The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Ho Chi Minh Stock Exchange (HOSE), the largest stock exchange in Vietnam, today signed a Memorandum of Understanding (MoU) with the intent to support development of the Vietnamese securities market. The objective of the agreement is to leverage NASDAQ OMX's technology and market experience in order to strengthen infrastructure, efficiency and liquidity at HOSE and the Vietnamese capital market as a whole.
The MoU is a mutual commitment from both exchanges to contribute to the growth of HOSE and the Vietnamese securities market. Through the agreement HOSE gains access to NASDAQ OMX's world-leading technology expertise and services in order to develop an infrastructure that can help them drive liquidity and attract investors to their exchange.
"The agreement with NASDAQ OMX aims to foster closer ties between our organizations, and to establish a channel for information exchange in the areas of system operations, regulatory framework, cross-listing and product development," said Mr. Nguyen Doan Hung, Chairman of HOSE. "This is an official and long-term commitment for further cooperation between the two exchanges and the two markets."
"It is with great anticipation that we enter this partnership with the Ho Chi Minh Stock Exchange, as a means to fulfill the great potential of the Vietnamese capital market," said Magnus Bocker, President at NASDAQ OMX. "HOSE has experienced strong growth over the last few years, and we are excited to play an integral part in enabling them to take the next step in becoming a leading Asian marketplace."
The MoU signing ceremony will take place in New York on September 23rd, with Vietnam's Deputy Prime Minister and Minister of Foreign Affairs, Mr. Pham Gia Khiem participating. On September 23rd Mr. Pham Gia Khiem will also be performing the Closing Bell ceremony at the NASDAQ's MarketSite Tower in conjunction with United Nations Week.
