The State Securities Commission (SSC) is making a new trade regulation, that will be submitted to the Government for approval.


The draft, which will allow investors to open more than one account, enabling them to both buy and sell the same shares in a single day’s session, has raised conflicting opinions.


At present, an investor is permitted only one account in a securities firm and may only place a purchase or sale order of a certain share through that account in any given trading session.


Though the regulation is expected to level the market playing field, there is worry it could lead to price manipulation.


Nguyen Son, head of the Market Development Department under the SSC, said that, once operational, the regulation would help spur trade and balance capital flow in the stock market.


According to Nguyen Hoang Hai, general secretary of the Viet Nam Association of Financial Investors, the open trading method would first benefit investors.


"Investors will have the option of opening accounts through different brokerages, trying different services and selecting the best. So, brokerage houses will be forced to promote their services. Service competition happens everyday, and only the strong firms will survive; the weak will be eliminated."


This would ensure top quality services for investors, Hai said.


However, the draft is also causing worries regarding share prices.


"When an investor is allowed to buy and sell a share in a session and have more than one account, he/she can place a series of purchase or sale orders to affect the share’s price," said Hoang Manh Quan at Tan Viet Securities.


Quan also said that the opening of more than one account could result in virtual accounts, which would artificially cause prices to escalate.


According to securities firms, it’s not difficult to recognise virtual accounts, but a modern technical system, and an understanding of a customers’ financial power could help regulators detect them.


Vu Bang, SSC’s Chairman, said that the commission would regulate the stock market to prevent price setting and other securities investment violations. "Violators will receive stricter punishments," added Bang.