The number of investor trading accounts on the nation's stock exchanges can grow from the current number of 800,000 accounts to as many as 5 million over the next 10 years, according to Hwang Sungho, CEO of Woori Investment & Securities.
"We believe the stock market and securities industry of Viet Nam will display rapid quantitive and qualitative growth going forward," Hwang said at the opening of a Woori CBV Securities Company branch in HCM City last week. He noted that the Chinese and South Korean markets had experienced similar growth in recent decades.
Hwang expected the significant growth in online trading to drive the market expansion. "Viet Nam's online trading accounts for over 50 per cent of all transactions, which is outstanding growth given the short history of online trading."
Viet Nam, with an estimated 20 million internet users and 100 million mobile phone subscribers, was prime for the further development of online trading, he said, adding that Woori was "determined to contribute to this growth".
Woori Investment & Securities, an affiliate of South Korea's Woori Financial Group, obtained a 49-per-cent interest in Bien Viet Securities Company, becoming the brokerage's sole foreign strategic partner and changing the name of the company to Woori CBV Securities.
Woori CBV Securities offers a new online trading product called Mug Cafe which offers clients a secure online trading account and a fast and flexible interface for internet trading.
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