In its recent decision, the Ministry of Finance (MoF) assigned the Vietnam Securities Depository and Clearing Corporation (VSDC) to build an online interactive platform (STP) between depository banks and securities companies, Mr. Nguyen Son, Chairman of the Board of Members of VSDC told a securities dialogue.
The annual Securities Dialogue was organized on October 23 by the Vietnam Securities Journalists Club with the theme “New Money, New Goods and Opportunities in Emerging Markets.”
Mr. Son said that since foreign investors are not required to deposit 100 per cent, the need for automatic connection between custodian banks and securities companies became urgent, thus replacing the current manual communication process.
According to him, VDSC is building an interactive platform for global custodian banks and domestic securities companies to connect directly and automatically. This is a large technology system, requiring close coordination between securities companies and especially global custodian banks.
At the request of the MoF, this project must be completed early to serve the FTSE Russell review in March 2026, aiming for the official market upgrade on September 21, 2026. “Technology suppliers said that it would take until December 2026 at the earliest to complete (the project), so this is a huge pressure that requires us to calculate and especially need the support of global custodian banks,” Mr. Son added.
In addition, VSDC was also assigned to build an information platform for investment funds to develop the fund management industry in a transparent and modern direction. "We plan to deploy this platform in 2026, with the construction of a platform to evaluate the performance of investment funds over a number of years and honor them, thereby creating assessments for investors based on a completely independent and objective board, thereby attracting individual investors to invest through the fund,” Mr. Son shared.
"In addition, VSDC will upgrade the transfer agent, ETF swap. Exchange-traded funds (ETFs) have grown strongly in recent times, and enough room remains for their growth, however. We will strive to complete the transfer agent system in the first half of 2026," Mr. Son explained.
Another fundamental task is to build a central clearing counterparty (CCP) mechanism, which has been stipulated in the Securities Law 2019 and Law No. 56/2024/QH15. According to the plan, VSDC will establish an independent subsidiary to take on the CCP function, acting as a partners with both buyers and sellers (being the buyer of all sellers and the seller of all buyers) in securities transactions.
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