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The Ho Chi Minh Securities Trading Centre (HoSTC) was officially transformed into the Ho Chi Minh Stock Exchange (HOSE) following a Prime Ministerial decision, which was announced on August 8.
Addressing the announcement ceremony, Deputy PM Nguyen Sinh Hung stressed that the HOSE should continue to act as a key cog for the country's investment activities while contributing to capital generation for Viet Nam's long-term development.
The bourse will no longer be a branch that works directly under the State Securities Commission, but will act as an independent company that is governed by the country's securities and enterprise laws.
Since its inception seven years ago, the HoSTC has made marked progress and attracted a healthy number of investors. A total of 110 companies are currently listed at the centre with a capitalisation value of more than 200 trillion VND and is home to nearly 50 stock member companies.
The shift in structure is expected to help raise the stock market's professionalism to keep abreast with international standards in market management and to build a modern stock market capable of connecting with other markets in the world.
Deputy Chairman of the State Securities Commission was elected Chief of the Board of Directors of the HOSE while Tran Dac Sinh, former director of the HoSTC, was appointed Director General of the HOSE.
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