This was shared by Dr. Ta Thanh Binh, General Director of Vietnam Securities Depository and Clearing Corporation (VSDC), Arbitrator at the Vietnam International Arbitration Center (VIAC) at the conference on “Legal Framework and Capital Mobilization Solutions for Enterprises”, organized by the Ho Chi Minh City Center for Investment Promotion and Trade (ITPC) and VIAC on the morning of August 14, 2025.
Dr. Ta Thanh Binh, General Director of VSDC and Arbitrator at VIAC, shares her insights at the conference. Photo: Tu Kinh
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Addressing investors’ concerns regarding the implementation of intraday trading and selling securities “on the way home,” Dr. Binh assured that the legal framework and systems are ready, pending the decision of the competent authority to commence.
Specifically, the KRX system interconnects the operations of the stock market for both cash and derivative markets, synchronizing with payment and clearing processes. This means there will be a unified technology platform, unlike the current separation between the Hanoi and Ho Chi Minh City exchanges and a separate system for payment and clearing.
The KRX system offers the most advanced trading methods globally. However, the immediate application of these methods depends on the perspective of the regulatory body and the market’s development stage. For instance, while KRX permits trading without price bands, Vietnam would require more time to be ready for such implementation.
In the near future, several notable products will be introduced. According to Dr. Binh, the leadership of the State Securities Commission is directing the exploration of extending trading hours, potentially through intraday trading or lengthening the morning and afternoon sessions, thereby reducing the lunch break. Additionally, they are considering the implementation of T0 (day trading), enabling the buying and selling of the same volume of securities within the day, resulting in only cash settlement by the end of the day, without the delivery of securities. Another feature will be allowing the sale of securities “on the way home,” correspondingly eliminating the need to wait for T+2.
Dr. Binh affirmed that the legal framework and systems are in place, awaiting the decision of the competent authority to commence.
Also, during the conference, in response to a question about the digital asset exchange, Dr. Binh clarified that this exchange is not established by the state. Instead, the state will officially recognize and license several private exchanges to operate digital asset trading activities in Vietnam. Although the official number has not been announced, it is expected to be no more than five exchanges.
Caution in the Sensitive Margin Phase
Commenting on the current stock market from a securities company perspective, Mr. Hoang Anh Tuan, Director of Customer Relations at Military Bank Securities Joint Stock Company (MBS), shared that the market currently has a substantial amount of cheap money available. Typically, when there is an abundance of cheap money, the market tends to witness a surge of approximately 2-2.5 times, equivalent to a 100-150% increase. Therefore, starting from the low of 1,100 points in 2025, the market is expected to reach 2,000-2,200 points.
Although this increase is rapid and significant, given Vietnam’s current stage of “growth spurt” and the target of maintaining a double-digit GDP growth rate over the next five years, the 2,000-2,200-point range is merely a stepping stone for the subsequent growth cycle.
 Mr. Hoang Anh Tuan, Director of Customer Relations at MBS (sitting on the right) shares his insights at the conference. Photo: Tu Kinh
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Dr. Binh emphasized the need for investors to exercise caution, especially when utilizing financial leverage. Currently, the total margin debt in the market has reached a record high of VND 330,000 billion, making it a sensitive juncture. In reality, during the dispute resolution process at VIAC, there have been cases related to margin trading where poor risk management led to account liquidation, causing losses for both investors and securities companies due to unrecovered debts. Therefore, investors must diligently manage their risks.
– 16:40 14/08/2025
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