MINISTRY OF FINANCE

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

No. 135/2025/TT-BTC Hanoi, December 26, 2025

CIRCULAR

Regulating Securities Practice

Pursuant to the Securities Law No. 54/2019/QH14, as amended and supplemented by Law No. 56/2024/QH15; Pursuant to Government Decree No. 155/2020/NĐ-CP dated December 31, 2020, detailing the implementation of some articles of the Securities Law, as amended and supplemented by Decree No. 245/2025/NĐ-CP; Pursuant to Government Decree No. 29/2025/NĐ-CP dated February 24, 2025, regulating the functions, tasks, powers, and organizational structure of the Ministry of Finance, as amended and supplemented by Decree No. 166/2025/NĐ-CP; At the request of the Chairman of the State Securities Commission; The Minister of Finance issues this Circular regulating securities practice.

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Chapter I

GENERAL PROVISIONS

Article 1. Scope of Regulation and Subjects of Application

1. Scope of Regulation: This Circular regulates: a) Professional certificates in securities and equivalent certificates; b) Electronic securities practice certificates; c) Knowledge training for securities practitioners.

2. Subjects of Application: a) Individuals participating in courses for professional certificates in securities; b) Securities practitioners and organizations employing securities practitioners; c) Other relevant organizations and individuals.

Article 2. Interpretation of Terms

1. Securities practice certificate is a document (paper or electronic) issued by the State Securities Commission to the person named in the certificate to work at securities companies, securities investment fund management companies, branches of foreign securities companies in Vietnam, branches of foreign fund management companies in Vietnam, and securities investment companies operating legally within the territory of the Socialist Republic of Vietnam.

2. Professional certificate in securities is a document (paper or electronic) issued by the Securities Science and Training Research Center under the State Securities Commission to confirm that the person named in the certificate meets the requirements in professional proficiency tests regarding securities and the securities market.

3. Organization employing securities practitioners includes securities companies, securities investment fund management companies, branches of foreign securities companies in Vietnam, branches of foreign fund management companies in Vietnam, and securities investment companies.

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Chapter II

PROFESSIONAL CERTIFICATES IN SECURITIES AND EQUIVALENT CERTIFICATES

Article 3. Professional Certificates in Securities

1. Courses for professional certificates in securities include: a) Course on Basic Issues of Securities and the Securities Market; b) Course on Law on Securities and the Securities Market; c) Course on Securities Analysis and Investment; d) Course on Securities Brokerage and Investment Advisory; d) Course on Financial Advisory and Underwriting of Securities; e) Course on Corporate Financial Report Analysis; g) Course on Fund and Asset Management; h) Course on Derivatives Securities and the Derivatives Securities Market.

2. The courses specified in Clause 1 of this Article are organized by the Securities Science and Training Research Center under the State Securities Commission or by training facilities belonging to universities affiliated with the Securities Science and Training Research Center.

3. Professional certificates in securities are issued by the Securities Science and Training Research Center to students within fifteen (15) days after meeting the requirements in professional proficiency tests (including candidates who have completed courses organized by training facilities belonging to universities affiliated with the Securities Science and Training Research Center).

4. The State Securities Commission approves the training programs for the courses specified in Clause 1 of this Article.

5. Cases exempted from participating in professional courses but required to participate in proficiency tests to be issued professional certificates in securities:

a) Individuals with a bachelor's degree or higher in training majors including: Economics, Business, Finance - Banking - Insurance, Accounting - Auditing are exempted from taking the course on Basic Issues of Securities and the Securities Market;

b) Individuals with a bachelor's degree or higher in Economic Law are exempted from taking the course on Law on Securities and the Securities Market.

Article 4. Equivalent Certificates to Professional Certificates in Securities

1. The international CIIA (Certified International Investment Analyst) certificate or a certificate confirming achievement of the international CFA Level II (Chartered Financial Analyst level II) or above is equivalent to the certificate on Basic Issues of Securities and the Securities Market, the certificate on Securities Analysis and Investment, the certificate on Corporate Financial Report Analysis, the certificate on Fund and Asset Management, and the certificate on Derivatives Securities and the Derivatives Securities Market.

2. The international ACCA (Association of Chartered Certified Accountants) certificate, CPA (Certified Public Accountants) certificate, or auditor/accountant certificates issued by the Ministry of Finance, or a certificate confirming achievement of the international CFA Level I (Chartered Financial Analyst level I), CIIA Level I (Certified International Investment Analyst level I) are equivalent to the certificate on Basic Issues of Securities and the Securities Market, and the certificate on Corporate Financial Report Analysis.

3. A valid securities practice certificate issued abroad or equivalent documents proving that the individual is legally permitted to practice securities in a foreign country are equivalent to all professional certificates in securities.

Chapter III

ELECTRONIC SECURITIES PRACTICE CERTIFICATES

Article 5. Conversion of Paper Securities Practice Certificates to Electronic Securities Practice Certificates

1. The State Securities Commission begins issuing electronic securities practice certificates when the information technology system for managing securities practitioners of the State Securities Commission officially goes into operation. From this time, the State Securities Commission will no longer issue paper securities practice certificates.

2. When the State Securities Commission implements the issuance of electronic securities practice certificates, persons issued securities practice certificates and organizations employing securities practitioners must have the responsibility to convert from issued paper securities practice certificates to electronic securities practice certificates within a period of 01 (one) year from the date the State Securities Commission issues guidelines for conversion.

Paper securities practice certificates become invalid upon conversion. Persons issued securities practice certificates have the responsibility to return the expired paper securities practice certificates to the State Securities Commission.

3. After the period specified in Clause 2 of this Article, persons issued securities practice certificates who have not completed the conversion will not be recorded in the information technology system for managing securities practitioners of the State Securities Commission with the status of "securities practitioner".

4. Electronic practice certificates, information on the process of securities practice on the information technology system for managing securities practitioners of the State Securities Commission are the basis for the State Securities Commission to implement management and supervision of persons issued securities practice certificates as specified in Article 216 of Government Decree No. 155/2020/NĐ-CP dated December 31, 2020.

Persons issued securities practice certificates are only recognized as practicing securities when the information technology system for managing securities practitioners confirms the status as "securities practitioner".

Article 6. Responsibilities of Persons Issued Securities Practice Certificates and Organizations Employing Securities Practitioners When Implementing Electronic Securities Practice Certificates

1. Persons issued securities practice certificates and organizations employing securities practitioners have the responsibility to comply with regulations and guidelines of the State Securities Commission regarding the management and use of electronic securities practice certificates.

2. Persons issued securities practice certificates have the responsibility to update on the information technology system for managing securities practitioners of the State Securities Commission any changed information related to the process of securities practice.

3. Organizations employing securities practitioners have the responsibility to update on the information technology system for managing securities practitioners of the State Securities Commission any changed information when signing labor contracts or terminating labor contracts with persons holding securities practice certificates.

4. The subjects specified in Clause 2 and Clause 3 of this Article have the responsibility to ensure the accuracy, completeness, and honesty of the information provided on the information technology system for managing securities practitioners of the State Securities Commission.

Article 7. Use of Electronic Securities Practice Certificates, Inquiry of Securities Practice Status

1. Securities practitioners may directly present electronic securities practice certificates through the information technology system for managing securities practitioners of the State Securities Commission.

2. Individuals and organizations may inquire about the securities practice status of securities practitioners on the information technology system for managing securities practitioners of the State Securities Commission.

Chapter IV

KNOWLEDGE TRAINING FOR SECURITIES PRACTITIONERS

Article 8. Knowledge Training

1. Securities practitioners must participate in annual knowledge training (time calculated from January 01 to December 31 of each year).

2. Securities practitioners are not required to participate in knowledge training in the year they are issued securities practice certificates.

Article 9. Content and Materials for Knowledge Training

1. Content of knowledge training: Law on Securities and the Securities Market, trading systems, new types of securities.

Based on the content of knowledge training, the State Securities Commission issues the knowledge training framework program before December 31 of each year. The framework program may be adjusted and supplemented to suit practical conditions.

2. Knowledge training materials a) Knowledge training materials are built by training organizing units in the form of documents or electronic data;

b) Knowledge training materials must be consistent with the framework program specified in Clause 1 of this Article.

Article 10. Organization of Knowledge Training

1. Units organizing knowledge training: The Securities Science and Training Research Center under the State Securities Commission takes the lead, in coordination with the Ho Chi Minh City Stock Exchange, the Vietnam Securities Depository and the subsidiaries thereof.

2. Securities practitioners register to participate in knowledge training at knowledge training classes in direct or online forms.

3. The duration of knowledge training classes is built to be consistent with the content, knowledge training materials, and subjects participating in training, ensuring a minimum training duration of 08 hours in one year.

4. The State Securities Commission issues the Regulations on the organization of knowledge training for securities practice.

Article 11. Cases of Not Completing Requirements for Participating in Knowledge Training

Before January 31 of each year, the State Securities Commission publicly lists securities practitioners who have not completed the requirements for participating in knowledge training of the previous year on the electronic portal and the information technology system for managing securities practitioners of the State Securities Commission.

Chapter V

EFFECTIVE DATE AND ORGANIZATION OF IMPLEMENTATION

Article 12. Effective Date and Organization of Implementation

1. This Circular takes effect from February 09, 2026. It repeals Circular No. 197/2015/TT-BTC dated December 03, 2015 of the Minister of Finance regulating securities practice.

2. The State Securities Commission issues the Regulations on the management and use of the information technology system for managing securities practitioners of the State Securities Commission consistent with the provisions of this Circular regarding the management and use of electronic practice certificates, and inquiry of securities practice status.

3. The organization of knowledge training for securities practitioners as specified in Chapter IV of this Circular is implemented from January 01, 2027.

4. In case the legal documents cited in this Circular are amended, supplemented, or replaced by other legal documents, the provisions in the amended, supplemented, or replacement documents shall apply.

5. During the implementation, if there are difficulties, please report promptly to the Ministry of Finance for research and resolution.

Where to send:

• Central Secretariat of the Communist Party of Vietnam;
• Prime Minister, Deputy Prime Ministers;
• Central Party Committee Office and Party Committees;
• General Secretary's Office;
• National Assembly Office;
• Government Office;
• National Council for Ethnic Affairs;
• Committee on Economics and Finance;
• President's Office;
• Supreme People's Procuracy;
• Supreme People's Court;
• State Audit Office;
• Central Committees of mass organizations;
• Ministries, ministerial-level agencies, agencies under the Government;
• People's Councils, People's Committees of provinces and centrally-run cities;
• Departments of Finance, Taxation of provinces and centrally-run cities;
• State Treasury branches;
• Department of Document Inspection and Management of Administrative Violation Handling, Ministry of Justice;
• Gazette, Government Electronic Portal;
• National Legal Database;
• Ministry of Finance Electronic Portal;
• State Securities Commission Electronic Portal;
• Units under the Ministry of Finance;
• Save: VT, UBCK (58b).

FOR THE MINISTER DEPUTY MINISTER

Nguyen Duc Chi