KRX system expected to operate on May 5

Notably, the KRX system's operational date coincides with the effective date of the April 2025 indexes. To ensure the conversion is carried out safely and smoothly, HoSE has made important technical adjustments. Specifically, the effective date of the VNX-Index, VN DIAMOND, and VNFINSELECT indexes will be moved up one week, from May 5, 2025 to April 28, 2025. Similarly, the update date of the free-float ratio, circulating volume, and capitalization weight limit of the HOSE-Index, VNSI, and VNFINLEAD indexes will also be adjusted to April 28, 2025.

Currently, the KRX system is in a comprehensive testing phase from March 17 to April 11, 2025. During this process, securities companies simulate transactions like an actual trading day. HoSE noted that it will not test unusual situations to ensure that the test data is close to actual operations.

The KRX system, developed by the Korea Stock Exchange (KRX), is expected to change the face of the Vietnamese stock market with many modern features. Some notable improvements include: shortening the T+2 settlement cycle, allowing room to be held until T+3, and supporting the implementation of new derivative products and operations such as short selling, intraday trading (T+0), Central Clearing Counterparty (CCP) mechanism, etc.

These changes not only help improve the transparency and operational efficiency of the market, but are also a prerequisite for meeting the upgrading criteria of the two major index organizations, FTSE Russell and MSCI. In a recent meeting between the Vietnamese management agency and FTSE representatives, the latter emphasized that the KRX system is “the path to change”, playing a fundamental role in assessing the possibility of upgrading.

According to a forecast from Pyn Elite Fund, Vietnam could be upgraded to Secondary Emerging Market by FTSE Russell in the September 2025 review if it continues to maintain its current reform progress. Meanwhile, for MSCI - where the market classification process is more stringent - experts believe that reaching the upgrade standard could take until 2027, especially regarding foreign ownership limits and a sustainable solution in the long term.

Legally, Circular 68/2024/TT-BTC has officially established a new legal framework to support product deployment in accordance with the upgrade requirements. At the same time, the Exchanges and the Vietnam Securities Depository (VSDC) are also completing the final preparations. This April, all features and operating procedures of the KRX system will be announced in detail to market members.

With strong changes in both technological and institutional infrastructure, the Vietnamese stock market is facing the opportunity for a comprehensive "transformation". The operation of the KRX system is not only a technical upgrade, but also a strategic push to attract foreign capital, increase liquidity and promote the stock market to become the main capital channel of the economy.

Source: https://thoibaonganhang.vn/he-thong-krx-du-kien-van-hanh-vao-ngay-55-162182.html