IFC and HASTC Help Develop Capital Markets in Vietnam
In Hanoi, IFC:
Chu Van Anh
Phone: +84 4 3824 7892 ext 608
E-mail: canh1@ifc.org
In Hanoi, HASTC:
Vu Thuy Nga
Phone: +84 4 3936 0750
E-mail: ngavt@hastc.org.vn
Hanoi, Vietnam, March 31, 2009—IFC,
a member of the World Bank Group, and the Hanoi Securities Trading Center
(HASTC) have joined forces to support the development of Vietnam’s capital
markets by introducing best practices and helping strengthen the capacity
of market participants.
The two organizations today signed a
memorandum of understanding to work jointly on initiatives that will improve
information dissemination and market transparency for the bond market and
for UPCOM, the newly organized equity market for unlisted public companies.
“We expect to obtain valuable knowledge
from IFC’s financial experts and specialists to improve market regulation
and supervision and to apply best operational practices, especially in
the government bond trading and upcoming UPCOM markets,” said Tran Van
Dzung, Managing Director of HASTC.
Nguyen Phuong Quynh Trang, IFC Head
of Advisory Services for the Mekong region, said: “In response to
the global financial crisis, this project emphasizes developing the bond
market to tap more local funding. Given the scarcity of foreign funds,
increasing transparency and introducing global best practices to strengthen
the bond and equity markets will help better position Vietnam’s private
sector for attracting investors.”
In Vietnam, IFC advises national and
local governments, private companies, and industry sectors on how to grow
businesses sustainably and create a healthy investment climate. The work
includes providing advise on expanding access to finance for businesses,
strengthening basic infrastructure, and raising social and environmental
standards. IFC advisory services are delivered in partnership with Australia,
Canada, Finland, Ireland, Japan, New Zealand, the Netherlands, Norway,
Sweden, and Switzerland. For more information, visit www.ifc.org/mekong.
About IFC
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
About the Hanoi Securities Trading
Center
The Hanoi Securities Trading Center
is a nonprofit organization under the State Securities Commission of Vietnam.
Established in 1998 and launched in 2005, HASTC handles auctions
and trading of stocks
and government bonds.
As of March 2009, 177 companies were listed on the HASTC equity market
with a market capitalization of 24.3 trillion Vietnamese dong. The government
bond market lists 533 issues worth 167,069 billion dong in face value.
For more information, visit www.hastc.org.vn.
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