Information disclosure set to go digital

Information disclosure set to go digital

The State Securities Commission has started training courses on the use of its Information Disclosure System (IDS) for public companies in the north.

IDS is part of the Viet Nam capital market development project sponsored by the Luxembourg government and implemented by Viet Nam's Ministry of Finance and State Securities Commission (SSC).

The IDS will receive reports from public companies sent to the SSC in electronic form and analyse the data.The system has three main functions of receiving, processing data and generating statistics.

SSC vice president Nguyen Thi Lien Hoa said, "Information disclosure to the commission used to be done on hard copy with a huge amount of data, causing the companies a lot of difficulties."

IDS would help businesses reduce procedures, costs and avoid delays in disclosing information, she added.

In addition, the system will strengthen the SSC's capability of monitoring what happens in the market and improve its forecasting ability to save investors from losses.

"The application of information technology in the stock market is crucial for the Vietnamese market to practise international standards," the SSC stated.

Public firms have a week from today to register with the IDS, and the commission will issue accounts and information on how to use the system from July 22 to July 26.

In case an error occurs inside the system, both the SSC and the companies will work to resolve it via conventional methods of email, fax or post.

Currently, the Ha Noi Stock Exchange owns an online information management system called CIMS.

The SSC explained that the IDS was not compatible with the technology used by CIMS and they could not be combined.

However, it pledged that companies would only have to disclose information to one agency once the IDS was up and running.

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