Bank for Investment and Development of Vietnam, the nation’s second-largest lender by assets, will begin trading on the local exchange this week as regulators seek to boost stock-market liquidity and make banks more transparent.
Military Commercial Joint-Stock Bank closed unchanged on its first day on Vietnam’s Ho Chi Minh City Stock Exchange after listing 10.07 trillion dong ($479.4 million) of shares in the nation’s biggest listing this year.
PetroVietnam Fertilizer & Chemicals Corp. plans to invest $230 million in adding and diversifying production to boost revenue as its parent considers selling shares in Vietnam’s fourth-biggest manufacturer by market value.
The rush of foreign investors into Vietnam’s most-favored companies has exhausted the government- limited supply of shares, freezing out some as inflation slows and the economy recovers from the weakest growth since 1999.
Military Commercial Joint-Stock Bank is moving ahead with Vietnam’s biggest listing this year, as it seeks to boost liquidity even after the stock market posted the second-worst performance in Southeast Asia.
Vietnam moved closer to relaxing restrictions on foreign investors as the Finance Ministry submitted a plan to Prime Minister Nguyen Tan Dung for raising the cap on overseas ownership at some companies.