The Ho Chi Minh Stock Exchange, Vietnam's main bourse, is planning to join a common board with five other exchanges in Southeast Asia to boost regional trading, an official said.
Linking financial markets is an inevitable trend in the region as well as the world and the Ho Chi Minh Stock Exchange (HoSE) will not "stand aside", Le Hai Tra, member of HoSE management board, said in an interview published by the Vietnam News Agency Saturday.
HoSE has submitted to the government a plan to form a trading link with stock exchanges in Malaysia, Indonesia, the Philippines, Singapore and Thailand, he said, adding that the exchange is also planning to join regional and global associations.
The exchange has made "great strides" since its establishment ten years ago with the total value of listed shares increasing from VND270 billion (US$14.2 million) to more than VND100 trillion ($5.2 billion) as of mid March, he said.
"There are more than 800,000 accounts at the exchange, compared with 2,500 in 2000."
However, Tra said that in general, the local stock market was still "weak" and has not lived up to its potential in contributing to the development of the society.
HoSE will be developed to become the core of the financial market and the main channel to raise capital in the country, he said.
Stock market capitalization, currently around VND525 trillion ($27.6 billion), is expected to be roughly equal to the country's gross domestic product in 2020, he said.