REVIEW
of
FINANCE -
Jan. 2018
29
dramatically from over VND 324 billion in
2009 to nearly VND 9,000 billion in 2017, up 27
times and double the average trading value per
session of the stock market.
The year 2017 marked the important
historical milestone of Vietnam stock market
with the introduction of derivative market.
This is a big step forward in the stock market of
Vietnam after 17 years of operation, completing
the model of a modern stock market, providing
investors with more tools to invest and prevent
risks, as well as to attract foreign indirect
investment…
After nearly 4 months coming into operation,
the derivatives market has been growing both
in contract volume, transaction value and
number of accounts. Only in November 2017,
total transaction volume of derative contracts
reached 320,064 contracts corresponding to
the total transaction value of nominal contract
reached nearly VND 28,484 billion. On average,
the transaction volume reached nearly 14,548
contractsper sessionand thevalueof transactions
reached nearly VND 1,300 billion per session. In
November, trading volume and value increased
by 64.26% and 70.97% respectively compared to
October. By the end of November, more than
14,034 derivative trading accounts have been
opened at securities companies, seven times
higher than the first trading day. With the
current number of investors, the growth of this
market is expected to be stronger in the future.
In 2017, investors ‘trading was active, the
VIETNAMSTOCK ANDBONDSMARKET:
NEWDEVELOPMENT, MORE OPPORTUNITIES
FOR INVESTORS
STATE SECURITIES COMMITTEE -
Ministry of Finance*
The view on Vietnam’s development is transforming, formally recognizing the private sector and
private economic development as key pillars for socio-economic development. This is a very
fundamental condition for the continued development of the capital market in the coming time,
including the stock market.
Keywords: Stock market, VN-Index, derivative market, investment
Received: November 2
nd
, 2017
Revised: November 5
th
, 2017
Accepted for publication: December 5
th
, 2017
The development of stock market
has been increasingly completed
The stock market has experienced a strong
growth in the first 11 months of 2017. As of the
November 24th 2017, the VN-Index reached
935.57 points, increased by 40.7% compared
to the end of 2016, recorded as the highest
level in the past 10 years. The capitalization of
market (Shares and Fund Certificates) reached
over VND 3,272 trillion, an increase of 68%
compared with the end of 2016, equivalent to
72,7% of GDP. The total trading value of shares,
fund certificates on average reached over VND
4,500 billion, up 50% over the average of the
previous year.
The size of the stock market has been more
expanded. As of November 2017, there are
2.016 listed companies registered in the two
exchanges, attracting many large enterprises
listing on the stock market in 2017 such as
Vietnam Prosperity Bank, Vietjet Air JSC.
Beside the stock market, the bond market has
also seen rapid growth. In 2006, the outstanding
debt of the bond market was only 14% of
GDP, but currently it has reached nearly 40%,
mainly in the government bond market (nearly
30% of GDP) and the business bond market
(approximately 6% of GDP). The liquidity of
the government bond market has increased
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