Stock market, securities firms to tell employees to work from home

Monday, Mar 30, 2020 08:04

The VN-Index fell 1.11 per cent to close at 659.21 points on Tuesday (March 24). — VNS Photo Van Chau

The Ho Chi Minh Stock Exchange and securities companies have specific plans to ensure smooth market operations amid the novel COVID-19 outbreak.

From March 30, SSI Securities Corporation plans to trial working completely online and suspending transactions at the branch in HCM City.

VNDirect Securities Joint Stock Company has also tested work from home for its employees so that it can shift online.

As soon as the epidemic broke out, it set up safety regulations and tested remote working scenarios for its employees, it said.

Rong Viet Securities Joint Stock Company said its staff would only work 50 per cent of the time in office and the rest from home.

Meanwhile, stock prices continued their downward plunge on both exchanges in March as they tracked the global downtrend caused by the pandemic.

In Ha Noi, MB Securities Co (MBS) on Friday closed all trading offices and switched to online work to prevent the spread of the coronavirus in Viet Nam.

“The shutdown is temporary to stop physical contact between employees and customers. Trading offices will be closed until April 5,” MBS announced on Thursday.

As the coronavirus pandemic has been spreading and may cause severe damage to the health of people, MBS has been prepared for possible scenarios, the company said in a statement on its website.

“Solutions and safe working patterns have been set up to deal with the development of COVID-19. All employees have been trained for possible remote work,” the firm said.

“Resources, technology and contingency plans have been ready to serve customers, assuring security and quick access for investors.”

Other securities firms have also prepared for possible shutdown of trading offices. They also advise customers not to come to the trading houses if unnecessary.

In March, the VN-Index plunged to its lowest level in history as did many stocks.

All 30 largest stocks by market value and liquidity in the VN30 declined.

Tran Anh Dao, deputy general director of the HCM City Stock Exchange, said the stock market has now fallen the most since its inception.

According to Bao Viet Securities Co, the outbreak of COVID-19 in South Korea would have a negative impact on the Vietnamese economy.

“The disease outbreak in Korea can cause a sharp decrease in the number of tourists from that country to Viet Nam. According to 2019 statistics, tourists from China and South Korea accounted for 56 per cent of all visitors to Viet Nam.

“After the sharp decline in the number of tourists from China, another sharp drop from South Korea will be a double whammy for Viet Nam's tourism.

“Viet Nam's exports and imports, which have been negatively impacted by the disease outbreak in China, may also be more severely affected since Viet Nam's exports to South Korea and China accounted for 23.2 per cent of exports last year and 48.4 per cent of imports.

“The outbreak in South Korea could disrupt supply chains for Viet Nam's manufacturing and processing industries. Samsung's electronics products, which account for 30 per cent of Viet Nam's exports, may be short of components.” — VNS

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