3:34:25 PM | 2/4/2009
The International Finance Corporation (IFC), a member of the World Bank, and the Hanoi Stock Exchange (HSE) 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 IFC and the HSE signed a memorandum of understanding (MoU) Monday to work together on initiatives that will improve information disclosure and market transparency for the bond market and the upcoming equity market for unlisted public firms, Upcom.
The project will focus on developing the bond market to tap more local funding in the context of foreign capital scarcity, said Nguyen Phuong Quynh Trang, IFC’s head of advisory services for the Mekong region, said.
“We expect to obtain valuable knowledge from IFC's financial experts to improve market regulation and supervision and to apply best operational practices for the two markets,” said the HSE Managing Director Tran Van Dung.
In Vietnam, IFC advises the central government, local governments, private firms and industry sectors on how to grow businesses sustainably and create a healthy investment climate.
Launched in 2005, the Vietnamese smaller stock exchange, HSE, now has the listings of 533 kinds of g-bonds with a total value of VND167.1 trillion (US$9.85 billion), and 177 companies with a combined market capitalization of VND24.3 trillion. (Vietnam Economic Times, VNA)
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