Attempt to copy the Chinese stock market in Vietnam

 Vietnam stock market attempt to copy the Chinese stock market?
Mm8 on PK18 years!
Wuhan University of Technology Director of Finance and Securities Research Institute, New Tang (Professor)
author's note: It is said that over the past 30 years, Chinese people are feeling the stones across the river, but the past 10 years, the Vietnamese are taking to imitate the way the Chinese people across the river .2007 March 12, the Vietnamese index closed at a record high 1,170.67 points; June 9, 2008, the Vietnamese index closed at a day low 379.12 points, which is since March 12, 2007 the lowest since. So far, nearly one and a half hours, the Vietnamese board has accumulated 67.6% drop! this, people exclaim: Vietnam stock market crash! crash serious? Let us look in more stock to PK.
one, the more the stock market in the structure of PK
Ten years ago, July 10, 1998, Vietnamese Prime Minister signed Executive Order No. 48 of 1998, decided to build in Ho Chi Minh City and Hanoi The two securities trading centers.
2000   7 20 March, officially opened Ho Chi Minh City Securities Trading Center, which is the only board stock market in Vietnam. The first transaction occurred in July 28, 2000, there were only two stock listing.
2003   8 on 5, 2010, Vietnamese Prime Minister empowered to formulate development strategies in Vietnam securities market, in which one of the most important is that in 2010, the Hanoi stock market into a small and medium enterprises that the OTC market (or the counter market or the OTC market).
2004   6 months, the Ministry of Finance issued Circular No. 136, decided to organize a in two stages: the first phase: 2005mm2007 years, the equity of state-owned enterprises and government organizations share bond auction bid, and to guide non-listed securities trading system *** of the transactions; the second stage: after 2007, Hanoi Securities Trading Center will become a standard OTC market, securities market development to meet the needs of Vietnam.
under the above arrangement, March 8, 2005, Hanoi Securities Trading Center (HASTC) officially opened, it is Vietnam a new milestone in the securities market, OTC market, it marked the official formation of Vietnamese .2005 July 14, Hanoi Securities Trading Center has created a second board market.
2007   5 11, Vietnamese Prime Minister signed the 599 Executive Order, decided to Ho Chi Minh City Securities Trading Center Ho Chi Minh Stock Exchange was renamed (HOSE) .2007 on August 8, Ho Chi Minh Stock Exchange formally.
contrast, the Chinese stock market a full older than Vietnam is 10 years old, in December 1990, officially opened the Shanghai Stock Exchange, which marks the birth of China's stock market .18 years, the Chinese stock market has been only two boards, namely the Shanghai Stock Exchange and Shenzhen Stock Exchange, .2004, Shenzhen Stock Exchange launched the or conceptual stage.
II CBBC PK
Vietnam Vietnam stock market index (VN Index) is specifically reflect the changes in Ho Chi Minh Stock Exchange index of share prices. Vietnam Index from July 2000 when Ho Chi Minh Securities Trading Center opened in the 100 points of departure, until the first stop of 6.5 thousand years after the integer point mark .2007 March 12, the stock index closed at 1170.67 points in the historical record. then began a slight pullback oscillation, 7mm9 minimum detection to 900 points on line 9 start again at the end of a rebound, and ultimately ascribed to the October 3, index closed at 1106.6 points.
from October 3, 2007 began, the Vietnamese index U-turn down, rain continued to fall, not stop, until 2008 June 9, Vietnam index closed at 379.12 points. So far, more than six months, the motherboard has been accumulated in Vietnam dropped 65.7%!
contrast, China's stock market ups and downs more often and more crazy, more terrible! 1990 end, the Shanghai index from 100 points of departure, a year after station 1400, the cumulative gains as high as 1300%! China's stock market in less than 4 years of the birth of the short time to experience three rounds of ghosts After the first round of the bull market turn! Vietnam Index from July 20, 2000, 100 points of departure, and in March 12, 2007 the first stand on the highest point of 1170 points of history, during which it took a full six and a half years , but far less than China's stock market gains! This is after the establishment of the Vietnamese stock market has experienced in the first round of the bull market, which areas should be considered a Manniu!
Third, the price-earnings ratio and the more openness of the stock market ended 2008 6 PK
9, Ho Chi Minh Stock Exchange a total of 151 listed stocks, total market value of listed stocks reached 44.14 trillion VND (30 May 2008 indirect rate of exchange: 1 million VND against 4.25 yuan); addition to shares, , listed 65 species including bonds, four closed-end securities investment funds. At present, Ho Chi Minh Stock Exchange has 81 member securities companies.
ended June 9, 2008, Hanoi Securities Trading Center listed species: stock 139 , the bond 204. which, the stock market capitalization of 15.08 trillion VND.
Vietnam stock market simple comparison of numbers:
(1) the age difference between the stock market in Vietnam a full 10 years!
(2) Vietnam stock listed on a difference of only 10 times the number!
(3) OTC market in Vietnam Hanoi Securities Trading Center mm 139 listed stocks, while the second board or the OTC has yet to launch, but the Shenzhen Stock Exchange Small plates much larger than the Vietnamese stock market!
(5) years, according to the Chinese stock market in Vietnam, introduced investors, the Vietnamese prefer cash dividends of listed companies, and relatively generous dividend; contrast, cash dividends of listed companies in China is relatively stingy, miserly! < br> (6) Since 2001, Vietnam on foreign ownership limit has been revised three times, they were: 20%, 30%, 49%, with the gradual deregulation of the situation.
2004  1  1, China began to implement the the total proportion of institutional investment shares reach or exceed 25%, the non-listed financial institutions in accordance with the supervision and administration of foreign financial institutions; several overseas financial institutions financial institutions listed in the total proportion of investment shares reach or exceed 25%, the listed financial institutions remain under the supervision of Chinese financial institutions management.
2007   8 7, China Insurance Regulatory Commission issued the equity ratio of a maximum of 25%.