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The vietnamese stock market the the privatisation and market listing process of state – owned enterprises
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TheVietnamesestockmarketisoneofthemergingmarketsinAsia,whichcomprisesofthe HoChiMinhCitySecurityTradingCentre(HOSTC),theHanoiSecurityTradingCentre (HASTC)andtheOTCmarket.TheHOSTChasbeeninoperationsinceJuly2000,the HASTCistobecomeoperationalinMarch2005,whileanOTCmarket,alsomanagedby HOSTCwillkickoffinmid2005,accordingtoNguyenDoanHung,DeputyChairmanofthe StateSecuritiesCommission(Vietnam Investment Review News, January 2005). TheHOSTCiscurrentlytheonlyofficialsharestradingcentreinVietnamwith26listed partly stateowned joint stock companies, and one recently listed privately joint stock companyamongstmorethan6,000privateandstateownedjoinedstockenterprises.The potentialoftheVietnamesestockmarketisgreat,whichcanofferinvestorsplentyofblue sky’sbestopportunitiesandalsopainsandheadaches. ThemainfundamentalsteptakentowardsthedevelopmentofastockmarketinVietnamisto diversify ownership of national assets through the privatisation process. The basic legal infrastructureLawonCompanies,LawonPrivateEnterpriseshasbeenpassed.Enterprise valuationhasprovedtobethemostdifficultissueinimplementingtheconversionofstate ownedenterprises.Accountingstandardshavealsobeenrecentlyimplemented.Thepaceof implementationhasbeenpaintakingslowedbuttheprogressandnumberofreformsinitiated arequiteremarkableinsuchashorttime. Thecountryeconomyemergedfromapostwarcentrallyplannedsystemwithanimpressive averageannualGDPgrowthrateof8%,fromamerely10billionUSDeconomyduringthe late90sintoastriving45billionUSDeconomyin2004(Reuters,January12,2005).Asthe economyexpandwhichrequirescapitalinvestmenttogrow,thegovernmentisaccelerating thecurrentequitisation(privatisation)processofStateownedenterprises,andatthesame timepushingonwiththedevelopment andexpandingofthe financialmarketsas future sourcesofcapitalinvestmentforVietnam’seconomicexpansion. ThedevelopmentandexpansionoftheVietnamesestockmarketisfuellingbytherateand the pace of the equitisation (privatisation) program in Vietnam. Hence, this project will attempt to cover both processes at the introductory level, and identify issues for future researches