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Tuesday, June 18, 2024

Over 20 firms have market cap of over US$1 billion each

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HCMC – After 20 years of operations, the Hochiminh Stock Exchange (HOSE) has seen as many as 23 firms with a market capitalization of over US$1 billion each, while the market capitalization value on HOSE has totaled over VND2,800 trillion, equivalent to 57% of gross domestic product.

HOSE has strengthened its position and developed strongly over the past two decades, according to a performance review of HOSE over the past 20 years.

“When the stock exchange started its operations, we did not imagine there would be an enterprise with a market capitalization of a billion dollars listing on HOSE, but to date, over 20 firms have had a capitalization of over US$1 billion each,” said Tran Van Dung, chairman of the State Securities Commission.

The development of the stock market has pushed up Vietnam’s private sector, Dung added.

The total market cap of these firms, which are mainly active in the finance-banking and real estate sectors, accounted for some 80% of the total market cap on HOSE, Tuoi Tre Online reported.

Since their listing on HOSE, these firms have mobilized huge amounts of capital to fund their business activities. As of December 31, 2019, their chartered capital on HOSE had skyrocketed by 110% against that of the initial listing.

Over 80% of enterprises on HOSE have raised their chartered capital, with Vincom JSC under the VIC code adjusting up 43 times and Vietcombank revising upward 33 times.

Only two stocks listed on HOSE in July 2000, but in late June this year, the stock exchange saw as many as 380 stocks trade their shares.

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