Press releases 2007
London Stock Exchange and Ho Chi Minh Stock Exchange sign Memorandum of Understanding
The London Stock Exchange and the Ho Chi Minh Stock Exchange today signed a Memorandum of Understanding to formalise their existing strong ties. This morning, to mark the signing of the Memorandum, the CEO of the Ho Chi Minh Stock Exchange, Dr. Tran Dac Sinh, opened trading at the London Stock Exchange.
The agreement will provide a mechanism of long term co-operation and foster the development of channels of communication and a continuing relationship between the London Stock Exchange and the Ho Chi Minh Stock Exchange. The ties the Memorandum establishes are expected to help an increasing number of Vietnamese companies raise money on the London Stock Exchange.
Commenting on the agreement, Martin Graham, Director of Markets at the London Stock Exchange, said:
“I am delighted to sign this Memorandum with the Ho Chi Minh Stock Exchange. During the last few years, the London Stock Exchange has attracted a number of ambitious Vietnamese companies looking to expand their businesses internationally. When I visited Vietnam earlier this year I saw, at first hand, Vietnam’s great potential. I believe that this agreement can help unlock this promise, benefiting both exchanges and the Vietnamese companies we look to serve”.
Dr Tran Dac Sinh, CEO of the Ho Chi Minh Stock Exchange, said:
“This Memorandum of Understanding between the London Stock Exchange and the Ho Chi Minh Stock Exchange aims to foster closer ties between the two exchanges, paving the way for further co-operation in the future. This official, long-term commitment will allow us to strengthen our existing relationship with the London Stock Exchange for the mutual benefit of our exchanges and markets in general”.
The Ho Chi Minh Stock Exchange, previously known as The Ho Chi Minh Securities Trading Centre, was officially opened in 2000, providing Vietnam with its first stock market. Today it is home to 49 member firms and 111 listed stocks, with trading volumes totalling around USD 20 million a day.
There are currently 6 companies of Vietnamese origin quoted on the London Stock Exchange's markets, 5 of which have joined in the past 2 years.
For further information, please contact:
London Stock Exchange
Alastair Fairbrother Press Office +44 (0)20 7797 1222
Notes to editors:
• About the London Stock Exchange:
The London Stock Exchange is the world’s premier international equity exchange and a leading provider of services that facilitate the raising of capital and the trading of shares.
The London Stock Exchange is the most international equities exchange in the world and Europe's largest pool of liquidity. By the end of 2006, the market capitalisation of UK and international companies on the London Stock Exchange’s markets amounted to £4.4 trillion, with £6.7 trillion of equity business transacted over the year.
The London Stock Exchange is a Recognised Investment Exchange (RIE) under the Financial Services and Markets Act 2000 and is supervised by the Financial Services Authority.
• About the Ho Chi Minh Stock Exchange:
The Ho Chi Minh Stock Exchange opened as The Ho Chi Minh Securities Trading Centre in 2000, providing the country with its first stock market. The Ho Chi Minh Securities Trading Centre was renamed the Ho Chi Minh Stock Exchange on August 8 2007. Today it is home to 49 member firms and 111 listed stocks, with trading volumes totalling around USD 20 million a day.