A new stock trading platform provided by the Korea Exchange (KRX) will be deployed in Vietnam soon as its final user testing phase is completed.
Nguyen Viet Ha, acting chairwoman of the Ho Chi Minh City Stock Exchange (HoSE), operator of the system said: “Once put into operation, this system is expected to breathe new life into the Vietnamese stock market with many new solutions for payments and transactions.”
Ha was speaking at the ceremony held on Monday to launch stock trading for the Lunar New Year.
According to Ha, this year's goals include deploying and smoothly operating the new trading system; improving the quality of goods on the stock market; enhancing the application of standardized information and data; and encouraging listed companies to improve the quality of corporate governance and sustainable development.
Speaking at the ceremony, Deputy Minister of Finance Nguyen Duc Chi said that in 2024, Vietnam’s economy will be impacted by unpredictable events with mixed advantages and difficulties.
“The Ministry of Finance will continue to direct relevant agencies to proactively find solutions for the stock market to further develop,” he said.
Chi also noted that the ministry and the State Securities Commission (SSC) will organize a stock market development conference with the participation of market players, experts, and representatives of relevant ministries and agencies. The conference will discuss short, medium and long term solutions to develop the stock market.
He said ministries and departments need to review the legal framework related to the stock market, including the Securities Law 2019, decrees and by-law documents, and then a number of other related laws such as the Law on Enterprises.
Departments, depository centers, and member units should continue to maintain stable and safe transaction and payment systems, creating a fulcrum for the market, he said.
“They must ensure market discipline, monitor and inspect market efficiency, detect and strictly handle any violation with no exceptions, thus protecting the legitimate rights and interests of market players,” Chi said.
He stressed the need for Vietnam’s stock market status to be upgraded from “frontier” to “emerging” as soon as possible.
The deputy minister was confident that Vietnam's stock market has a foundation for stable and sustainable development given sustainable macroeconomic development, bringing benefits to both participating and non-participating entities.
The VN-Index, which represents the HoSE, surged 15.27 points or 1.26% to 1,224.97 points on Monday, the highest since September 20. Trading value on the major bourse expanded 36% to VND24.75 trillion ($1 billion).
Foreign investors were net buyers to the tune of VND137 billion ($5.58 million). They mainly net bought BHI of Saigon-Hanoi Insurance Corporation and VHM of property giant Vinhomes.