Vietnam State Securities Commission calls for coordinated preparations for cash market CCP operation in 2027

Vietnam State Securities Commission Deputy Chairman Nguyen Hoang Duong urged the Vietnam Securities Depository and Clearing Corporation (VSDC) and market members to prepare for central counterparty (CCP) operations in the cash securities market in 2027. Speaking at VSDC’s annual member conference in Quy Nhon, he called for coordinated work on operational readiness, infrastructure and testing. The preparations follow July consultations on a legal framework for CCP operations and come after FTSE Russell upgraded Vietnam to secondary emerging market status. VSDC Chairman Nguyen Son outlined a target for technology readiness by early March 2027. VSDC has completed procedures to establish a wholly owned subsidiary and is preparing its staffing, facilities and technology, alongside operational rules and upgrades to margin systems. Under the proposed timetable, VSDC will submit the launch for consideration by the Ministry of Finance and the commission in the first or second quarter of 2027, after completing the necessary conditions. Market members were asked to participate in testing with VSDC and the stock exchanges, complete their systems and operational processes, and prepare for implementation. They should also review Circular 145/2026/TT-BTC on depository and clearing members and adjust internal procedures and technology to the applicable rules. VSDC General Director Ta Thanh Binh identified comprehensive CCP system testing as a priority, including testing margin arrangements against actual historical data to calibrate risk parameters while limiting unnecessary burdens on members.