulations as well as investment in new equipment, said the HOSE director Tran Dac Sinh.
The exchange would later this month reach a cooperation agreement with stock exchanges in Poland and the United Kingdom which, among others, would help train staff of the exchange and local securities companies, he said.
The HOSE is also working to create another Vietnam's stock market index, VN-Index, which will meet international criteria that can be used outside Vietnam by investors.
The HOSE, with a chartered capital of one trillion Vietnamese dong (VND) (62.5 million U.S. dollars), is planned to become a joint stock company by 2010.
Vietnam currently has 110 kinds of listed shares, 367 kinds of listed bonds, mostly government bonds, and two listed investment funds totaling nearly 81,789 billion VND (5.11 billion dollars).
Source: Xinhua
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