The Ho Chi Minh Stock Exchange will continue to use the trading system developed by FPT while waiting for a replacement from South Korea, Ministry of Finance and bourse officials said.
The system developed by FPT Information System, a subsidiary of the tech giant, in July last year helped cope with the trading load that had become unsustainable for around half a year.
It increased the capacity of Vietnam’s main exchange from 900,000 transactions a day to five million.
On November 19 last year the largest ever number of transactions of 1.84 million was recorded, or just a third of what the system could handle, Dang Truong Thach, deputy director of FPT IS, pointed out.
Deputy Minister of Finance Nguyen Duc Chi said its replacement, KRX, is being developed in South Korea and seen rapid progress.
“It will be ready within months.”
It is being developed under a VND600-billion (US$25.69 million) deal signed in 2012 between HoSE and the Korea Exchange.
It will allow odd-lot trading and a T+0 settlement cycle (meaning investors will receive their shares or money on the day of trade instead of two days later).
For the last 10 years HoSE has repeatedly been missing deadlines for installing a new system.