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UBS is granted a 'trading code' by Vietnam's State Securities Commission
UBS was recently awarded a Securities Trading Code Registration Certificate by Vietnam's State Securities Commission.
"We are delighted to have secured a licence to buy and sell securities in Vietnam. The granting of a trading code allows us to provide our clients with access to this dynamic market.
"Vietnam's economy has been growing at about 8% a year, which is a pace second only to China's. The country is rich in resources and, unlike many others in the region, is a net oil exporter and we are confident that it will increasingly become the focus of international investors," said Chi-Won YOON, Head of Asian Equities at UBS Investment Bank.
All foreign investors seeking to purchase listed equities in Vietnam are required to have trading codes, with which the regulators track foreign ownership in listed firms to ensure that foreign equity limits - 49% for most listed companies and 30% for banks - are observed. Established six years ago, Vietnam's stock market in Ho Chi Minh City, lists the shares of 49 companies with an aggregate market capitalization of around US$3 billion.
Complementing our ability to trade stocks in Vietnam, UBS Investment Bank Research plans to roll out economics coverage of Vietnam shortly. "This underlines our commitment to providing our clients with best-in-class access to Asia's emerging markets. It makes perfect sense for us to broaden further our already large footprint in the region, as we have, for example, in China's A-share market and with the recent Economics coverage of Pakistan" added Nicholas PINK, Head of Asian Research at UBS Investment Bank.
Vietnam economic coverage will be spearheaded by Jonathan ANDERSON, Chief Economist for Asia Pacific, and he will be supported by regional economist, Duncan WOOLDRIDGE.
In a separate but related move, UBS has entered into a brokerage agreement with Ho Chi Minh-based broker, Bao Viet Joint Stock Securities Company, which will execute UBS's orders in the market and assist with introducing its clients to corporates in Vietnam.
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