The KRX system is considered to be an important step in the modernization of Vietnam's stock market infrastructure, paving the way for the application of advanced trading tools such as T+0, short selling, guaranteed authorities ... This makes many investors expect KRX to quickly create a fool in liquidity. This is also the technical platform that is expected to support the goal of raising Vietnam's stock market in the near future.
According to Mr. Dinh Quang Hinh - Head of Macro and Market Strategy, VNDIRECT Securities Joint Stock Company - the official operation of the KRX trading system from May 5, 2025 "opens up new expectations for the market, creating room for new financial product development, while supporting the goal of upgrading the Vietnamese stock market to the emerging market group according to the classification of FTSE and MSCI".
However, from a more cautious perspective, Mr. Nguyen Viet Duc - Digital Business Director, VPBankS Securities Company - said that the positive changes from this system will need time to spread.
The KRX system is a positive story, but we should not expect too much to improve liquidity this year, but need to look at it in the next 1-2 years. This year, KRX has not been able to have much impact on market liquidity, Mr. Duc commented.
According to Mr. Duc, macro factors still play the biggest role in liquidity and investor psychology. In the event that US trade policies under US President Donald Trump continue to be USDID, corporate profits may be affected, thereby making it difficult for cash flow into the stock market to flourish despite technical improvements. "If Mr. Donald Trump continues to implement strong trade policies, affecting business profits, liquidity will hardly improve," said Mr. Duc.
Sharing about the impact on the securities company sector, Mr. Duc said that KRX can bring some positive expectations in May, helping businesses in the industry be more optimistic. However, this is only a part of the overall factors affecting business results. The first quarter profit picture of securities companies shows a clear differentiation, when only businesses with banks supporting them and being able to effectively implement deposit lending activities have achieved positive results.
On the other hand, investors should not expect KRX to be a " market stimulus" in the short term. In the context of the market in an adjustment phase, many positive information such as fund share purchase plans, good business results or operating a new trading system have not been able to create a strong effect, because the general sentiment is still dominated by global economic instability.
From that reality, experts say that investors need to have a longer-term view of the KRX system, considering this a necessary foundation to improve market structure and support new products in the future, instead of expecting an immediate impact on liquidity or index in 2025.
