At the gong ceremony to inaugurate the securities trading for the Year of the Dragon, Ms. Nguyen Thi Viet Ha, Chairwoman of the Ho Chi Minh City Stock Exchange (HOSE), revealed that the information technology project with the South Korean contractor (KRX System) has made significant strides. They have successfully completed the final phase of user testing and are now moving forward with plans for deployment in the upcoming period.
On the morning of February 19, the Ministry of Finance organized a gong-striking ceremony to inaugurate securities trading for the Year of the Dragon at the HOSE. Among the attendees were Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee, and Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission.
Addressing the gathering, Deputy Minister of Finance Nguyen Duc Chi affirmed that Vietnam's stock market is advancing in the correct direction and respecting the law with rigorous oversight from regulatory bodies. The stock market operates with stability and discipline, and legal rights and interests of all participants are guaranteed and respected, thereby bolstering investor confidence. As a result, the stock market continues to serve as an efficient capital mobilization platform for the economy.
Looking into 2024, Deputy Minister Nguyen Duc Chi acknowledged a blend of favorable circumstances and challenges. He emphasized several crucial measures to continue fostering a healthy and sustainable development of the stock market.
Specifically, regulatory bodies should persist in reviewing legal regulations and related legal frameworks. They must ensure the stable and secure operation of trading and settlement systems, maintain market discipline, and conduct effective monitoring and inspections to promptly identify and address any violations. There should be no restricted areas within the securities sector, with violations promptly detected and strictly dealt with, while safeguarding rights and legitimate interests of market participants. Moreover, market regulatory bodies, market organization bodies, and market members need to collaborate to expedite the upgradation of the stock market at the earliest opportunity.
Ms. Nguyen Thi Viet Ha, Chairwoman of the HOSE, reported that by the end of 2023, the VN-Index had reached 1,129.9 points, marking a growth of over 12.2 percent compared to the previous year. The market capitalization value of stocks on the HOSE reached VND4.56 quadrillion, up 13.4 percent. "Currently, the KRX system has completed testing with end users and is moving forward with plans for deployment in the near future," Ha stated.
Ms. Nguyen Thi Viet Ha also stated that in 2024, HOSE has established key objectives, including ensuring the safe and smooth operation of the KRX system, improving the quality of listed commodities and fostering company development, enhancing the application of information technology in management and supervision tasks, bolstering staff capacity to meet assigned priorities, and contributing to the broader mission of the securities industry.
