MINISTRY OF FINANCE

NUMBER: 128/2018/TT-BTC

SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness

Hanoi, December 27, 2018

CIRCULAR

Regulating service prices in the securities sector applied at securities business organizations and commercial banks participating in the Vietnamese securities market

Pursuant to the Securities Law dated June 29, 2006; the Law amending and supplementing certain articles of the Securities Law dated November 24, 2010; Pursuant to the Law on Fees and Charges dated November 25, 2015; Pursuant to the Law on Prices dated June 20, 2012; Pursuant to Government Decree No. 177/2013/NĐ-CP dated November 14, 2013 and Government Decree No. 149/2016/NĐ-CP dated November 11, 2016 amending and supplementing certain articles of Government Decree No. 177/2013/NĐ-CP dated November 14, 2013 detailing and guiding the implementation of certain articles of the Law on Prices; Pursuant to Government Decree No. 58/2012/NĐ-CP dated July 20, 2012 and Government Decree No. 60/2015/NĐ-CP dated June 26, 2015 amending and supplementing certain articles of Government Decree No. 58/2012/NĐ-CP dated July 20, 2012 detailing and guiding the implementation of certain articles of the Securities Law and the Law amending and supplementing certain articles of the Securities Law; Pursuant to Government Decree No. 42/2015/NĐ-CP dated May 05, 2017 on derivatives and the derivatives market; Pursuant to Government Decree No. 87/2017/NĐ-CP dated July 26, 2017 of the Government regulating the functions, tasks, powers and organizational structure of the Ministry of Finance; Pursuant to Government Decree No. 86/2016/NĐ-CP dated July 01, 2016 of the Government regulating conditions for investment and business in securities and Government Decree No. 151/2018/NĐ-CP dated November 07, 2018 of the Government amending and supplementing certain Decrees regulating conditions for investment and business within the state management scope of the Ministry of Finance;

At the request of the Director of the Price Management Department and the Chairman of the State Securities Commission, The Minister of Finance issues this Circular regulating service prices in the securities sector applied at securities business organizations and commercial banks participating in the Vietnamese securities market.

Article 1. Scope of regulation

This Circular regulates service prices in the securities sector applied at securities business organizations and commercial banks participating in the Vietnamese securities market.

Article 2. Subjects of application

1. Organizations providing services in the securities sector include: securities business organizations (securities companies, fund management companies, branches of foreign securities companies in Vietnam, branches of foreign fund management companies in Vietnam), and commercial banks participating in the Vietnamese securities market as prescribed by law.

2. Organizations and individuals using services in the securities sector provided by the securities service-providing organizations mentioned in Clause 1 of this Article.

3. Other relevant organizations and individuals.

Article 3. Service prices in the securities sector

1. Service prices in the securities sector applied at securities business organizations and commercial banks participating in the market are detailed in the Price Schedule issued alongside this Circular.

Based on the maximum price levels and price frameworks prescribed in this Circular, the organizations providing services in the securities sector specified in Article 2 of this Circular decide on specific price levels appropriate to the actual service provision and regulations on prices and related laws.

2. Service prices in the securities sector prescribed in this Circular are prices not subject to Value Added Tax (VAT) according to the Law on VAT and its amendments and supplements (if any).

3. When collecting payment for services in the securities sector, the Stock Exchange (SGDCK) and the Vietnam Securities Depository (VSD) use service supply invoices according to the provisions of Government Decree No. 51/2010/NĐ-CP dated May 14, 2010 regulating invoices for goods sales and service supply; Government Decree No. 04/2014/NĐ-CP dated January 17, 2014 amending and supplementing certain articles of Government Decree No. 51/2010/NĐ-CP dated May 14, 2010; Government Decree No. 119/2018/NĐ-CP dated September 12, 2018 regulating electronic invoices when selling goods and providing services; Circular No. 39/2014/TT-BTC dated March 31, 2014 of the Minister of Finance guiding the implementation of Government Decree No. 51/2010/NĐ-CP dated May 14, 2010; Circular No. 37/2017/TT-BTC dated April 27, 2017 of the Minister of Finance amending and supplementing Circular No. 39/2014/TT-BTC dated March 31, 2014; Circular No. 26/2015/TT-BTC dated February 27, 2015 of the Minister of Finance guiding on VAT and tax management under Government Decree No. 12/2015/NĐ-CP dated February 12, 2015 detailing the implementation of amendments and supplements to certain articles of tax laws and amending and supplementing certain articles of Decrees on taxes and amending and supplementing certain articles of Circular No. 39/2014/TT-BTC dated March 31, 2014 and its replacement or amended documents (if any).

4. Revenue from service provision, after fulfilling obligations to the state budget according to legal regulations, shall be managed and used by securities business organizations and commercial banks participating in the securities market in accordance with legal regulations.

5. For other services not specified in the Price Schedule, securities business organizations and commercial banks participating in the securities market are allowed to self-set prices for services they provide, appropriate to the actual service provision and regulations on prices and related laws.

6. Organizations providing services in the securities sector must display and publicly announce prices, and comply with regulations on prices, securities laws, and relevant guiding documents.

Article 4. Implementation provisions

1. This Circular takes effect from February 15, 2019 and replaces Circular No. 242/2016/TT-BTC dated November 11, 2016 of the Minister of Finance regulating service prices in the securities sector applied at securities business organizations and commercial banks participating in the Vietnamese securities market.

2. During implementation, if any difficulties arise, organizations and individuals are requested to report them promptly to the Ministry of Finance for study and supplementary guidance.

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For distribution:

• Prime Minister, Deputy Prime Ministers;
• Government Office;
• Central Committee Office;
• General Secretary's Office;
• National Assembly Office;
• President's Office;
• Supreme People's Procuracy;
• Supreme People's Court;
• State Audit;
• Ministries, ministerial-level agencies, and agencies under the Government;
• People's Councils and People's Committees of provinces and centrally-run cities;
• Provincial and centrally-run city Finance Departments;
• Central organs of mass organizations;
• Official Gazette;
• Provincial and centrally-run city Finance Departments, Tax Offices, and State Treasury Offices;
• Central organs of associations;
• Ministry of Finance units;
• Vietnam Chamber of Commerce and Industry;
• Government Website;
• Ministry of Finance Website;
• Store: VT, QLG (400).

ON BEHALF OF THE MINISTER HEAD Tran Van Hieu (Signature)

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PRICE SCHEDULE FOR SERVICES IN THE SECURITIES SECTOR APPLIED AT SECURITIES BUSINESS ORGANIZATIONS AND COMMERCIAL BANKS PARTICIPATING IN THE VIETNAMESE SECURITIES MARKET

(Issued alongside Circular No. 128/2018/TT-BTC dated December 27, 2018 of the Minister of Finance)

A. SERVICE PRICES APPLIED AT THE BASE SECURITIES MARKET

STT	SERVICE PRICE NAME	PRICE LEVEL	SERVICE PROVIDER	PAYER
1	Underwriting service price when implementing corporate ownership transformation of state-owned enterprises	From 0.5% to 2% of the total underwriting value for shares	Securities companies, commercial banks	Issuing organizations
2	Brokerage service price for buying and selling shares, fund certificates, and guaranteed warrants
a)	Brokerage service price for buying and selling shares, fund certificates, and guaranteed warrants (applied to listed securities and registered trading securities)	Maximum 0.5% of transaction value	Securities companies	Customers
b)	Brokerage service price for buying and selling shares, fund certificates, and guaranteed warrants in the case of selling (divesting) state capital and capital of state-owned enterprises invested in other enterprises through the trading system of the Stock Exchange	Maximum 0.03% of transaction value and maximum not exceeding 3 billion VND/01 transaction/01 organization selling (divesting) capital; the above price does not include the amount that securities companies pay to the Stock Exchange and Securities Depository Center according to regulations. In special cases where service provision costs exceed the maximum, units report to the Minister of Finance for consideration and decision according to price laws and related laws.
3	Public securities investment fund management service price, public securities investment company	Maximum 2%/net asset value of the fund (NAV) or net asset value of the portfolio/year	Fund management companies	Public securities investment funds, public securities investment companies
4	Closed-end fund asset supervision service price, public securities investment company	Maximum 0.15% of supervised asset value	Supervising banks	Closed-end funds, public securities investment companies
5	Bondholder representation service price	Maximum 0.1% of total issued bond value	Commercial banks participating in the bond market	Bond issuing organizations
6	Closed-end fund certificate issuance service price, shares of public securities investment companies
a)	Total value of fund certificates, shares offered under 500 billion VND	2%/capital raised/offering round of fund certificates, shares	Fund management companies	Closed-end funds, public securities investment companies
b)	Total value of fund certificates, shares offered from 500 billion VND to under 1000 billion VND	1.5%/capital raised/offering round of fund certificates, shares
c)	Total value of fund certificates, shares offered from 1000 billion VND upwards	1%/capital raised/offering round of fund certificates, shares
7	Open-end fund certificate issuance service price, ETF funds	Maximum 5%/transaction value	Fund management companies	Customers
8	Open-end fund certificate repurchase service price, ETF funds	Maximum 3%/transaction value	Fund management companies	Customers
9	Securities transaction monetary clearing service price
a)	Shares, fund certificates, guaranteed warrants	0.01% of the net clearing value of each member/payment method/payment day, but minimum not lower than 5,000 VND/day/member, maximum 300,000 VND/day/member	Clearing banks	Depository members, organizations opening direct accounts
b)	Corporate bonds	0.001% of the net clearing value of each member/payment method/payment day, but minimum not lower than 5,000 VND/day/member, maximum 300,000 VND/day/member
10	Auction service price	From 20 million VND/1 share auction session/each type of security to 0.3% on the total value of shares and other types of securities actually sold	Organizations providing services in the securities sector permitted to organize share auctions and other types of securities according to legal regulations	Enterprises, organizations, and individuals with shares and other types of securities to be sold by auction according to legal regulations

B. SERVICE PRICES APPLIED AT THE DERIVATIVES SECURITIES MARKET

STT	SERVICE PRICE NAME	PRICE LEVEL	SERVICE PROVIDER	PAYER
1	Futures contract brokerage service price	Maximum 15,000 VND/Futures index contract<br>Maximum 25,000 VND/Futures government bond contract<br>(the above price levels do not include the amount for derivatives securities transaction services, position management services, and margin asset management services that securities companies pay to the Stock Exchange and Securities Depository Center according to regulations)	Securities companies	Customers

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