The State Securities Commission (SSC) has asked the
HCM City Stock Exchange and Hanoi Securities Trading Centre (HASTC) to
thoroughly check applications for listing on the bourses and given them
permission to temporarily deny applications.

Over 30 businesses that meet the currently applied
requirements to be eligible to list have applied to list on the Hanoi
and HCM City bourses.

However, the problem is that some may have minus profit in 2008.

SSC has given HOSE and HASTC permission to temporarily
put aside the applications of enterprises which reported losses in the
first three quarters until those enterprises produce business results
for Q4 and businesses which do not currently have provisional funds set

According to Tran Anh Dao, Head of Listed Stocks
Management under HOSE, currently, four share items are going to be
listed on the bourse, namely Licogi, Basa, Ha Nam Minerals and Hoa Sen
Corrugated Iron, while 7-8 other applications have got approval in
principle, and nine others are being considered.

None of the companies which have got approval to list
suffered accumulative losses through the first three quarters of the
year. Only Basa had minus profit in its main business field in Q3. HOSE
has asked the company to give an explanation and make public the
information before it lists.

HASTC said that 18 companies have got approval for
listing, 17 have applied for listing. None of the applying companies
suffered losses in the first three quarters of the year; however, two
or three are in ‘precarious’ situations. HASTC has told the companies
that it will not consider their applications until they show business
results for Q4. The representative said that HASTC is refusing to
licence the listing of companies which have had poor business results,
including APEC Securities Company.

As such, it is clear that state management agencies
all have the viewpoint that commodities on the stock market must have
high quality.

However, according to the regulations stipulated in
Decree 14, if enterprises made profit in 2006-2007 they are still
eligible to list on the bourse this year, even if they reported losses
in Q3 of 2008 or suffered accumulative losses through the first three
quarters of the year. Therefore, in theory, it is illegal to refuse to
grant licences to the companies.

The director of a securities company said that if
enterprises still can meet the requirements stipulated by the laws, SSC
should not hinder their listing plans. The director said that only
brave companies dare list their shares on the bourse at this moment,
with the market falling down. He also said that more commodities on the
market would offer investors more choices, a good thing for the stock