Vietnam Hopes Listed Shares Will Equal 10% of GDP

A draft stock exchange strategy calls for efforts to increase Vietnam’s market capitalization to 10 per cent of GDP by 2010.

The draft, for the 2006-2010 period, was discussed at a forum in Hanoi Thursday and is expected to be submitted to the Government in October. The market capitalization, or the total value of shares and bonds listed on Vietnam's five-year-old stock market, is now a mere 0.9 per cent of the GDP.

Among the measures the draft calls for is promulgating a stock exchange law by 2007, to serve as a springboard for the stock market.

Others include tax breaks for enterprises listing before 2007 and enhancing operations at the Hanoi and HCM City exchanges.

It also proposes that the cap on shares held by foreign investors – now being raised from 30 per cent to 49 per cent – be scrapped by 2008, except in certain sectors.

(Source: VNA)
Story from Thanh Nien News
Published: 02 October, 2005, 12:36:17 (GMT+7)
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