Building a legal framework to protect the rights of securities investors when encountering objective incidents is a recommendation of Mr. Nguyen Hoang Hai, Vice President of the Vietnam Association of Financial Investors (VAFI), in response to the incident of the VNDirect Securities Joint Stock Company's trading platform being unable to access many sessions.
According to Mr. Nguyen Hoang Hai, currently, the field of artificial intelligence and information technology is developing strongly, along with that, high-tech crimes and hackers are also becoming more sophisticated and dangerous. It can be seen that recently there have been many cases of online fraud or extortion.
Therefore, investors also need to protect themselves by choosing reputable securities companies with strong financial potential and should open more than 1 securities account. This will help investors avoid risks when 1 company has technical problems and cannot trade, investors can trade at the securities account of the remaining securities company.
The management agency must also establish a legal framework to protect the rights of investors. Since VAFI was established, the unit has proposed to the State Securities Commission to allow the establishment of a company to manage the compensation fund for investors. This compensation money is not from investors' losses but to pay for the objective risks caused.
Just like in the banking sector there is an institution called deposit insurance, there is also such an institution in the securities sector. Of course, if a securities investor loses money in business, he must take responsibility for it, but there are objective risks, such as losing money during the transaction or encountering an error due to a hacker, the company will compensate. The compensation will be carried out within a certain framework.
In fact, countries with medium to high-end developed stock markets, such as Thailand, Singapore, and the US, almost all have this regulation.
"VAFI's proposal has been around for many years, but up to now in Vietnam there is no legal framework for compensation when facing risks like the case of investors opening accounts at VNDirect," said Mr. Hai.
According to VAFI Vice President Nguyen Hoang Hai, the establishment of this risk compensation fund can be done by deducting brokerage fees, which are also money from investors. The fund's account will grow over time. In other countries, these institutions (organizations established and operating in a certain sector of the economy) have capital of up to 5 - 10 billion USD. Therefore, objective risks caused to investors will be compensated. This is a global practice, especially in the context of the Vietnamese stock market being in the process of upgrading, so this issue should be considered.
“According to my research, this fund also has little need to compensate investors if the market is favorable, but if there are objective problems, investors will be insured,” Mr. Hai shared.
Regarding the incident of VNDirect, as of nearly 1:00 p.m. this afternoon, March 27, the company has not been able to restore the trading platform. On the company's website, there is a line of text: "VNDirect would like to announce: The VNDirect system is currently in the process of being repaired and reconnected. All customer information and assets are guaranteed to be safe and unaffected. The incident only affects your current transactions. We are reconnecting the system, due to the large amount of data, it will take longer than expected."
Thus, today is the third consecutive session that investors opening securities accounts at VNDirect cannot participate in transactions.
Previously on March 25, 2024, VNDirect had official information about the incident of VNDirect's online trading system.
Accordingly, on the morning of March 24, 2024, the entire VNDirect system was attacked by an international organization, causing the entire VNDirect trading platform to be temporarily inaccessible. VNDirect's technology team has made every effort to restore it, but due to the large data infrastructure, it will take more time to connect. So today is the 4th day that this securities company has not been able to fix the problem.
As of the morning of March 27, VNDirect said it was reviewing and evaluating the system to ensure absolute safety and security for the company's customers.
The company will deploy a roadmap to reopen the system in stages. Specifically, it includes: Phase 1 - the system can look up customer account status and information on My Account. Phase 2 - reopen the money transaction system, securities and derivatives transactions on the basis of communication with the Exchange. Phase 3 - other financial products are put back into operation. Phase 4 - all other features.
Currently, VNDirect has completed Phase 1. Investors can look up their balance on the My Account system at: https://myaccount.vndirect.com.vn/bao-cao/bao-cao-tai-san/tong-quan-tai-san
In fact, this is not the first time VNDirect has encountered a problem with its trading platform, but this time it seems very serious as the company has not been able to fix it for a long time.
Previously, VNDirect had encountered many other similar problems. In April 2022, during the trading session, investors were unable to log in to the company's website because the domain name and other extensions had expired. In November 2021 and April 2020, the company also had problems logging in to trade due to overload.
VNDirect's incident left investors with accounts at this company "unsettled" in the context of strong market fluctuations.
The company's VND shares at the end of the morning session on March 27 stood at the reference price of VND 23,450/share. Previously, yesterday's session (March 26), VND was the stock with the strongest decline in the securities group. Not only that, this stock also suffered the strongest net selling pressure from foreign investors, with nearly VND 400 billion.
According to VNA
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