New Vietnamese Bank Boosts Vietnamese Market by Half!
The BBC reported today that the listing of the first Vietnamese Bank on the Vietnamese exchange has lifted the country’s stock market by half. They said, “Sacombank - or Saigon Commercial Bank - debuted with a market capitalization of almost $1bn, and is by far the biggest company on the exchange.”
The securities market in Ho Chi Minh City lists just 41 stocks but the addition of Sacombank has increased the total value to $3 billion. Vietnam’s banks are readying themselves for the arrival of multinationals which are held at bay presently by stringent restrictions on foreign ownership. Restrictions are expected to ease considerably with a change in rules once Vietnam is admitted into the World Trade Organization later this year. In the past year the Vietnamese market has been the top performer in Asia with a gain of 60%. Some of the credit for Sacombank’s emergence from the pack must be given to its recent partnership with Australia’s, New Zealand Bank.
This entry was posted on Tuesday, July 11th, 2006 at 11:20 pm and is tagged with chi minh city, vietnamese market, ho chi minh city, sacombank, world trade organization, market capitalization, ho chi minh, stringent restrictions, ownership restrictions, securities market, top performer, multinationals, total value, stock market, saigon, emergence, bbc, vietnam, stocks, banks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback.
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