Viet Nam ranked top among world's biggest rising markets
Viet Nam ranked top among world's biggest rising markets
Viet Nam's VN Index topped a list of the world markets that rose the most between June 24 and July 24.
The VN index was followed by other international markets such as Denmark and the Czech Republic, according to the World Market Index (IndexQ).
The VN Index on the HCM Stock Exchange (HOSE) gained 7 per cent during that period to end at 631.26 points by the end of last week.
IndexQ also reported that the VN Index rose the most in the last three months, with growth of 11.58 per cent – more than the Chinese and Mongolian markets.
Since the beginning of the year, the VN Index has grown by 15.7 per cent, which doubled growth of 8.1 per cent last year and marked the third consecutive year of growth for Vietnamese securities markets.
This high growth came after the Government issued Decree 60 on June 26 to increase foreign ownership in local companies, which then sharply raised the foreign purchasing value on the stock market.
During the 20 trading sessions that ended last week, foreign investors were net buyers in 17 sessions on both local bourses – the HCM Stock Exchange and Ha Noi Stock Exchange.
They totaled VND2 trillion (US$92.04 million) in net buy value from June 26 to July 24, including the highest value of VND457.2 billion ($20.95 million) on June 26 – the first trading session after the decree was issued.
On average, foreign investors recorded a daily net buy value of VND100.4 billion ($4.6 million) during this period, 2.5 times the value recorded in the first six months.
Last week, HOSE marked its fifteenth year of operation, during which increasing foreign investment has helped improve the status of Viet Nam's securities market, represented by the VN Index.
By the end of June, there were 303 companies on HOSE, with a total market capitalisation of more than VND1,100 trillion ($500.5 billion), 87 member securities companies and 1.5 million investors.
Last year daily transactions performed through HOSE were valued at more than VND2.1 trillion ($96.3 million), representing 77 per cent, or the combined figure of exchanges in HCM City and Ha Noi.
