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|A statue of a bull and bear outside the Ho Chi Minh Stock Exchange. Securities enterprises have to adjust their current technology system to be compatible with the new one-stop information disclosure system. (Photo hsx.vn)|
The system will help entities participating in the stock market save time and money when disclosing information and minimise the risk of false disclosures, the SSC said.
With the new system, when a business wishes to publicise information, it only needs to send the information to the Vietnam stock exchange, which acts as a front line in supervising transactions in the market.
The system is designed so that the information is simultaneously shared to the public and the SSC for supervision and management.
According to the SSC, the system has gone through the testing and preparatory phrases and is now undergoing the finishing stage.
However, for smooth operation, enterprises have to adjust their current technology systems for compatibility, the SSC said.
As businesses are struggling to cope with the negative effects of the COVID-19 pandemic, the one-stop information disclosure system would have to wait for more firms to synchronise their technological and information infrastructure.
“When wishing to publish information for investors, we have to at the same time send three different forms of reports to the SSC and the two stock exchanges of HoSE and HNX. This is one of the shortcomings that has existed for many years on the Vietnamese stock market,” said a securities company representative.
“This is both costly and time-consuming for businesses," he said, adding that the electronic one-stop information disclosure system shows efforts of market regulators to reform administrative procedures.
The information system was built within the framework of the VIE032 Technical Assistance Project themed 'Capacity Building in the Financial Sector', signed between the Government of Vietnam and the government of Luxembourg.
VIE032 is the second project supported by Luxembourg for Vietnam in the fields of finance and securities, focusing on supporting the SSC to complete the legal framework of the stock market, capacity building for managers, market participants and investors through diverse and efficient training programmes, assisting the SSC to computerise the management system.