16:27 | 30/05/2016 Finance - Banking
HCM City Party Secretary Dinh La Thang on May 24 repeated his wish to locate the Vietnam Stock Exchange (VSE) in HCM City at a meeting held with Deputy Prime Minister Vuong Dinh Hue in the city.
HCM City Party Committee Secretary Dinh La Thang and Deputy Prime Minister Vuong Dinh Hue - (Photo: soha.vn)
Early this month, Thang sent an official letter to the Prime Minister, saying that the VSE should be located in HCM City, which is opposed by the Ministry of Finance.
The ministry suggested the merger of the HCM City and Hanoi stock exchanges into the Vietnam Stock Exchange, with headquarters in Hanoi.
In the letter, Thang said that HCM City was now the national economic hub, with total GDP during the 2011-2015 period reaching annual growth of 9.6 percent, 1.6 times higher than the national average.
Financial activities, including HCM City Stock Exchange, have greatly contributed to the city’s development.
At the HCM City Stock Exchange, total capital value of listed companies was 88 percent of total market capital, accounting for 28.5 percent of GDP by the end of 2015.
It has helped enterprises mobilise a huge amount of capital serving production and trading.
“A national stock exchange is often located in a country’s financial centre,” Thang said.
Tran Dac Sinh, Chairman of the HCM City Stock Exchange’s management board, said that the VSE should be located in HCM City to take advantage of international development./.