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The network congestion incident in the stock market from the end of 2020 until now has not been fully resolved, while the plans on the Ho Chi Minh City Stock Exchange (HoSE) are not really feasible, which makes the market to enter a region of high volatility.
In the 2045 dialogue with the Prime Minister, the above issue is also cause for concern. Representatives of private companies and domestic entrepreneurs, Ms. Nguyen Thi Phuong Thao, CEO of Vietjet Airs, candidly said that they met with domestic technology companies and found solutions.
In particular, the representative of the FPT Corporation (FPT), Mr. Truong Gia Binh, also proposed to the Government to allow private companies to deal with the issue of the Vietnam Stock Exchange. Continuing to discuss with FPT about the solution, there are 2 ways to deal with congestion in HoSE.
The details, sharing with us, Mr. Duong Dung Trieu, Chairman of the Board of Members of FPT Information System Company, expressed: “Since the 2000s, FPT has developed a deposit and clearing system connected to the trading system provided by the Thai Stock Exchange to prepare for the operation of HoSE in July 2000. After that, FPT successfully built the Stock Exchange System on the Hanoi Stock Exchange (HNX – 2004), the UpCOM trading system (2009), the government bond system (2012).“.
FPT is also the unit that built the Depository Center Registration, Custody and Compensation System (VSD – 2008), then updated the system in 2010. From 2012 to now, FPT has also developed and successfully implemented many applications for the securities industry, such as the Listed Company Supervision and Supervision System for the SSC, the Treasury Management System (2011-2012) and the Open Market and Valuable Paper Transaction System for the State Bank of Vietnam (2015-2017).
If assigned the task, FPT is ready to coordinate with households to deal with congestion in the HoSE exchange system.
“In terms of support, cooperation of securities societies, stakeholders and in the most favorable context, we can together HThe OSE is completed within 3 months from the start of implementation.“, Mr. Trieu emphasized.
In particular, according to FPT, the handling of congestion in HoSE can be handled in two ways, including:
+ Path 1: Review current software for technical management;
+ Method 2: Deploy the interim replacement system until the official KRX system goes live.
Through initial research and based on practical experience, as well as the existing capabilities of FPT, Mr. Trieu leans the second way. This plan will better respond to the initiative in technology, security for The current system is still marketed on a daily basis, as are legal regulations.
The implementation time depends on many factors (for example, if the securities companies repair more or less of their systems), but on the principle of guaranteeing progress, quality, safety and without compromise. The securities companies system, as well as the internal management system of HoSE, guarantees security, high availability, high load capacity for many transactions at the same time, Responding and handling twice the capacity of the current HoSE system and what Flexible enough to upgrade based on market demand.
The resources will be calculated specifically according to each plan, ensuring quality but without wasting investment resources.
Continuing to share, Mr. Trieu said: “About IT systems for HSBI now, after speaking with the experts, we anticipate that there will be a lot of work to do. The plan we envisage is to implement hardware, install, develop software or use available technology to modify and update the software in accordance with current transaction regulations, test with companies, securities companies, related units, security and security review. Once the acceptance test is completed, it will be officially put into operation and FPT will support HoSE in the management and operation of the system. Spirit is urgently but carefully needed; Accelerate processes without skipping or neglecting important steps.“.
Overall, with the current trend of IT development, FPT believes that domestic software companies in the future can undertake the provision of IT services to the Vietnamese financial market. However, this is a specific area, so it is necessary to have a thorough investigation, which can shorten the implementation time, but the criteria of safety and prudence must be up to par.
