FTSE Group (“FTSE”), the award winning global index provider, today announces that Vietnam state-owned oil & gas producer, Petrovietnam (“PVN”), has chosen the Industry Classification Benchmark (ICB) as their classification system for their PVN Indexes.
Petrovietnam Oil and Gas Group (with international transaction name is Petrovietnam) is the Holding company owned by state, specialising in 5 key activities: Exploration and Production; Downstream (Oil and petrochemicals); Gas; Power; Technology & Engineering. The PVN Indexes is created by the partnership between Petrovietnam Securities Incorporated and Intelligent Financial Consulting & Research to measure the performance of the PVN Group’s listed stocks on the Ho Chi Minh Stock Exchange, Hanoi Stock Exchange and Unlisted Public Companies Market (UpCom). Its adoption of the globally recognised ICB marks a significant development to align the indexes to global standards and help investors conduct cross border analysis of the constituents with other stocks under the same sectors.
ICB forms the definitive global classification standard adopted by the international investment community, from leading stock exchanges representing over 65% of the world’s market capitalisation, to investment managers, global index providers, and financial media. The ICB database comprehensively covers 70,000 companies worldwide enabling the comparison of companies across four levels of classification and national boundaries.
Sudir Raju, Managing Director for ICB at FTSE said of the announcement "We are pleased to work with Petrovietnam as they transition the PVN Indexes to ICB. The adoption to ICB will provide a globally standard basis to help investors benchmark and analyze the listed Petrovietnam group companies.”