Some local firms ready for listings on int’t bourses  The country managing partner of Ernst & Young (EY) Vietnam Limited said a number of Vietnamese companies have prepared well for listing their shares on international stock markets and are now waiting for signals of markets around the globe.   Max Loh Khum Whai of EY joins a function held by Ernst & Young Vietnam Limited to announce the adoption of EY as the global brand name. “We have worked with those companies with plans for international listings and they have been ready for this. They are waiting for an opportune time of the market,” Tran Dinh Cuong responded to a question raised by the Daily when Max Loh Khum Whai, regional managing partner of EY for Asean, visited Vietnam last week. The regional managing partner of EY joined a function held by Ernst & Young Vietnam Limited to announce the adoption of EY as the global brand name of the group - a global assurance, tax, transaction and advisory services firm. In addition to the brand name, EY unveiled a new logo and adopted “building a better working world” motto as its purpose from July when EY publicized Mark Weinberger as its global chairman and CEO. Though Cuong said the number of Vietnamese companies having been ready for international listing was not large, he expected there would be listings in the next two years. Many companies are now in dire need of capital for expansion but are unable to mobilize capital in Vietnam, according to Cuong. So, they have cannoned attention to foreign bourses in order to achieve this goal. He did not disclose the foreign bourses where the companies planned to join. However, Max Loh suggested Singapore as a destination for them to list given close relationship and cooperation between Vietnam and Singapore. But Max Loh noted some challenges for Vietnamese companies to list their shares in Singapore included financial reporting in line with international standards, clear specification for foreign stake allowed in Vietnamese firms, risk management and corporate governance in addition to the right price, right story and right team. Cuong said complying with strict criteria for corporate governance, risk management, information dissemination, financial reporting among others would take Vietnamese companies a lot of resources, especially in a time when financial and human resources of local firms remained limited. Max Loh said Vietnamese companies would have a broader base of investors and wider access to capital if they listed their shares in Singapore and elsewhere. To attract investors, they have to upgrade their profiles. He assured that Vietnam remained an attractive destination for foreign investors, including those from Singapore. However, Max Loh said Vietnam needed to continue to streamline procedures and re-invent itself to stay relevant to international investors and the global marketplace. “I think Vietnam has to try to make things simple and clear for investors to continue to put dollars into the country. Infrastructure can be improved and procedures can be clarified… and at the end of the day investors do not feel much hindrance to their investment in the country,” he said.   Source: SGT