Securities Commission Organization and Stock Exchange Development in Vietnam and Laos


  • Somvixay Chanthavong Graduate School of Asian and African Area Studies, Kyoto University, Kyoto


Stock exchange, capital market, securities commission, Vietnam, Laos


This paper investigates stock exchange evolution in Vietnam and Laos through reviewing previous literature, synthesizing the capital market structure, and evaluating the capacity of the regulatory agencies, with an aim to provide a big picture of how the stock markets have developed. This study uses OLS and Tobit regression analysis to explain the associated indicators of stock exchange development in the selected countries. I find that the stock exchange in Vietnam has undergone dramatic development. However, inadequacy of securities law, low free-float of shares, and an undiversified investor base are reported as challenges. The stock exchange in Laos is still in its initial stages of development and is confronted with various challenges, including limited and undiversified products of listed companies, low liquidity, and a small investor base.


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