LSE, Vietnam strengthen ties to help UK listings

LONDON (Reuters) - The London Stock Exchange (LSE.L) said on Friday it had signed an agreement with the Ho Chi Minh Stock Exchange to help Vietnamese firms list in the United Kingdom.

The agreement will see improved communication to ease dual listings.

Ho Chi Minh Stock Exchange Chief Executive Tran Dac Sinh said the memorandum of understanding would strengthen ties between the two "for the mutual benefit of our exchanges and markets in general".

Competition for listings is fierce. Asian bourses, including

Singapore Exchange (SGXL.SI) and Hong Kong Exchanges and Clearing Ltd. (0388.HK), are looking beyond their home markets for initial public offerings.

So far six Vietnamese companies have raised a combined $1.5 billion (742 million pounds) on the London Stock Exchange (LSE).

"During the last few years the London Stock Exchange has attracted a number of ambitious Vietnamese companies looking to expand their business internationally," said Martin Graham, director of markets at the LSE.

"When I visited Vietnam earlier this year I saw at first hand Vietnam's great potential."

The LSE has attracted companies from Russia, India and the Middle East to issue global depositary receipts (GDRs) in dual flotations.