IT company FPT is currently testing the backup transaction system and is expected to handover to the HoSE in early July at the latest.

HoSE General Director Le Hai Tra. Source: VTV

HoSE General Director Le Hai Tra told local media following the stock exchange authority's decision to cancel the afternoon session on June 1 as a surge in transaction orders put the system at the brink of collapse.

“The system jointly developed by the HoSE and FPT would be capable of processing up to five million transactions per day. It is expected to completely solve the current overload issue,” Tra said.

On the new IT system for the HoSE with support from South Korea’s bourse operator Korea Exchange (KRX), Tra said the works are progressed as scheduled.

“However, the fourth Covid-19 outbreak in Vietnam is complicating the situation, especially bringing South Korean experts into the country,” he noted.

“We see this system as a priority and are putting up efforts to ensure that a new system for Vietnam’s stock market would soon be ready for use,” Tra stressed.

Investor at a securities company in Hanoi. Photo: Viet Linh

After suspending HoSE’s operation for yesterday’s afternoon session, the system was put back online this morning [June 2].

“The overload issue repeatedly occurred on the HoSE since late 2020, but the system had been in stable condition in past months thanks to the technical upgrade,” Tra said on the issue, but noting that the market liquidity in May rose sharply with an average transaction value of VND22.1 trillion (US$960 million) per session.

Such figure was significantly higher than that of in January – April at VND16.6 trillion (US$720.3 million) per session, or VND12.7 trillion (US$551 million) last December, he added.

“In the morning session on June 1, the value reached a record of VND21.7 trillion (US$941.5 million) and triggered the alarm system,” Tra said.

“Shutting down the system, therefore, is necessary to ensure operation safety,” Tra suggested while asking enterprises and investors to keep calm and understand the situation.