Saigon Stock Exchange

## Saigon Stock Exchange (SSX)

SSX logo

**Location**
Saigon, Vietnam

**Founded**
14 June 1954

**Owner(s)**
Saigon Capital Exchange Commission

**Currency**
Vietnamese đồng (₫) (VND)

**Number of listings**
1700+

**Market cap**
$2.8 trillion USD

**Indices**
SSX 1000
RBC 550
VNFX 150

**Headquarters**

**SSX Building**

The **Saigon Stock Exchange** (SSX) is Vietnam's sole securities exchange. Over 1700 Vietnamese and East and Southeast Asian companies are traded on the exchange yielding a market cap of $2.8 trillion USD, making it the world's eighth-largest exchange by market capitalisation, just behind the London Stock Exchange. There are three main indices on the exchange: the SSX 1000, the RBC 550, and the VNFX 150.

## History

The SSX was a collaborative financial venture between Vietnam's 10 largest financial companies, most headquartered in Saigon. On 8 July 1951, Lord Nguyen The Nghia called a financial conference at Dinh Gia Long of the countries 10 largest finance investment firms to discuss financing post-war. Tran Linh of Vietnam Capital Investments suggested a stock exchange of public securities, commodities, and futures. The proposal was agreed upon by an 8-2 vote; with Eastman Ventures headquartered in Nha Trang and Trieu Commerce Bank headquartered in Hoi An voting against due to the disagreement on where to open the exchange.

Over the next three years, the finance companies gathered and launched IPOs for Vietnamese companies. The first publicly listed company on SSX was Dalat-based Duong Farming Company. The first security trade offered was a government bond at the price of ₫3 at an interest rate of 12% for 10 years.

On 14 June 1954, the SSX opened for trading at the SSX Building in the Financial District of Saigon. The SSX Building features a neoclassical facade and 14 auction rooms. The main trading floor of the SSX Building features modern and highly connective automatic trade stoppers to curb a drastic drop in prices in a 5,000 square foot main trade floor.

In 2019, the SSX Building is scheduled to undergo a facade renovation and a main trading floor expansion from 5,000 to 12,000 square feet. The renovations will not disrupt normal trading hours. During renovations, the after-hours trade floor has been moved to Saigon Capital Investments Tower Two floor. The year-long facelift was completed by 14 February 2020. Normal trading resumed thereafter.

### Notable events

#### 20th century

1954: Establishment of the Saigon Securities Trading Center - In 1960, the Saigon Securities Trading Center was established as the first organized stock exchange in South Vietnam. It provided a platform for local businesses to raise capital and facilitate investment opportunities.

1955-60: Impact of the Vietnam War - The Vietnam Civil War, which escalated in the mid 1950s, had a significant impact on the nascent Saigon Stock Exchange. Uncertainty and instability in the region led to fluctuations in stock prices, with the market experiencing periods of volatility.

1975: Temporary Closure - Political and economic changes led to a halt in trading activities as the country underwent a transition period.

1986: Introduction of Đổi Mới Policy - In 1986, the Vietnamese government introduced the Đổi Mới (Renovation) policy, initiating economic reforms that aimed to transition Vietnam towards a market-oriented economy. This policy led to the reopening of the Saigon Stock Exchange and the revitalization of the stock market.

1990: Listing of First Public Companies - Throughout the 1990s, the Saigon Stock Exchange witnessed the listing of several public companies. This marked an important milestone in the development of the stock market, as it provided investors with a broader range of investment opportunities and increased market liquidity.

1995: Introduction of Electronic Trading - In 1995, the Saigon Stock Exchange implemented electronic trading systems, replacing traditional open outcry trading. This shift to electronic trading enhanced efficiency, transparency, and accessibility for market participants.

1998: Asian Financial Crisis - The Asian Financial Crisis, which originated in Thailand, had repercussions on the Saigon Stock Exchange. As investor confidence waned, the stock market experienced a significant downturn, with stock prices declining and trading volumes contracting.

These notable financial events showcase the dynamic nature of the Saigon Stock Exchange during the 20th century. From its establishment in 1954 to the impact of the Vietnam War, political transitions, economic reforms, and regional financial crises, the exchange navigated through various challenges and milestones, shaping the development of Vietnam's stock market.

## Official holidays

The exchange is closed to observe certain holidays.

* New Year's Day (1 January)
* *Tết* (Only the first three days; date is dependent on the Lunar calendar)
* Easter Sunday (the following Monday)
* Armed Forces Day (19 June)
* Election Day (2 September)
* Labour Day (19 September)
* Thanksgiving (21 October)
* Armistice Day (11 November)
* Bank Holiday (30 November)
* Christmas (24-25 December)

## Trading

Trading hours are 7AM-4PM with a one hour break at noon for lunch. After hours trading begins at 4:02PM—one minute after the closing bell—until 6:30AM. A trade on the SSX is initiated and completed, via advanced computing software that can handle thousands of trades a minute. Prior to the incorporation of software, 12 auction rooms were used.

## Opening and closing bells

### History

Unlike other stock exchanges, the opening and closing bells of the Saigon Stock Exchange are church tower bells. This is due to every opening bell preceded by a prayer and every closing bell followed by a prayer—it has been that way since 1957—two years after the appointment of Ngô Đình Diệm—a Catholic—as president by the Imperial Council. The opening prayer happens a minute before the opening bell and the closing prayer occurs after the closing bell sounds.

Before 1985, all opening and closing bells were rung by Catholic priests or bishops who also lead the prayers. In 1985, the tradition was changed to include business leaders, political figures, and other people of interest. Since the inclusion of non-priests to be bell ringers, the Bishop of Saigon has been designated to conduct the opening and closing prayers.

### Notable bell ringers

* Vietnamese fashion designer Evelyn Tran
* AFC Cup-winning Vietnamese footballer Đỗ Trúc
* Lệ Sơn Cường (CEO of VSoft)
* Angela Merkel (Chancellor of Germany)
* Nguyễn Xuân Vinh (principal designer of the RAE VF-23 Dragon)
* Former Vietnamese Vice President Dương Phúc Nguyên
* Trần Ngọc Tuân (Vietnam's most decorated Olympian)
* Vietnamese golfer Phan Quang Minh (Winner of the 2019 PGA Master's tournament)
* Gen. Lệ Phúc An (Vietnamese Civil War general)
* Trần Nguyên Ngải (2020 Nobel laureate in physics)
* Đàm Triều Thành (Founder and CEO of DAP Manufacturing Inc.)
* Liễu Việt Anh (Five-time winner of the Tour of Vietnam)