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Saturday, June 22, 2024

PM pushes for securities data integrity

By Dung Nguyen

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HCMC – Prime Minister Pham Minh Chinh has issued Directive 04, urging the validation of data in the securities sector, emphasizing the Government’s commitment to accelerating Project 06.

The project aims to develop the application of data on population, electronic identification, and authentication for national digital transformation from 2022 to 2025, with a vision to 2030.

According to the directive, the State Securities Commission of Vietnam (SSC) is mandated to authenticate information with the national population database and validate data of securities investors.

The directive builds upon a previous one in which the PM instructed the SSC to connect to the national population database for data integrity enhancement.

As a result of these efforts, numerous securities firms have closed inactive accounts, leading to 341,393 stock trading accounts being shut in November 2023.

Experts said that the verification of securities trading data could help prevent stock price manipulation and improve market transparency.

Current regulations stipulate that each investor can only open one account at one securities company. However, this has prompted firms to prioritize quantity over quality, resulting in low transaction value for clients.

Data from the Vietnam Securities Depository (VSD) showed a significant increase in domestic investor accounts, rising by 126,169 in January 2024, the highest in four months.

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