Attending the signing ceremony, on the guest side were Mr. Pham Hong Son - Vice Chairman of the State Securities Commission; Mr. Nguyen Quang Thuong - Deputy General Director of Vietnam Stock Exchange; Ms. Ta Thi Bich Thao - Deputy General Secretary of Vietnam Bond Market Association.
Mr. Nguyen Thanh Tung - General Director of Vietcombank (right) and Mr. Duong Van Thanh - General Director of VSDC signed the cooperation agreement.
The signing units, on the side of Vietnam Securities Depository and Clearing Corporation, were Mr. Nguyen Son - Chairman of the Board of Directors; Mr. Duong Van Thanh - General Director. On the side of Hanoi Stock Exchange, there were Mr. Nguyen Duy Thinh - Chairman; Mr. Nguyen Anh Phong - General Director. On the side of Vietcombank, there were Mr. Nguyen Thanh Tung - Member of the Board of Directors, General Director; Mr. Nguyen My Hao - Member of the Board of Directors; Mr. Tran Thanh Nam - Director of Operations, Director of Innovation, Head of VCB C-Bond Project Implementation Board.
Mr. Nguyen My Hao - Member of Vietcombank Board of Directors spoke at the Signing Ceremony.
Speaking at the signing ceremony, Vietcombank representative, Mr. Nguyen My Hao - Member of the Board of Directors emphasized: " The agreement to coordinate the implementation of trading and payment activities for individual corporate bonds between VSDC and Vietcombank is a step to realize Vietcombank's responsibility as a payment bank for the private corporate bond market, demonstrating Vietcombank's long-term commitment to payment activities for the securities market, helping to actively support the development of the Vietnamese financial market".
" This is an important milestone that opens a period of stronger and deeper participation of Vietcombank in the private placement corporate bond trading market in particular and the stock market in general. Based on the signed cooperation agreement, Vietcombank commits to devoting all the best resources to maintain and operate the VCB C-Bond system, meeting all the needs of depository members and investors participating in the market, contributing to supporting the market to operate smoothly, safely, transparently and effectively," said Mr. Hao.
It is known that after a period of system implementation, connection and successful testing coordination with the Vietnam Securities Depository and Clearing Corporation (VSDC) and a number of depository members, on June 30, 2023, the State Securities Commission (SSC) issued Decision No. 538/QD-UBCK approving the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) as the payment bank for privately issued corporate bond transactions (TPDNRL) in the domestic market that have registered for trading on the TPDNRL trading system.
The Vietnamese private corporate bond market has made many strong developments in recent times and will continue to become an important channel for investment capital in the current and future economy. Implementing the Government's direction in operating the market to develop transparently, effectively and sustainably, the Ministry of Finance and the State Securities Commission have directed the Hanoi Stock Exchange and the Vietnam Securities Depository and Clearing Corporation to prioritize resources to build a centralized private corporate bond trading system, meeting the requirements of Decree No. 153/2020/ND-CP and Decree 65/2022/ND-CP.
With the desire to contribute to the development of the Vietnamese stock market and promote experience in building and developing payment systems in banks, Vietcombank has proactively built a specialized payment banking system (VCB C-Bond) for the TPDNRL market.
Vietcombank's payment banking system includes all the functions required by the management agency; has been completed, connected, and fully tested successfully with VSDC and a number of major depository members in the market, ensuring the ability to operate according to the market's schedule, expected in mid-July 2023.
In particular, VCB C-Bond meets the requirements of instant payment, each transaction, and controls information on the balance of money for buying and selling bonds to each investor. This is a new, outstanding factor that creates conditions for investors' capital to circulate quickly, and market information to be managed transparently and effectively.
VCB C-Bond also focuses on prioritizing host-to-host connection via API between Vietcombank, VSDC and market participants, ensuring transactions are carried out quickly, safely and securely. With the open features of the system, VCB C-Bond will continue to provide many new and convenient utilities for depository members and investors participating in the market.
When officially put into operation, VCB C-Bond will become one of the important securities payment systems, affirming the contribution of Vietcombank in particular and the banking industry in general to payment activities for the securities market, helping to actively support the development of the capital market and financial market in Vietnam.
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