The Scheme on restructuring the stock market and insurance market until 2020 with orientation to 2025 has been approved by the prime minister in the end of February has pointed out numerous solutions to restructure the market.
In particular, requiring all commercial banks to be listed is one of the solutions to diversify the product base in the market. According to the scheme, all banks must be listed and register for officially trading on the HCM City Stock Exchange (HoSE), Hanoi Stock Exchange (HNX), and Unlisted Public Company Market (UPCoM) by the end of 2010.
In fact, this requirement was mentioned previously in the Vietnam Banking Industry Development Strategy by 2025, with orientation to 2030, approved by the prime minister in last August.
According to the Scheme, one of the objectives of the banking sector by 2020 is to complete listing shares of joint stock commercial banks on the Vietnam stock exchanges, which means that banks must list on the HoSE or HNX and no longer can register for trading on the UPCoM. This requirement comes from the fact that banking is a fairly special industry when the goods are currencies.
Currently, on 17 bank stocks are listed/registered for trading on all three floors. This number is only half of the number of commercial joint stock bank (31 banks). Some banks have also planned to list in the past year but have not succeeded.
