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Vietnam government scraps plan to merge 2 stock exchanges

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Vietnam government scraps plan to merge 2 stock exchanges

The Vietnamese government has abandoned its plan to merge the country's two stock exchanges in Hanoi and Ho Chi Minh City, The Nikkei reported Jan. 15, citing a statement from the government.

The planned merger was scrapped due to disagreements between the two exchanges over where the merged entity would be located.

Under a new plan, the two bourses will operate independently under a holding company owned by the country's Ministry of Finance. The new company, called Vietnam Stock Exchange, will be set up by 2020 and headquartered in Hanoi. After 2023, the new company will work on privatization efforts.

Vietnam Stock Exchange will primarily issue regulation on share listings and trading, monitor the stock market and supervise the country's two stock exchanges.