After 10 years of equitisation, Vietnam has so far equitised more than 2,000 state owned enterprises (SOEs). The State Securities Committee (SSC) targets having 200 joint stock companies on the trading floor by 2010.
According to some experts, it is not difficult to put 200 kinds of shares on the two securities trading floors because ultimately, the state is has majority control of hundreds of equitised SOEs and if the state so orders, these companies would have to line up to list on the bourse. But even though the government purportedly has a policy of compelling former SOEs to list on the stock market, few voluntarily seek a listing while most do their utmost to avoid it.
To date, the total market capitalisation of the single four-year old stock market [Hanoi is scheduled to have trading floor in March] is just US$250 million or 0.6% of GDP which is tens of times lower than many regional countries. Such a tiny market cap scale cannot induce big players such as institutional investors.