Taiwan's Taya first foreign firm to list in Vietnam
HANOI - An affiliate of Taiwan's Taya Electric Wire and Cable Company becomes the first foreign firm to list on a stock exchange in Vietnam, the State Securities Commission (SSC) says.
"Taya has entered the Ho Chi Minh City bourse. It's a piece of good news for Vietnam's stock exchanges," said SSC vice president Vu Bang.
Taya Vietnam, which is based in the southern province of Dong Nai, listed 3.65 million shares with a total face value of 36.53 billion dong (2.29 million dollars), the SSC said.
Taya received the licence in early December. The SSC then said the firm was chosen because it was profitable and had already placed 20 percent of its registered capital.
"We hope that other foreign companies will follow suit in the future. It's a start and it will certainly provide us with necessary experience to better manage the sector," Bang told AFP.
Taya Vietnam was launched in 1995 as part of Taipei's then "advance south" policy of encouraging firms to invest in countries other than China so as not to concentrate too much business in its mainland rival.
The Ho Chi Minh City market has operated since July 2000. According to official figures, Vietnam has more than 2,400 state-owned enterprises but only 31 of them are listed in Ho Chi Minh City.
Vietnam's second stock exchange opened in Hanoi in March last year, offering shares in about 10 state-owned enterprises as well as bonds and other financial instruments.
Agence France Presse - February 15, 2006.
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