Credit Suisse has been awarded Securities Trading Code Certificates from the Vietnam Securities Depository, the central depository controlled by Vietnam’s State Securities Commission. This approval will allow Credit Suisse to engage in the trading of domestic equities, as well as government and corporate bonds. They are one of the first foreign banks to receive certificates to trade both domestic equity and fixed income securities.
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 Center and the Ho Chi Minh City Securities Trading Center in Vietnam.
“We are delighted to have obtained a trading code to buy and sell domestic securities in Vietnam,” says Lito Camacho, the 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.”
In 2005, Credit Suisse was the sole bookrunner of the Socialist Republic of Vietnam’s USD750 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 equitization of some Vietnam state-owned enterprises.
Credit Suisse forecasts that Vietnam’s equity market capitalisation could rise from USD8 billion this year to more than double by 2010.
They have 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