19/07/2017 10:08 GMT+7 Email Print Like 0

SSC to terminate 28 securities companies

Hanoi, July 19 (VNA) - The State Securities Commission of Vietnam (SSC) terminated the operations of 28 securities companies, approved the dissolution of 5 companies, merged 8 companies and withdrew the brokerage business of 13 companies in the first half of this year. 

This was mentioned at SSC’s preliminary conference recapping events of the first six months and noting tasks for the last six months of 2017, held last week. 

There are currently 74 securities companies on the stock market, a reduction of 28 percent in the total number of companies. 

The securities companies have focused on restructuring capital, strategic shareholders, business operations, technology and human resources. 

In the reviewed period, on both the HCM City Stock Exchange (HoSE) and the Hanoi Stock Exchange (HNX), there were 714 listed companies and fund certificates with total listed value of more than 640 trillion VND (28.2 billion USD), up six percent compared with the end of 2016. 

The Unlisted Public Company Market (UPCoM) also showed positive results, with 532 registered businesses by the end of May with registered trading value of 186 trillion VND, an increase of 42.6 percent over the end of last year. 

The two stock exchanges organised 32 stock auctions during the first half 2017. The total volume of winning shares reached over 176.4 million shares, earning 2.93 billion VND, and the success rate reached nearly 90 percent. 

With regard to the restructuring of securities companies in the future, SSC is moving in the direction of reducing the quantity of securities companies and improving the quality of operations, enhancing management and supervision, and conducting risk-based supervision on the basis of classification and early-warning regulations.