FOR IMMEDIATE RELEASE                                    CONTACT:  Donna Thiessen 

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USTDA SUPPORTS HANOI EXCHANGE EXPANSION

TO ENCOURAGE PRIVATE SECTOR DEVELOPMENT

 

HANOI – (May 26, 2006) The effective upgrade and expansion of Vietnam’s securities market is the objective of a grant awarded today by the U.S. Trade and Development Agency (USTDA) to the State Securities Commission (SSC).  The USTDA grant will fund technical assistance associated with developing a roadmap for expanding the Hanoi Securities Training Center’s (HASTC) current operating system.

 

The $422,000 grant was conferred during a signing ceremony held at the office of the SSC in Hanoi.  Mr. John Boardman, Chargé d’Affaires at the U.S. Embassy in Hanoi, and Mr. Vu Bang, First Vice Chairman of the SSC, signed the grant agreement on behalf of the U.S. and Vietnamese governments, respectively.  USTDA Director for Policy and Program Geoffrey Jackson signed as a witness to the grant agreement.

 

A recent directive by Vietnamese Prime Minister Phan Van Khai requiring newly privatized state-owned companies to register with HASTC is estimated to increase the center’s current enrollment from 10 to 200 companies by late 2007.  At present, the HASTC’s operating system is unable to support this membership increase and information technology (IT) upgrades are needed to meet the expected demand.

 

The USTDA grant awarded today will support market reforms and private sector development in Vietnam by shifting the country’s financial resources toward companies that abide by international standards of governance and transparency.  Specifically, the USTDA grant will assist the HASTC in identifying the necessary IT upgrades to register companies and support a five-day technical visit to the National Association of Securities Dealers Automated Quotation System by members of the SSC and HASTC.

 

The opportunity to provide the USTDA-funded technical assistance will be competed on the Federal Business Opportunities website at www.fedbizopps.gov.  Interested U.S. firms should submit proposals according to the instructions contained in the Federal Business Opportunities announcement.  SSC will select the U.S. contractor that will perform the study. 

 

The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries.  The agency funds various forms of technical assistance, early investment analysis, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment.  USTDA’s strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development.  In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.

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