960,000 stock accounts opened in first 9 months
960,000 stock accounts opened in first 9 months
Over 960,000 new securities accounts were opened in the first nine months of this year, more than the combined figure of the last three years.
An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
By the end of last month there were over 3.73 million accounts, according to the Vietnam Securities Depository.
The average bank deposit interest of 4.4 percent by the end of last month was not attractive, which caused investors to look toward stocks, FiinGroup pointed out in a report.
Other asset classes like property, gold and foreign exchange are not providing high yields either, it added.
Mirae Asset Vietnam said in a note Vietnam’s benchmark VN-Index has gained over 23 percent this year, and prospects for growth remain good.
"We expect more idle cash will be transferred to stocks."
The government targets having 3 percent of the population participating in equity markets by the end of this year and 5 percent by 2025 under its Scheme for Restructuring Securities and Insurance Markets, which it finalized in early 2019.
