Billionaire Nguyen Thi Phuong Thao and Truong Gia Binh Discuss Strategies to Revive HOSE

On the afternoon of September 30th, the Committee I meeting on Emerging Technologies and Innovation, under the ViPEL framework, took place in Ho Chi Minh City. Chaired by Mr. Don Lam, CEO of VinaCapital, and Mrs. Nguyen Thi Phuong Thao, Chairwoman of Sovico Group, the meeting commenced with a discussion on the capabilities of the private enterprise sector.

Mrs. Nguyen Thi Phuong Thao recounted that, facing the potential paralysis of the HOSE stock exchange, she and FPT Chairman Truong Gia Binh devised a bold solution: integrating the HNX technology system to support HOSE. “We carefully calculated and believed it was feasible, but the biggest question was: ‘Who would let us do it?’” Mrs. Thao shared.

This concern prompted the two chairpersons to directly propose the idea to the Prime Minister, who approved it. “This was an unprecedented move, requiring the Prime Minister’s decision to allow private enterprises to execute it,” Mrs. Thao emphasized.

Overcoming challenges during the COVID-19 pandemic, the “HOSE 100” project was completed within the 100-day deadline, entirely funded by private resources. Despite subsequent difficulties in acceptance due to lack of regulations, the results spoke for themselves: the system has operated stably for four years, costing only a few million USD while handling trading sessions of up to $2 billion.

Drawing from this experience, Mrs. Thao urged: “With the light of Resolution 68, the private sector is the growth engine. It’s our turn to act and pioneer national projects that were previously out of reach due to regulatory barriers.”

Navigating the Legal Void for Digital Assets

The legal framework for digital assets is another critical issue. According to businesses, many Vietnamese platforms have grown rapidly but operate in a risky legal vacuum. This creates an uneven playing field, favoring international exchanges and hindering Vietnamese enterprises from scaling legitimately. The shared concern is not just competition but also effectively managing the nation’s growing digital asset pool.

Mrs. Dinh Thi Thuy, Chairwoman of MISA, highlighted a critical operational bottleneck: “For digital assets, a practical issue is how to account for them? Without accounting standards, businesses cannot legitimize or record them in their books. This bottleneck needs immediate resolution.”

A Dedicated Digital Bank for SMEs

Beyond digital assets, proposals to support small and medium-sized enterprises (SMEs) were presented. Mr. Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises, proposed a ViPEL project: establishing a digital bank exclusively for SMEs.

“We have millions of businesses and SMEs, the backbone of the economy, yet they face significant challenges in accessing capital,” Mr. Than noted. He advocated for a specialized digital financial institution with flexible credit scoring and streamlined digital procedures tailored to this segment.

Offering an international perspective, Mr. Jonas Eichler, CEO of Timo Digital Bank, highlighted Vietnam’s rapid economic growth and digital transformation opportunities. However, he pointed out that “digital freelancers” are often left behind.

“They are a dynamic new workforce but struggle with traditional banking, especially when receiving international payments or managing digital assets,” Mr. Jonas analyzed. “There’s no policy allowing Vietnamese banks to hold international assets for customers, a missed opportunity.”

Shortening ‘Sandbox’ Periods to Drive Innovation

Mrs. Truong Ly Hoang Phi, Chairwoman of IBP, raised another strategic issue. “New technologies come with risks. We could establish a public-private fund to encourage businesses to take bold steps,” she proposed.

She also criticized the current “sandbox” mechanism. “A successful company might take 5-7 years to secure sandbox approval. This is too long. We need mechanisms to shorten trial periods, enabling tech companies to accelerate,” Mrs. Phi stressed.

Concluding the meeting, Mr. Don Lam emphasized that private enterprises have the capability, technology, and passion to contribute. What they need most is a clear legal framework and government support. These proposals will be compiled into specific projects, particularly the establishment of a Private Economic Development Fund to mobilize domestic capital and lead the market.