The Securities Trading Code is required for all foreign investors seeking to purchase equity and fixed-income securities that are listed on the Hanoi Securities Trading Centre and the larger Ho Chi Minh City Securities Trading Centre in Vietnam.
"We are delighted to have obtained a trading code to buy and sell domestic securities in Vietnam," says Lito Camacho, vice chairman of Credit Suisse, Asia-Pacific. "This move further underpins Credit Suisse's commitment to Vietnam, where we have been acting as a bridge between the country and the international investment community. We believe capital markets development is the next phase of Vietnam's economic evolution. We are keen to play an active part in it."
Indeed, Credit Suisse forecasts that Vietnam's equity market capitalisation could rise from $8 billion this year to more than double by 2010.
The bank has had some high-profile success in Vietnam, most notably in 2005 it was the sole bookrunner for the country's $750 million ground-breaking, debut
sovereign bond issue. Since 2002, Credit Suisse has been Vietnam's ratings advisor, assisting the country in getting its first-ever ratings from both Standard & Poor's and Fitch. The bank has also been mandated to act as financial advisor for some major strategic sales to foreign investors, including the equitisation of some Vietnam state-owned enterprises.
Credit Suisse's investment banking business has appointed Saigon Securities Incorporation as its local broker for equities and Ho Chi Minh City-based ACB Securities for fixed income products. Its asset management business has appointed Vietcombank Securities Limited as its local broker.
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