Vietnam’s stock authorities are pushing for the implementation of a new stock trading system developed by the Korea Exchange (KRX), South Korea’s bourse operator, with the launching date set to be a few months away.

Investors at a securities company in Vietnam. Photo: Tran Quynh

“The technological system for the stock market should be constantly updated and modernized, for which the authorities are looking for more solutions to support the market’s long-term development.”

Vice Minister of Finance Nguyen Duc Chi gave the remarks at a meeting on the development of Vietnam’s stock market held on July 28.

The market performance after a booming period during the pandemic has been in the correction phase since early 2022.

Chi, however, expected the firm economic recovery process has been a source of optimism for a market rebound in the coming time.

“The inflation situation remains under control, the state budget has been positive, and strong business results of public listing companies in the second quarter are factors that would ensure sustainable development of Vietnam’s stock market in the coming time,” Chi said.

In the near future, Chi said the Ministry of Finance (MoF) and relevant agencies are committed to creating the utmost favorable conditions for the stock market’s development.

Chi also stressed the necessity to strictly deal with any irregularity in the stock market to ensure its transparency and healthy development.  

Another key task mentioned by Chi is to finalize the legal framework and develop new market products, to support the upgrade of the bourse from its current frontier to its emerging status.

In 2012, the HoSE and KRX signed a deal worth VND600 billion (US$26.14 million) for the latter to develop a new IT system to be used in the local stock market. The completion, however, was delayed until now due to the Covid-19 outbreak.