HoSE's big boss quits job to study abroad

The Ho Chi Minh City Stock Exchange (HoSE) has just announced Decision No. 66/QD-CT on Mr. Nguyen Vu Quang Trung's resignation from the position of Deputy General Director of HoSE to study abroad for a limited period. The decision takes effect from November 4, based on the approval of the Vietnam Stock Exchange (VNX).

Mr. Trung was born in 1974 and graduated with a master's degree in finance and economics from the University of New South Wales (Australia). He was appointed by the Ministry of Finance as a member of the Board of Directors and Deputy General Director of HoSE since August 2017.

He has working experience at the State Bank (1996-1997), the State Securities Commission (1997-2004) and the Hanoi Stock Exchange (2004-2017). His previous positions include Deputy General Director of HNX, Deputy Director of the Securities Trading Center, and Head of functional departments.

Thus, with Mr. Trung leaving his position, HoSE's executive board now has only two members: Ms. Tran Anh Dao - Deputy General Director in charge of the executive board and Ms. Ngo Viet Hoang Giao - Deputy General Director.

a central hose.png — HoSE Deputy General Director Nguyen Vu Quang Trung. (Photo: HSX).

Earlier on September 22, rumors about the resignation of a senior leader spread in the market, causing the stock market to turn red. The VN-Index dropped 38 points in the morning, then gradually recovered and closed the session down nearly 20 points.

Later that day, the country's largest stock exchange confirmed that this information was inaccurate and recommended that investors carefully select and carefully study official information on the exchange's official portal.

HoSE, formerly known as Ho Chi Minh City Securities Trading Center, was transformed under Decision 599/QD-TTg dated May 11, 2007 of the Prime Minister . This is a state-owned legal entity, organized as a single-member limited liability company.

The business activities of this Department depend heavily on liquidity in the stock market, as the main source of revenue comes from transaction fees. In 2022, this Department recorded a total revenue decrease of 23% to VND 2,500 billion due to the market downturn. Profit after tax reached nearly VND 1,946 billion, down 23% compared to the record profit of 2021.

HoSE plans to build a development strategy for the 2022-2026 period, with a vision to 2023, according to the development strategy of the Vietnam Stock Exchange (VNX). The Exchange will coordinate the implementation of the roadmap to receive listed enterprises from HNX according to the regulations on restructuring the stock market.

The agency also aims to organize stable and safe securities trading activities and deploy the KRX information technology system on schedule. HosE informed that this project will "go-live" on December 11 and then officially operate at the end of 2023.

Stocks were sold off, HoSE spoke up about rumors of leaders resigning HoSE - the largest stock exchange in the country - confirmed that the information spreading that HoSE leaders resigned was false. The testing of the KRX system is still according to plan.

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