2008 - Busy Year for Financial Investors: Vina Securities
Foreign investors are flocking to Vietnam's stock market with high expectations on the booming local playing ground, affirmed Vina Securities director Fiachara Mac Cana, adding that 2008 will become a busy year for financial investors.
The country's financial and stock market will be bullish next year, economic experts reaffirmed.
The biggest IPO of Vietnam Bank for Foreign Trade (Vietcombank) December 26 and other 5-6 big IPOs this month are attracting much interest of foreign players in Vietnam.
More than 130 representatives of foreign banks, securities firms and asset management companies in the country have a close eye on the upcoming IPO of Vietcombank to decide their investment.
A huge capital source from foreign organizations will be poured into the stock market, if Vietcombank's IPO succeeds, securities experts said.
At least 10 foreign investment funds have been set up since the beginning of 2007 to invest in Vietnamese shares. Current funds also spare between 30 per cent and 45 per cent of cash to pump into IPO of Vietcombank and other offerings, experts noted.
Recently, the Luxembourg's Communication Minister Jean-Louis Schiltz and Vietnam's Minister of Finance Vu Van Ninh have signed a bilateral protocol on developing the capital market of Vietnam.
Foreign investors set up 8,683 accounts, including 8,167 by individuals and 516 by institutions, said the statistics released by Vietnam Securities Depository early this month. They continue activating new accounts at local brokerages.
The VN-Index fell to 934.78 today [December 13], which is looking for an upward trend after Vietcombank's IPO. (Vietnam Banking Times)
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