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Hanoi Securities Trading Centre to become Hanoi Stock Exchange   2009-06-23 - VietNamNet/TBKTVN

As of June 24, the Hanoi Securities Trading Centre (HASTC) will officially become the Hanoi Stock Exchange (HNX), which means that Vietnamese stock market will have two official stock exchanges.

 

From June 22, the official website of HASTC has a new ‘face’ with the prominent words “The Hanoi Stock Exchange”.

 

From June 22, the official website of HASTC has a new ‘face’ with the prominent words “The Hanoi Stock Exchange”.

 

In fact, HASTC has only announced the official shifting to operate as a stock exchange six months after the Prime Minister’s decision on the issue. The shifting is associated with another important event, the opening of UpCom, the market for unlisted companies, after many years of preparation. 

 

“This is really a big event not only for us, but also an important event for Vietnam’s stock market, which prepares for a new development stage at a higher and more professional level,” said Tran Van Dung, Director of HASTC.

 

As for investors, the most visible change will be the familiar HASTC Index turning into the HNX Index. Moreover, HASTC’s official website has had a new interface since June 22.

 

When talking to the press earlier this year, a leader of HASTC said that the change of the name into ‘stock exchange’ would be associated with changes in the scale and image of HASTC in the eyes of investors and listed companies.

 

When operating as a stock exchange, Dung said that HNX will have to become more effective and better serve the market, which means that it needs a better organisational structure and better management scheme.

 

According to Dung, the biggest difference in the shifting to operate as a stock exchange is a change in structure. As HASTC, it was a unit under the State Securities Commission (SSC), while as HNX, it will become a state one-member limited liability company which will be put under the management of the Ministry of Finance and the supervision of SSC.

 

HNX will be a business with the chartered capital of 1,000 trillion dong. However, it will not operate for profit, but will have the function of management to serve the market.

 

As a business, HNX will have a reasonable mechanism that allows it to take initiative in carrying out services and products for the market. HNX will be able to call for investment from different sources to develop products and services for the sake of the stock market’s development.

 

Dung said that in the immediate time, HNX will inherit the power, responsibilities and duties of HASTC.



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