Logo of Phnom Penh Post newspaper Phnom Penh Post - Hanoi to open money market

Hanoi to open money market

Hanoi to open money market

Vietnam will expand its fledgling foreign currency market early next year, state

(central) bank governor Cai Si Kiem has said.

He also said the planned stock exchange, which the government hopes to launch next

year, would begin by trading in government bonds before going on to deal in shares.

Vietnam now has no secondary market for bonds and treasury bills.

Kiem's remarks to the trade union newspaper Lao Dong firmed up projected timing for

launching the two projects, key elements in government efforts to adapt the communist

economy to market principles.

He said that on the basis of existing "foreign exchange transaction centres"

in Hanoi and Ho Chi Minh City, "a foreign exchange rate market will be made

operational in early 1994". He did not say what the formula would be.

At the existing centres, the state bank gauges supply and demand from a limited number

of participants and fixes rates for the national dong currency against the US dollar

which apply until the next session of each centre.

Kiem said it would take two to three years to get the stock exchange going. From

now until the end of 1994, "we will focus on preparation of conditions for the

launch of a stock exchange with transacting bonds its main operation," he said.

He did not say exactly when the market, originally planned by the end of this year,

would be launched.

From 1995 to 1996, he said, the exchange would be perfected and "conditions

created for it to operate mainly as a share market which is usual world practice".

Kiem said the government would set up an independent regulatory council to oversee

stock exchange operations.

MOST VIEWED

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.

  • Covid jab drive for 6-11 age group to begin Sept 17

    Prime Minister Hun Sen has permitted Covid-19 vaccinations for over 1.8 million children aged 6-11 across the country from September 17 in order for them to return to school after a long hiatus. Hun Sen also hinted that vaccinations for the 3-6 age group will follow in

  • No ‘Crown Prince’ exists to buy France football club: ministry

    The Ministry of the Royal Palace has denied media reports that a Cambodian “Crown Prince” had purchased the AS Saint Etienne football club of France’s top-flight LIGUE 1 at the cost of €100 million ($117 million). In a press statement on September 19, the ministry stressed that Cambodia