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First new securities firm in five years debuts on Vietnam bourse, shares fall

Hanoi-based DNSE Securities officially listed under the ticker DSE on the Ho Chi Minh Stock Exchange–locally known as HoSE–last week, the first securities firm to list on the exchange in the last five years, according to The Investor. The firm is aiming for a capitalization of US$3 billion in the next five years.

On the first trading day, DSE had a reference price of VND 30,000 per share. The price has since fallen, closing at VND 25,850 last Friday.

Contrary to the trend of foreign investors net selling billions of dollars from HoSE in 2024, foreign investors have been net buyers of DSE shares. Notably, Consilium Investment Management from the USA net bought more than US$ 6.6 million shares on July 2, accounting for more than 2 percent of DNSE’s value.

Earlier in January, Finland’s Pyn Elite Fund also invested in DNSE buying 12 percent of the firm’s equity. As of July 5, foreign investors held 13 percent of DNSE’s shares–as a securities firm there is no foreign ownership limit.

Of note, in July 2023, DNSE cooperated with ZaloPay, a leading Vietnamese e-wallet, to allow users to open accounts and trade securities directly through the popular platform. This, along with other partnerships, has fueled account growth–DNSE captured 30 percent of new accounts opened in the market in the first five months of 2024.

Furthermore, DNSE’s focus on technology has translated to cost efficiency. The ratio of operating costs to total operating revenue of DNSE in the first quarter of 2024 was 27.4 percent, significantly lower than the industry average of 37.2 percent.

See also: How to Open a Trading Account in Vietnam: Technical Guide 2024


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