The Ministry of Planning and Investment seeks a foreign partner to set up a credit rating agency as a joint venture or 100% foreign owned. The credit rating agency would accelerate the stakes auctions of joint stock companies.
The credit rating agency would come online in 2005 and then activate Vietnam’s bourse by diversifying the ‘commodities’ for the market, according to Tran Dac Sinh, director of the HCM City Securities Trading Centre.
According to Sinh, the credit rating agency will also accelerate the stakes auctions of joint stock companies, especially large ones. Heavy industry, power, aviation, banking and petroleum are all planning to equitise, but find appraisal and rating slow going.
The Ministry of Finance credit rating agency is also working with the World Bank to evaluate corporate governance in Vietnam to set up a securities database integration centre.
In its plan for 2005, MoF plans to establish an independent securities custodian centre and a corporation for investing state owned capital with many enhancements to securities fund development also planned.
MoF is also considering a plan to connect Vietnam’s bourse with regional stock exchanges.