ABSTRACT
The long-awaited stock market in Vietnam launched its first transaction on 28 July 2000. This event was a significant landmark for the economic renovation program in Vietnam, known as Doi Moi.1 The introduction of the stock market confirms the intention of the Vietnamese Government to establish a market driven economy with a socialist orientation.2 At the time, First Deputy Prime Minister Nguyen Tan Dung stated that financing of enterprises had been a deep concern of the Vietnamese Communist Party and that capital mobilization was a key factor for the development of the national economy.3 This was an affirmation that the development of a market economy requires the existence of a stock market and a securities industry as vehicles for corporate fund raising.4
