At the seminar “Upgrading the Stock Market, Diversifying Capital Mobilization Channels for the Economy” hosted by Lao Dong Newspaper on July 30, Mr. Nguyen Son, Chairman of the Members’ Council of Vietnam Securities Depository (VSDC), shared that recently, there has been much discussion about two products: intraday trading (T+0) and selling securities on credit.
According to the VSDC leader, to successfully implement any new product or service in the market, it is essential to ensure the functional readiness of the system, not only for VSDC but also for market participants. This includes完善 and synchronizing mechanisms and policies, especially those that enable related parties to manage and address potential risks that may arise during the process.
In terms of intraday trading and selling securities on credit, the legal framework is already in place through Circular 120/2020/TT-BTC, and the functional integration into the KRX system is underway.
“However, the biggest concern of the regulatory authorities at present is the risk management capability of market participants. Statistics show that there are still numerous instances of post-trade error corrections and handling annually,” shared Mr. Nguyen Son.
In some cases, settlement deadlines have had to be postponed or eliminated due to poor control of customer margins (according to current regulations, securities companies must ensure that customers have sufficient funds before accepting trading orders, except for foreign investors who are organizations and are exempt from this requirement when placing buy orders). These issues are not exclusive to Vietnam’s leading securities companies.

Mr. Nguyen Son at the seminar
These realities highlight the potential for latent settlement risk when implementing intraday trading and selling securities on credit. Careful consideration is necessary when weighing the benefits of intraday trading against these risks.
This also underscores the need for market participants to establish rigorous and stringent risk management processes and ensure the availability of resources to fulfill settlement obligations on behalf of customers in cases of inadequate risk control.
According to Mr. Nguyen Son, the regulatory authorities also need to continue完善ing the monitoring mechanism and addressing potential risks. Additionally, there should be sanctions for securities companies that do not comply with or adequately follow risk management regulations regarding intraday trading.
International Experience: The practical implementation in other stock markets has revealed that intraday trading carries significant risks for investors and the market if not adequately controlled. Even in the US stock market, despite high financial and experiential requirements for investors, only about 10% of investors profit from such trades.
“The practical experience of international markets offers valuable lessons for the Vietnamese market. The timing of the implementation of intraday trading will not be an instantaneous decision but will be carefully considered by the regulatory authorities, taking into account the most beneficial conditions for the market when possible,” asserted the Chairman of the Members’ Council of VSDC.
According to the expected roadmap, after the KRX IT system becomes stable and new features are upgraded to meet the rapid growth of the market as Vietnam is upgraded from a frontier to an emerging market, the application of selling securities on credit will be considered for implementation first, followed by intraday securities trading.
Regarding lunchtime trading, Mr. Nguyen Son revealed: “The implementation of applications to enable lunchtime trading is also included in the post-golive plan of the KRX IT system.”
According to the leader, introducing lunchtime trading provides investors with more trading time, alleviating the pressure of increased orders at the beginning of the day, and aligns with international practices. This goes hand in hand with enhancing system efficiency by upgrading and expanding system capacity to ensure smoother operations.
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