The CBV-Index, or Corporates and Businesses of Vietnam Index, is a market index containing the stocks of 50 leading corporations of Vietnam. Subsets of this index include the CBV 10 (10 leading companies with highest total market capital and liquidity) and CBV 20 (top 20 such companies).
Vietnam, officially the Socialist Republic of Vietnam, is the easternmost country on the Indochina Peninsula. With an estimated 94.6 million inhabitants as of 2016, it is the 15th most populous country in the world. Vietnam is bordered by China to the north, Laos and Cambodia to the west, part of Thailand to the southwest, and the Philippines, Malaysia, and Indonesia across the South China Sea to the east and southeast. Its capital city has been Hanoi since the reunification of North and South Vietnam in 1976, while its most populous city is Ho Chi Minh City.
The CBV-Index, or CBV LargeCap, together with CBV MidCap and CBV SmallCap form the broader CBV Total. All stocks in these indices are traded on the two Vietnam stock markets, Ha Noi and Ho Chi Minh City Securities Trading Centers. It was created by BienViet Securities J.S.C., and first published on January 1, 2007.
CBV MidCap is a stock market index indicating 30 out of 60 stock prices of medium-size companies in Vietnam. The medium-size companies are classified as those having total market capital from VND 150 billion to 500 billion with highest liquidity in these medium-capitalization group.
CBV SmallCap is a stock market index indicating the stock prices of 30 out of 73 small-size companies in Vietnam. The small-size companies are classified as those having total market capital from VND 50 billion to 150 billion with highest liquidity in this small-capitalization group.
CBV Total is a stock market index indicating the performance of Vietnam's stock markets. It shows all stocks that are listed in the two Vietnam trading markets, the Hanoi Securities Trading Center and Hochiminh Stock Exchange.
History
At the beginning of 2007, CBV-Index was introduced to the financial market of Vietnam by Bien Viet Securities. The Index was known as the first and only index that reflects the performance of the whole stock market of Vietnam, covering securities listed on the only two exchanges, Hanoi Securities Trading Center and Hochiminh Stock Exchange. Unlike indexes made by exchange houses as VN-Index and Hastc-Index, which are all market cap weighted, CBV Index was the first free-float market cap weighted index of Vietnam equity market. In March, 2007, CBV 20 and CBV 10 which form the part of CBV-Index was published in order to meet the demand for Index investors in Vietnam. CBV MidCap, CBV SmallCap for Mid-Cap and Small-Cap companies also came out at the same time. In April, 2007, the Council of Corporates and Businesses of Vietnam Indices was founded.
Methodology
CBV-Index measures the change of average stock market prices using float adjusted market capitalization method.
The percentage of shares available for public investors- public float (IWF- Investable Weight Factor) will be calculated using the following formula:
:::{| style="vertical-aligne: middle; border-collapse: collapse; text-align: center" cellspacing=1 |rowspan="2" | IWF = | style="border-bottom: 1px solid black" | Number of shares available for public |- | style="border-top: 1px solid black" | total number of listed shares |}
Then, float adjusted market capitalization index will be calculated according to the following formula:
Pi is market price of share i, Qi is the number of listed shares. IWF if the percentage of shares available for public investors, Divisor (D) is the index divisor. Divisor D will be adjusted so that CBV index will not be affected as the result of issuance of additional shares, addition of newly listed companies or removal of listed companies in CBV index.
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