Circular 139/2025/TT-BTC amending provisions on the roadmap for restructuring stock, bond, derivative, and other securities markets

MINISTRY OF FINANCE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness

No. 139/2025/TT-BTC Hanoi, December 30, 2025

CIRCULAR Amending and supplementing certain articles of Circular No. 57/2021/TT-BTC dated July 12, 2021, of the Minister of Finance prescribing the roadmap for restructuring the stock trading market, bond trading market, derivative securities trading market, and trading market for other types of securities, as amended and supplemented by Circular No. 69/2023/TT-BTC dated November 15, 2023, of the Minister of Finance

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 certain articles of the Securities Law, as amended and supplemented by Decree No. 245/2025/NĐ-CP dated September 11, 2025;

Pursuant to Government Decree No. 29/2025/NĐ-CP dated February 24, 2025, prescribing the functions, tasks, powers, and organizational structure of the Ministry of Finance, as amended and supplemented by Decree No. 166/2025/NĐ-CP;

Pursuant to Prime Minister's Decision No. 37/2020/QĐ-TTg dated December 23, 2020, on the establishment, organization, and operation of the Vietnam Stock Exchange;

At the proposal of the Chairman of the State Securities Commission;

The Minister of Finance issues this Circular amending and supplementing certain articles of Circular No. 57/2021/TT-BTC dated July 12, 2021, of the Minister of Finance prescribing the roadmap for restructuring the stock trading market, bond trading market, derivative securities trading market, and trading market for other types of securities, as amended and supplemented by Circular No. 69/2023/TT-BTC dated November 15, 2023, of the Minister of Finance.

Article 1. Amending and supplementing certain points and clauses of Article 4 of Circular No. 57/2021/TT-BTC, as amended and supplemented by Clause 2 and Clause 3 of Article 1 of Circular No. 69/2023/TT-BTC

1. Amend point d, Clause 2, Article 1 as follows:

“d) No later than December 31, 2026: The Ho Chi Minh City Stock Exchange completes the acceptance of shares of listed organizations from the Hanoi Stock Exchange;”.

2. Amend point d, Clause 3, Article 1 as follows:

“d) No later than December 31, 2026: The Hanoi Stock Exchange completes the transfer of shares of listed organizations from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange;”.

Article 2. Implementation provisions

1. This Circular takes effect from December 30, 2025.

2. The Vietnam Securities Exchange, the Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange, listed organizations, registration organizations, public companies, and other related organizations and individuals are responsible for implementing this Circular.

For distribution:

• Central Secretariat of the Communist Party of Vietnam;
• Prime Minister, Deputy Prime Ministers;
• Central Secretariat Office and Party Committees;
• General Secretary's Office;
• Government Office;
• National Assembly Office;
• President's Office;
• Vietnam Fatherland Front Central Committee;
• National Assembly's Ethnic Councils and Committees;
• Ministries, ministerial-level agencies, and agencies under the Government;
• Supreme People's Court;
• Supreme People's Procuracy;
• State Audit Office;
• Central Committees of mass organizations;
• People's Councils and People's Committees of provinces and centrally-run cities;
• Department of Document Inspection and Management of Administrative Violation Handling (Ministry of Justice);
• Vietnam Chamber of Commerce and Industry;
• National legal database;
• Official Gazette; Government Electronic Portal;
• Ministry of Finance Electronic Portal;
• State Securities Commission Electronic Portal;
• Save: VT, UBCK (40 copies).

FOR THE MINISTER DEPUTY MINISTER

(Signed)

Nguyen Duc Chi