MESSAGE FROM CHAIRMANOn be half of the Board of Directors of Hochiminh Stock Exchange HOSE, along with all Staffs, I would like to send sincere thanks to managerial authorities at all le
Trang 1Annual Report
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Trang 3Annual Report
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Part I
About Us & Organization Chart
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MESSAGE FROM CHAIRMAN 9
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MESSAGE FROM CEO 11
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ORGANIZATION CHART 13
+,ư1*48n175 BOARD OF DIRECTORS 14
%$171**,m0ư& THE MANAGEMENT 15
ư,1*&m1%48n1/ª MANAGERIAL PERSONNEL 16
+2p7ư1**,$2'&+ TRADING MANAGEMENT 20
+2p7ư1*48n1/ª7+l1+9,1 MEMBER MANAGEMENT 21
+2p7ư1*&1*1*+7+1*7,1 INFORMATION TECHNOLOGY 22
+2p7ư1*ưs8*,m AUCTION ACTIVITIES 23
+2p7ư1**,m06m7*,$2'&+ TRADING SURVEILLANCE 24
+2p7ư1*+¨37m&48&7 INTERNATIONAL CO-OPERATION 25
+2p7ư1*., 062m71,% INTERNAL CONTROL 26
+2p7ư1*7,37+9l48$1+&1*&+1* MARKETING AND PUBLIC RELATIONS 27
+2p7ư1*48n1/ª9l7+t0ư1+1,0<7 LISTING MANAGEMENT 28
+2p7ư1*48n1/ª'¢m1 PROJECT MANAGEMENT 29
+2p7ư1*1*+,1&83+m775, 1 RESEARCH AND DEVELOPMENT 30
+2p7ư1*&1*%7+1*7,1 INFORMATION DISSEMINATION 31
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MONTHLY FOREIGN TRADING 36
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MONTHLY FOREIGN TRADING 38
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FOREIGN TRADING ACTIVITIES (ORDER MATCHING METHOD) 39
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FOREIGN TRADING ACTIVITIES (PUT THROUGH METHOD) 39
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TRADING PERFORMANCE 40
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TRADING ACTIVITIES BY SECURITIES IN 2010 41
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MONTHLY TRADING ACTIVITIES IN 2010 42
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PUT-THROUGH TRADING OVER YEARS 43
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MONTHLY SUPPLY AND DEMAND OF ORDER-MATCHING TRADING IN 2010 44
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TOP TEN OF HIGHEST TRADING VOLUME IN 2010 45
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TOP TEN OF HIGHEST TRADING VALUE IN 2010 45
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LIST OF ACCOUNTS 2010 46
Trang / Page
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Trang 7Part I
About Us & Organization Chart
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Trang 9MESSAGE FROM CHAIRMAN
On be half of the Board of Directors of Hochiminh Stock Exchange (HOSE), along with all Staffs, I would like to send sincere thanks to managerial authorities at all levels, market participants, as well as local and international partners for standing side by side with HOSE to reach the year 2010’s targets and do wish to continue receiving your trust and support
In 2010, the global economy was not in fact stable due to the financial crisis and the debt crisis in Europe The major economies fell into high inflation after stimulated growth packages While Vietnam economy has faced such matters as inflation, exchange rates and investment efficiency, yet many achievements have been gained in 2010 thanks to efficient execution of the Government to cope with the negative impacts of the world economy as well as outstanding issues in the domestic economy However, the overall picture of Vietnam economy still showed many bright spots such as the economic growth rate for the whole year is 6.78%; economic scale exceeded US$ 100 billions for the first time; trade deficit and current account deficit continue to be improved
Played as a "thermometer" of the economy, stock market has shown a positive trend If only observing the VN-Index, the Vietnam stock market seems not to be bright in the region, but it has left a strong impression in terms of capital channel in financial market Besides, the leading goal of maintaining a fair, transparent stock market has been obeyed and highly evaluated through the close control of managerial authorities and HOSE for regulation violations
The year 2011 is the beginning stage for the Vietnam economy in 2011-2020 with the objective of sustainable development proposed in The 11th Vietnam Communist Party Congress It is likely that challenges will remain for stock market; however, HOSE with the whole endeavor and solidarity of all staffs will surely overcome challenges to make stock market fair, reliable and transparent, performing its crucial role in the national economy
ON BE HALF OF BOD
(Chairman)
NGUYEN DOAN HUNG
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Trang 11MESSAGE FROM CEO
The year 2010 celebrates 10 years of establishment and development of Vietnam’s stock market It also marks 10 years of The Hochiminh Stock Exchange’s (HOSE) efforts in fulfilling the mission of operating the market with safety, publicity, fairness and transparency
The results have been achieved in the last 10 years in respect of market size and regulatory framework given the country’s thriving macroeconomy that have laid a foundation for the market’s development and strengthened the trust of local and foreign investors
The stock market in 2010 has not attained an impressive growth rate as previous years The trading volume of 2010 has reached more than 11 billion securities, equivalent to a value of VND 362,000 million, a 6% rise in volume but an 11% fall
in value compared to those of 2009 The daily average trading value is about VND 1,520 million, with some booming trading days that went over VND 3,000 million towards the end of the year
The year 2010 is also an eventful year with listing activities on HOSE The number of newly listed companies is 75, a threefold increase from that of 2009 275 stocks, 5 investment fund certificates and 49 bonds have been officially listed and traded on HOSE, raising the total listing value to over VND 170,000 million (par value), increased by 47% compared with
2009 IPO activities also made a step forward with IPO value of VND 3,189 million, fivefold as that in 2009
The year’s market performance shows that the attraction generated by increasing listed securities has no longer been a great contribution to improving the market liquidity Also, the attraction that the market benefited from the economic growth, was overwhelmed by specific obstacles faced by the economy, e.g inflation and monetary policies The fact that what used
to be the attractive characteristics of the market are now fading, has presented a new challenge for maintaining the market appeal In order to develop further and enhance international competitiveness, the market needs new impulses such as market structure needs to be revised; trading barriers need to be removed; and advanced services and practices need to be launched, etc These are several issues of such great concern for HOSE that we have been relentlessly learning from other markets, calling for idea input from market participants, and making proposals to regulators
In the coming stage with many challenges and opportunities, with a determination to grow sustainably based on tional standards and practices, HOSE will continue its strategic goals to modernize the infrastructure and technology as well as diversify products and services for the market HOSE has a faith that with the support from the Ministry of Finance, the State Security Commission, other regulators, and market participants, together with the consensus among the Manage-ment Board and staffs, HOSE will continue its role in organizing the bourse safely, publicly, fairly and transparently, and being an effective fund mobilizing channel for the country’s economy
Hochiminh City, February 2011
President & CEO
DR TRAN DAC SINH
Trang 13Standing Deputy Chief Executive Office
Phó T×ng Giám öÖc
Deputy Chief Executive Officer
P.Thông Tin ThÎ Trßæng
Market Information Dept.
P.Nhân Sä
& öào T ²o
Personnel &
Training Dept.
P.Tài Chính
KÆ Toán
Accounting &
Finance Dept.
P.öµu Giá
Auction Management Dept.
P.Hành Chánh T×ng Hêp
Administration Dept.
P.Ki Çm Soát NÙi BÙ
Internal Control Dept.
Listing & Disclosure Dept.
P.Công NghӋ Thông Tin
Information Technology Dept.
P.Qu°n Lý Thành Viên
Member Regulations Dept.
P.Ti Æp ThÎ
& Quan HÉ Công Chúng
Marketing & Public
Relations Dept
P.Hêp Tác QuÖc TÆ
International
Co-operation Dept.
T×ng Giám öÖc
Chief Executive Officer
Ban KiÇm Soát
Board of Supervisors
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Trang 19Part II Contents
Trang 20The trading activities in 2010 have remarked with three features:
- The trading time extension: From September 13th, continuous auction period has been extended for 30 minutes more and negotiations for stocks and fund certificates have been made possible for the whole sessions, instead of only at the after-hour as previously This adjustment has successfully kept the market liquidity, given the volatile economy revealed by the instability of monetary market and inflation Over 250 trading sessions, the total volume of continuous auction and negotiation has reached 11,849 million, valued at VND 380,686 billion An average of 47.4 million securities, valued at VND 1,522 billion, is traded in each session Compared to 2009, the volume and value increased by 7.2% and decreased by 11.7%, respectively
- The VN-Index stability: Different from 2009, the VN-Index’s variation has been relatively stable in 2010 Starting at 494.77 points at the beginning of the year, VN-Index reached its peak at 549.51 on May 6th 2010, experienced the lowest point at 423.89 on August 25th, and showed 484.66 at the closing session of 2010
- Foreign inflow has continuously shown positive signs: In a generally stable market, foreign investors regularly purchased stocks with a total net volume of 270 million securities, valued at VND 15,368 billion (7.9 and 5.6 folds compared to 2009 volume and value, respectively) This demon-strates the continuous interest of foreign investors in the Vietnam stock market
The total capitalization value on HOSE as at December 31st, 2010 has reached VND 591,345 billion, 19.4% higher than that of 2009 By the end
of the year, 1,056,000 accounts have been opened at the securities firms, among which 1.31% were of foreign investors
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During the year, HOSE has actively supported its trading participants to engage in online trading, including first time participation and technology enhancement As at 31st December 2010, 102/102 trading participants have successfully deployed online trading with HOSE
In addition, trading participant management activities has continually been improved due to the implementation of Quality Management System ISO 9001:2008 In this year, HOSE has modified Trading Member Regulation and related business procedures towards creating favorable conditions for monitoring the operations, information dissemination and enforcement on Trading participants who violate the regulations The monitoring of members’ compliance hence will be conducted more frequently and efficiently
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Building a system to receive online reports from the listed companies instead of the sending/receiving text method has helped the information nation activities from listed companies to investors more precise, fast, economical and effective
dissemi-Having implemented the Quality management system ISO 9001:2008, the Information Technology Department of HOSE has committed to operatethe trading system, online trading system and networks are 100% effective without mistakes in order to build an secured and safe information technology system
Having successfully tendered the "Proposal for the Designing, Procuring and Installing with Technology Transfer a Complete Solution for IT System
- HOSE" and established the project "Building a disaster prevention center" for modernizing the information technology infrastructure of HOSE, and gradually bringing the technology of Vietnam stock market on par with the region and the world
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Auction statistics in 2010 are as follows:
Total number of auctions: 32 (including 11 auctions sold out the offered shares; 19 auctions did not sell out the registered offered shares and 02 auctions did not sell out the rights offering)
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In compliance surveillance, HOSE has detected
192 cases in which key members and affiliated people of listed companies traded without disclosure,
41 cases in which major shareholders traded without reporting at the right time required by law,
14 cases in which investors placed buying and selling orders of a stock or an investment fund certificate in a same trading day,
181 cases in which investors had opened many trading accounts for their own,
04 cases in which listed companies traded treasury stocks against regulation
In trading surveillance:
Detected 02 manipulation cases,
Additionally, a number of abnormal transactions have been detected and reported to the SSC
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INTERNATIONAL CO-OPERATION
The year 2010 has been seen as a significant milestone, marking a ten-year-stage of establishment and development of the Ho Chi Minh Stock Exchange (HOSE) as well as a ten-year-operation of the Vietnam Stock Market With all efforts to overcome the obstacles, challenges, ups and downs periods, HOSE has recorded great achievements during the past ten years HOSE moreover has affirmed its vital role as a motive force in the Vietnam Stock Market, prided to be one of the key units to make considerable contributions to the development of financial sector in Ho Chi Minh City in particular, and to the economy expansion of the whole country in general, speeding up the integration of the nation market into global market.Aiming to incessantly boost up and foster the growth of international co-operation activities, HOSE has exerted to expand its partnerships with other Stock exchanges as well as international financial institutions The MOU-signing with the Philippine Stock Exchange Inc has brought the number
of MOUs to 20 More importantly, HOSE has been upgraded its place from Correspondent to Affiliate of the World Federation of Exchanges
(WFE) since May, 2010 Being an Affiliate of the WFE not only helps HOSE to enhance expertise, but also brings opportunities for HOSE to develop collaborations with other members
During the year, HOSE has attended a variety of summit conferences, seminars and workshops such as World Exchange Congress 2010 in Barcelona – Spain; AOSEF General Assembly in Bali – Indonesia; International Institute on the Inspection and Oversight of Market Intermediaries hosted by
US SEC; IOMA/IOCA Annual Conference in New York; WFE Annual Meeting in Paris – France; Global ETF Conference in Seoul – Korea; ASEAN Finance Ministers’ Investor Seminar in Kuala Lumpur – Malaysia and so forth HOSE in addition has successfully held the 11th ASEAN CEOs Meeting in Da Lat regarding to ASEAN Linkage implement
In coming years, HOSE will actively improve competences, initiatively seek for collaborations, expand world-wide networks in order to gradually broaden its prestige and widen its cooperations with as many international organizations as possible
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INTERNAL CONTROL
Organizing and managing the securities market are considered as one of the high risk activities Being aware of responsibilities, Hochiminh Stock Exchange (HOSE) always determines that its objectives of safety and effectiveness should accompany each other; especially the compliance must be given top priority to implementing all activities In 2010, HOSE has achieved effectively the proposed quality objectives and well controlled the risks.Internal control activities at all departments have been done annually Nonconformities discovered during the inspection are overcome and inspected
to ensure that nonconformities will not recur Internal control activities have helped to improve working efficiency as well as the coordination of work among departments and to reduce the risks arising at work
HOSE has developed and applied a system of processes, procedures, and work instructions scientifically in conformity with the ISO 9001:2008 Since then HOSE has improved the efficiency and credibility of the executive management system and the competitiveness in the international arena The implementation of the ISO has built a professional working style, and helped the Board of Directors and the Board of Executives to control the internal settlement of working process in order to reduce risks in management and operation, gradually improve the quality and performance oriented integrity, transparence, simplicity and convenience
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... international partners for standing side by side with HOSE to reach the year 2010? ??s targets and wish to continue receiving your trust and support
In 2010, the global economy was not in fact stable... FROM CEO
The year 2010 celebrates 10 years of establishment and development of Vietnam’s stock market It also marks 10 years of The Hochiminh Stock Exchange’s (HOSE) efforts in fulfilling...
The year 2010 has been seen as a significant milestone, marking a ten-year-stage of establishment and development of the Ho Chi Minh Stock Exchange (HOSE) as well as a ten-year-operation