VAFI said that Vietnam's stock market had been hurt because the HoSE's trading system has frequently encountered technical errors in the past three months. There were times investors could not know the supply and demand of the market and could not buy and sell, greatly affecting the interests of investors and the reputation of Vietnam's stock market in the eyes of international investors. This situation shows the poor governance capacity of the HoSE over the past time.
The weak governance capacity is also reflected through the fact that the project of installing a new trading system has been deployed since 2012, but it is unknown when it will be finished. Facing the above situation, VAFI proposed hiring qualified foreign executives to run and supervise the market,which is a common practice in the world. Hiring a good manager for the HoSE does not cost much compared to its revenue but brings great benefits to Vietnam’s stock market. VAFI also proposed not to appoint leaders of the SSC or agencies under the MoF to key positions in the Board of Directors and executive boards of stock exchanges and securities depository centers as currently.
VAFI also proposed to quickly equitize the Vietnam Stock Exchange and the Vietnam Central Securities Depository so that these units have governance capacity on par with other countries in the region. After equitization, these units must operate publicly and transparently like listed enterprises and must be independent and truly separate from the MoF and the SSC, and be under the management and special supervision of the MoF and the SSC.
The stock market in the trading session on March 10 took place quite positively when the large cash flow continued to pour into the market. With a large number of transactions, the HoSE continued to face network congestion in the afternoon trading session. The VN-Index edged up 8.11 points, or 0.7 percent, to close at 1,170 points, with 279 gainers and 177 losers. Closing the trading session on the Hanoi Stock Exchange, the HNX-Index increased by 2.28 points, or 0.86 percent, to finish at 267.1 points, with 113 gainers and 82 losers.
