Some 550,000 stock accounts closed in October

By Minh Son   November 8, 2023 | 01:32 am PT
About 167,700 retail stock accounts were opened last month, but 545,400 were closed, marking the first time closed accounts have outnumbered new ones on Vietnamese stock exchanges.

In May and June 2022, nearly 500,000 accounts were opened each month.

By the end of last month, Vietnam had 7.4 million stock accounts, including 7.38 million retail accounts, and nearly 15,900 institutional accounts, a decrease of 378,000 against the end of September, reported the Vietnam Securities Depository and Clearing Corporation on Tuesday.

The decrease might have been due to investors closing their inactive accounts, experts said, noting that each investor is allowed to open one account at every securities company.

By the end of last year, Vietnam housed 81 securities brokerages.

Investors had been keenly interested in Vietnam’s market in the middle of this year, when the country’s benchmark index, the VN-Index, recovered and surpassed the 1,200-point threshold.

From May to September, the number of stock accounts opened each month exceeded 100,000.

However, since the end of September, the index has plummeted towards the 1,000-point mark.

With few new investors, and veterans trading cautiously, the bourse has seen liquidity drop sharply.

go to top