USTDA SUPPORTS HANOI EXCHANGE EXPANSION
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