VSDC Chairman Nguyen Son: Step by step preparation for central clearing mechanism

Efforts to prepare for the upgrade target

In an interview on the sidelines of the “New Capital Flow Driving Force” Seminar organized by the Finance - Investment Newspaper, Mr. Nguyen Son - Chairman of the Board of Members of the Vietnam Securities Depository and Clearing Corporation (VSDC) said that the management agency and market operators are preparing step by step to put into operation the company implementing the central clearing counterparty mechanism under the Vietnam Securities Depository and Clearing Corporation. This mechanism allows investors to not need or only need to deposit a small amount before placing a transaction order. According to the roadmap for implementing the central clearing counterparty mechanism for the underlying stock market, which was officially announced in mid-July 2025, the official goal is to deploy CCP for the underlying stock market in the first quarter of 2027.

Two months ago, the KRX technology system officially went into operation. In addition to supporting the construction and operation of the central clearing mechanism (CCP), in the long term, this technology platform also prepares for new operations such as intraday trading, selling pending securities, and implementing short selling mechanisms. According to Mr. Son, when other conditions are ready, new operations can be deployed. This is the roadmap that the management agency and market operator are implementing, thereby attracting foreign investors interested in the domestic market.

“ The regulatory agency and market participants have prepared all the work for the upgrade target. In our opinion, the September review by FTSE Russell is the time when Vietnam can be upgraded to a secondary emerging market. Normally, with overseas investment standards, international investment funds allocate a certain quota according to the level of risk. The higher the market is ranked, the larger the investment level. Therefore, the upgrade will open up opportunities to attract capital flows from major financial institutions in the world ,” Mr. Son also emphasized.

In addition to the infrastructure factor, in terms of law, Circular 68 is an initial step to remove the bottleneck, allowing foreign institutional investors to temporarily not need to deposit before placing orders. At the same time, the mechanism to check the balance between foreign custodian banks and domestic securities companies when placing orders for foreign investors has also been implemented. The State Securities Commission coordinates with the State Bank to create more favorable conditions for granting indirect money accounts. At the same time, the parties have also removed bottlenecks, especially the granting of transaction codes to foreign investors online, and coordinated with the State Bank to create more favorable conditions for granting indirect money accounts.

Mr. Nguyen Son - Chairman of the Board of Members of Vietnam Securities Depository and Clearing Corporation (VSDC)

In addition to the legal and technological foundation, the Chairman of the Board of Directors of VSDC also said that the Government, the Ministry of Finance and the Securities Commission have organized many roadshow activities in major markets such as the US, UK, Australia and Singapore in the past 2-3 years. According to Mr. Son, these are opportunities for Vietnam to share about macroeconomic policies, reforms, opening up, policy solutions, consistency and innovation of the overall political system, policies to promote equitization, divestment of state capital, mechanisms and policies to develop the private economic sector, especially resolutions on applying science and technology, promoting the private economy.

Clearly conveying the message of determination to reform institutions and open-door policies. The issuance of Politburo resolutions such as Resolution 68 affirms the role of the private economy and the orientation to establish an economic sector as an international financial center with specific policies to help international investors understand and create conditions for them to build an investment roadmap in Vietnam.

The problem of increasing the supply of good "goods"

One of the key factors that investors are interested in is building a large enough and good quality source of "goods". According to Mr. Son, this is also one of the bottlenecks of the current market, especially when the market size expands and large capital flows in, investors often tend to look for new, quality stocks.

To gradually remove bottlenecks to increase the supply of goods in the market, Mr. Son said that it is necessary to accelerate the equitization process of state-owned enterprises that the State does not need to hold a controlling stake. At the same time, it is necessary to implement a roadmap for divestment in state-owned enterprises that are holding capital to create a new, more attractive supply of goods for the market.

Another solution emphasized by Mr. Son is to create favorable conditions for private corporations to develop sustainably and soon access the stock market to mobilize capital. Thereby, forming a large capital channel for the private economic sector.

For foreign-invested enterprises (FDI), it is also necessary to consider allowing them to convert into joint stock companies and list on the stock market. Previously, a pilot program was conducted for some FDI enterprises to list on the stock market. Now, it is necessary to improve policies and create conditions for this group of enterprises to list and raise capital.

With the market capitalization scale fluctuating around the threshold of nearly 70% of GDP, while the number of newly listed enterprises is quite modest, the ability to create new "demand" for investors is still limited. " All of the above solutions will create a good supply of goods for investors to participate in," Mr. Son also emphasized.

Source: https://baodautu.vn/chu-tich-vsdc-nguyen-son-chuan-bi-tung-buoc-cho-co-che-thanh-toan-bu-tru-trung-tam-d339857.html