Billionaire Nguyen Thi Phuong Thao, Chairwoman of Sovico Holdings, shared a compelling story on September 30th during the specialized session of Committee I on financial technology and digital assets. The event was part of the Private Economic Sector Panorama (ViPEL), organized by the Private Economic Development Research Board (Board IV) in Ho Chi Minh City.
According to Ms. Thao, approximately four years ago, despite not being an active participant in the stock market—with no trading account or transactions—she became concerned about the potential gridlock at Vietnam’s largest stock exchange, the Ho Chi Minh City Stock Exchange (HOSE). This issue threatened to force major companies to switch trading platforms. Experts suggested relocating HOSE to the Hanoi Stock Exchange (HNX), which was then in a growth phase.
Ms. Thao collaborated with Truong Gia Binh, Chairman of FPT Corporation, to devise a solution. Key leaders from Sovico and FPT proposed integrating HNX into HOSE, consulting experts on merging the Hanoi exchange into the Ho Chi Minh City platform. This strategy aimed to boost trading volumes and enhance HOSE’s capabilities.
Billionaire Nguyen Thi Phuong Thao recounts the “rescue” of HOSE from gridlock four years ago
“While the technical and resource feasibility was clear, the challenge was securing approval to execute the plan,” Ms. Thao recalled of the situation four years prior.
The two entrepreneurs directly presented their “rescue” proposal to the Prime Minister during a meeting with business leaders, and it was approved. Despite the lack of precedent or regulations for private sector involvement, FPT and Sovico submitted their plan to the Ministry of Finance.
Ms. Thao emphasized that implementing a private enterprise’s pilot initiative required the Prime Minister’s authorization due to its unprecedented nature.
Another challenge arose in early 2021 when the COVID-19 pandemic restricted travel. Ms. Thao personally secured travel permits from the Ministry of Health for 200 IT specialists to facilitate project execution.
“With a 90-day timeline and a 10-day buffer, the project, named ‘HOSE 100,’ was completed on schedule. It involved collaboration with securities firms, the securities depository center, software licensing, and hardware procurement—all funded privately. Over the past four years, the project has operated seamlessly, delivering significant results with an investment of just a few million USD,” Ms. Thao reflected.
Industrial Real Estate Titan with Nearly VND 4 Trillion Market Cap Approved for HOSE Listing
With a market price of VND 161,700 per share, the company boasts a market capitalization of nearly VND 3,900 billion.
Billionaire Nguyen Thi Phuong Thao’s Ecosystem Enters the Crypto Asset Platform Race, Targeting $420 Million in Charter Capital
A groundbreaking new entity in the cryptocurrency exchange sector has emerged, backed by HD Securities and key players within the Sovico Group ecosystem. This development follows HD Securities’ recent announcement of a plan to raise over 7.3 trillion VND, with a significant portion earmarked for investment in this innovative field.
AIA Vietnam and FPT Partner to Accelerate Digital Transformation in Health Insurance
Uniting insurance, technology, and health, we pioneer a holistic, personalized ecosystem tailored for the Vietnamese people.
Vietnamese Billionaires Continue to Grow Wealthier Despite Stock Market Decline
Despite the pull from VIC, the VN-Index couldn’t escape a corrective session. Selling pressure emerged across most sectors, particularly in banking and securities.
Nam Kim Steel Continues Capital Investment in Nam Kim Phu My Coated Steel Sheet Plant Project
Nam Kim Steel has injected an additional VND 620 billion into its subsidiary, Nam Kim Phu My Steel Co., Ltd., boosting its chartered capital to VND 2.7 trillion.
