Word: stockings
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...years ago, sites like Sanotc.com couldn't have existed because there was no stock to trade. The vast majority of Vietnam's companies belonged wholly to the state. But as part of the government's move to a free-market economy, some 3,600 state-owned companies have been partially privatized by issuing shares to employees, managers and the public-who in turn have sold them through the Internet and in private deals with family, friends and acquaintances. This is capitalism in the raw. When deals are struck, whether online or over tea, purchasers take physical possession of the shares...
...Despite the dangers, the gray market is flourishing, spurred on by Vietnam's robust growth, optimism surrounding the country's recent entry into the World Trade Organization, and the rapid rise of sanctioned stock markets. Last year, the VNIndex, which tracks the prices of all of Vietnam's publicly traded companies, jumped 144% and has risen another 44% this year. But the legitimate market is small and illiquid-the Ho Chi Minh Securities Exchange has just 109 listed companies, up from 30 at the beginning of 2006-and there are not enough shares to feed the growing mania for stocks...
...government is getting nervous. Vietnam recently passed new securities rules aimed at improving corporate transparency and curbing market excesses. Among other measures, the law requires all unlisted companies with shares available for purchase to be audited, to post annual financial reports with the State Securities Commission, and to register stock transfers. But Vu Bang, the commission chairman, acknowledges that he lacks the staff to enforce the rules. The commission has only 10 inspection officers to oversee a total of 198 corporations listed on the two official bourses and thousands more that are unlisted. "In 2007, we can't expect...
...Trung, the engineer, is rushing to cash in while he can. He expects the unofficial market will eventually be regulated, curbing the potential for instant windfalls. To contain volatility, for example, the Ho Chi Minh Securities Exchange suspends trading in a stock when its price rises or falls by 5% in a day. Gray-market stocks can double in a single deal. "There are no rules on the OTC," says Trung, "so you can get huge profits. That's why we have to take advantage of it now." The madness of crowds, it seems, is alive and well...
...produced the country's first-ever ranking of the 100 Richest People in Vietnam, several moguls complained. "I wish they would have asked us before publishing," groused Nguyen Duy Hung, CEO of a Ho Chi Minh City brokerage firm who was ranked the country's sixth-richest person with stock worth $58 million. A prominent law professor speculated that miffed tycoons might be able to sue for invasion of privacy. Even ordinary citizens were affronted. "A person's assets should be his private secret," wrote one VNExpress reader on the news outlet's website...