Three companies want to move their stocks out of overloaded main bourse

By Minh Son March 16, 2021 | 09:00 pm PT

An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.

Three companies have applied to temporarily move their listed stocks from the overloaded main exchange in HCMC to Hanoi.

Vietnam National Seed Group (NSC), food producer Bibica Corporation (BBC) and the Southern Seed Corporation (SSC) said they hope they could be listed and traded on the Hanoi Stock Exchange at the earliest.

Securities brokerage VNDirect has said it would also move but has not filed an application.

The exchange switch is one of several measures mooted to deal with the overload on the Ho Chi Minh Stock Exchange’s 20-year-old system, which began in December as record numbers of new investors entered the market.

The Ministry of Finance recently commissioned IT giant FPT to provide solutions to the overload. The process could take three or four months.

There were 2.88 million stock trading accounts at the end of February, 21 percent up from a year earlier and equivalent to 2.96 percent of the country’s population.