Infrastructure developer Cavico Corporation has become the first Vietnamese enterprise to list on the US stock exchange following Nasdaq's approval on Friday.

At the close of its first day in the Nasdaq Capital Market on Friday, Cavico Corporation (CAVO) rose 23.59 per cent to US$8.79 with 26,955 shares changing hands.

Cavico builds the likes of hydropower stations, dams, bridges, tunnels, mines and urban buildings, employing 3,000 people worldwide.

"We are proud to be the first Vietnamese company to be approved for listing on a US national securities exchange and are gratified to have reached this significant milestone in the company's history," said Cavico CEO Bui Quang Ha in a press release.

The listing would provide greater visibility and liquidity for the company's stock because of the Nasdaq's rigorous listing procedure - specifically its due diligence - and ongoing listing requirements.

Investment bank Rodman&Renshaw acted as investment advisor and securities law firm Sichenzia Ross Friedman Ference represented Cavico in connection with its listing.

"This successful listing will pave the way for other Vietnamese companies to access the US capital markets and become listed on a national securities exchange," Sichenzia said. "This was made possible by Viet Nam's admission to the World Trade Organisation in 2007."