Circular 34/2026/TT-BTC on Economic and Technical Characteristics of Securities Services

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

No. 34/2026/TT-BTC Hanoi, March 30, 2026

CIRCULAR Regulating the economic and technical characteristics of services in the securities sector of the Ho Chi Minh City Stock Exchange and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation and its subsidiaries, subject to state price regulation

Pursuant to the Law on Prices No. 16/2023/QH15, as amended and supplemented by Law No. 140/2025/QH15;

Pursuant to the Law on Securities No. 54/2019/QH14, as amended and supplemented by Law No. 56/2024/QH15;

Pursuant to Government Decree No. 85/2024/NĐ-CP detailing and guiding the implementation of some articles of the Law on Prices;

Pursuant to Government Decree No. 29/2025/NĐ-CP 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 the economic and technical characteristics of services in the securities sector of the Ho Chi Minh City Stock Exchange and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation and its subsidiaries, subject to state price regulation.

Article 1. Scope of Regulation and Subjects of Application

1. This Circular regulates the economic and technical characteristics of services in the securities sector of the Ho Chi Minh City Stock Exchange and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation and its subsidiaries, subject to state price regulation.

2. The subjects of application of this Circular include: the Ho Chi Minh City Stock Exchange and its subsidiaries, the Vietnam Securities Depository and Clearing Corporation and its subsidiaries, and relevant agencies, organizations, and individuals.

Article 2. Economic and Technical Characteristics of Services in the Securities Sector of the Ho Chi Minh City Stock Exchange and its Subsidiaries, and the Vietnam Securities Depository and Clearing Corporation and its Subsidiaries, Subject to State Price Regulation

The economic and technical characteristics of services in the securities sector of the Ho Chi Minh City Stock Exchange and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation and its subsidiaries, subject to state price regulation, are specified in the Appendix issued together with this Circular.

Article 3. Implementation Provisions

1. This Circular takes effect from May 15, 2026.

2. The State Securities Commission, the Price Management Department, the Ho Chi Minh City Stock Exchange and its subsidiaries, the Vietnam Securities Depository and Clearing Corporation and its subsidiaries, and relevant agencies, organizations, and individuals are responsible for implementing this Circular.

For whom it may concern:

• Central Office and Departments of the Party;
• Office of the General Secretary;
• Government Office;
• National Assembly Office;
• Office of the President;
• Prime Minister, Deputy Prime Ministers;
• Ministries, ministerial-level agencies, and agencies under the Government;
• Central organs of mass organizations;
• Supreme People's Procuracy;
• Supreme People's Court;
• People's Councils and People's Committees of provinces and centrally run cities;
• State Audit Office;
• Committees of the National Assembly;
• Department of Legal Document Inspection and Management of Administrative Violation Handling, Ministry of Justice;
• Units under the Ministry of Finance;
• Official Gazette;
• National legal database;
• Government Electronic Portal;
• Ministry of Finance Electronic Portal;
• State Securities Commission Electronic Portal;
• Store: VT, UBCK (50b).

FOR THE MINISTER DEPUTY MINISTER (Signed) Tran Quoc Phuong

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Appendix ECONOMIC AND TECHNICAL CHARACTERISTICS OF SERVICES IN THE SECURITIES SECTOR OF THE HO CHI MINH CITY STOCK EXCHANGE AND ITS SUBSIDIARIES, AND THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION AND ITS SUBSIDIARIES, SUBJECT TO STATE PRICE REGULATION (Attached to Circular No. 34/2026/TT-BTC dated March 30, 2026, of the Minister of Finance)

A. Economic and Technical Characteristics of Services in the Securities Sector of the Ho Chi Minh City Stock Exchange and its Subsidiaries, Subject to State Price Regulation

STT	Detailed Name of Service	Basic Characteristics of the Service
I	Services applied in the core securities market
1	Member Management	Maintain the membership status of the Ho Chi Minh City Stock Exchange, ensure members' rights according to legal regulations and the Stock Exchange's charter, supervise, inspect, and handle violations by members regarding maintaining registration conditions and complying with obligations under legal regulations and the Stock Exchange's charter.
2	Listing Registration
2.1	Initial Listing Registration
a	Stocks, corporate bonds, investment fund certificates, debt instruments under the Law on Public Debt Management	Receive and review initial listing registration dossiers for stocks, corporate bonds, investment fund certificates, and debt instruments under the Law on Public Debt Management; issue decisions approving listing for the registering organization.
b	Secured Warrants	Receive and review initial listing registration dossiers for secured warrants; issue decisions approving listing for the issuer of secured warrants.
2.2	Change of Listing Registration
a	Stocks, corporate bonds, investment fund certificates, debt instruments under the Law on Public Debt Management	Receive and review dossiers for changes in listing registration for stocks, corporate bonds, investment fund certificates (excluding changes due to ETF certificate exchange transactions), and debt instruments under the Law on Public Debt Management; issue decisions approving listing changes for the listed organization and securities investment fund management companies with listed fund certificates.
b	Secured Warrants	Receive and review dossiers for changes in listing registration for secured warrants; issue decisions approving listing changes for the issuer of secured warrants.
3	Listing Management	Manage listed securities on the Stock Exchange, including: monitoring, supervising, and inspecting compliance with reporting obligations, information disclosure, and other obligations of listed organizations under legal regulations and the Stock Exchange's charter.
3.1	Stocks	Manage stocks listed on the Stock Exchange.
a	Listing value under 100 billion VND	Manage stocks with a par value listing value under 100 billion VND.
b	Listing value from 100 billion to under 500 billion VND	Manage stocks with a par value listing value from 100 billion to under 500 billion VND.
c	Listing value from 500 billion VND upwards	Manage stocks with a par value listing value from 500 billion VND upwards.
3.2	Corporate bonds, investment fund certificates (excluding ETF certificates), debt instruments under the Law on Public Debt Management	Manage corporate bonds, investment fund certificates (excluding ETF certificates), and debt instruments under the Law on Public Debt Management listed on the Stock Exchange.
a	Listing value under 80 billion VND	Manage corporate bonds, investment fund certificates (excluding ETF certificates), and debt instruments under the Law on Public Debt Management with a par value listing value under 80 billion VND.
b	Listing value from 80 billion to under 200 billion VND	Manage corporate bonds, investment fund certificates (excluding ETF certificates), and debt instruments under the Law on Public Debt Management with a par value listing value from 80 billion to under 200 billion VND.
c	Listing value from 200 billion VND upwards	Manage corporate bonds, investment fund certificates (excluding ETF certificates), and debt instruments under the Law on Public Debt Management with a par value listing value from 200 billion VND upwards.
3.3	ETF Certificates	Manage ETF certificates listed on the Stock Exchange.
3.4	Secured Warrants	Manage listed secured warrants on the Stock Exchange.
4	Trading	Organize, manage, and operate the trading system for securities (excluding derivative securities) traded on the Stock Exchange, including: receiving orders from trading members, checking and processing orders, establishing trades, and confirming trade results via the system.
4.1	Ordinary Trading	Organize, manage, and operate the trading system for securities (excluding derivative securities).
a	Listed stocks, investment fund certificates (excluding ETF certificates)	Organize, manage, and operate the trading system for listed stocks and investment fund certificates (excluding ETF certificates).
b	ETF Certificates	Organize, manage, and operate the trading system for ETF certificates.
c	Corporate Bonds	Organize, manage, and operate the trading system for corporate bonds.
d	Debt instruments under the Law on Public Debt Management	Organize, manage, and operate the trading system for ordinary buy-sell transactions of debt instruments under the Law on Public Debt Management.
d	Registered Trading Stocks (UPCOM)	Organize, manage, and operate the trading system for registered trading stocks.
e	Secured Warrants	Organize, manage, and operate the trading system for secured warrants.
4.2	Repo Transactions of Debt Instruments under the Law on Public Debt Management	Organize, manage, and operate the trading system for repo transactions of debt instruments under the Law on Public Debt Management.
a	Maturity up to 2 days	Organize, manage, and operate the trading system for repo transactions of debt instruments under the Law on Public Debt Management with a maturity up to 2 days.
b	Maturity from 3 to 14 days	Organize, manage, and operate the trading system for repo transactions of debt instruments under the Law on Public Debt Management with a maturity from 3 to 14 days.
c	Maturity over 14 days	Organize, manage, and operate the trading system for repo transactions of debt instruments under the Law on Public Debt Management with a maturity over 14 days.
4.3	Sell-Buy Back Transactions of Debt Instruments under the Law on Public Debt Management	Organize, manage, and operate the trading system for sell-buy back transactions of debt instruments under the Law on Public Debt Management.
4.4	Borrow and Lend Transactions of Debt Instruments under the Law on Public Debt Management	Organize, manage, and operate the trading system for borrow and lend transactions of debt instruments under the Law on Public Debt Management.
a	Maturity up to 2 days	Organize, manage, and operate the trading system for borrow and lend transactions of debt instruments under the Law on Public Debt Management with a maturity up to 2 days.
b	Maturity from 3 to 14 days	Organize, manage, and operate the trading system for borrow and lend transactions of debt instruments under the Law on Public Debt Management with a maturity from 3 to 14 days.
c	Maturity over 14 days	Organize, manage, and operate the trading system for borrow and lend transactions of debt instruments under the Law on Public Debt Management with a maturity over 14 days.
5	Online Connection
5.1	Initial Connection	Receive and process dossiers for initial online trading connection registration, organize IT system connection, conduct testing and inspection to determine compliance with online trading connection conditions, and issue decisions approving online trading connection.
5.2	Periodic Connection Maintenance	Maintain periodic annual online trading connections.
6	Use of Terminals	Provide trading software and technical platforms for members to connect devices/workstations for order entry and information inquiry via the Internet or remote trading channels through the Wan network environment.
7	Auction, Order Book Building	Organize auction and order book building activities for enterprises, organizations, and individuals with shares, capital contribution portions, and other securities sold via auction or order book building according to legal regulations.
8	Bidding for Issuance of Government Bonds, Patriotic Construction Bonds, Government-Guaranteed Bonds, and Local Government Bonds	Organize bidding for the issuance of Government Bonds, Patriotic Construction Bonds, Government-Guaranteed Bonds, and Local Government Bonds for the State Treasury, organizations issuing Government-Guaranteed Bonds under the Law on Public Debt Management, and Provincial People's Committees issuing Local Government Bonds.
9	Bidding for Repurchase of Government Debt Instruments, Government-Guaranteed Bonds, and Local Government Bonds	Organize bidding for the repurchase of Government Debt Instruments, Government-Guaranteed Bonds, and Local Government Bonds for the State Treasury, organizations issuing Government-Guaranteed Bonds under the Law on Public Debt Management, and Provincial People's Committees issuing Local Government Bonds.
10	Bidding for Swap of Government Debt Instruments, Government-Guaranteed Bonds, and Local Government Bonds	Organize bidding for the swap of Government Debt Instruments, Government-Guaranteed Bonds, and Local Government Bonds for the State Treasury, organizations issuing Government-Guaranteed Bonds under the Law on Public Debt Management, and Provincial People's Committees issuing Local Government Bonds.
II	Services applied in the derivative securities market
1	Derivative Securities Member Registration	Receive and process dossiers for derivative securities member registration; issue decisions approving derivative securities member status (trading members, special trading members on the derivative securities market) for securities companies, commercial banks, and foreign bank branches.
2	Derivative Securities Member Management	Maintain the derivative securities member status of the Ho Chi Minh City Stock Exchange, ensure the rights of derivative securities members according to legal regulations and the Stock Exchange's charter, supervise, inspect, and handle violations by derivative securities members regarding maintaining registration conditions and complying with obligations under legal regulations and the Stock Exchange's charter.
3	Derivative Securities Trading	Organize, manage, and operate the trading system for derivative securities products traded on the Stock Exchange according to legal regulations and the Stock Exchange's charter, including: receiving orders from trading members, checking and processing orders, establishing trades, and confirming trade results via the system.

B. Economic and Technical Characteristics of Services in the Securities Sector of the Vietnam Securities Depository and Clearing Corporation (VSDC) and its Subsidiaries, Subject to State Price Regulation

STT	Detailed Name of Service	Basic Characteristics of the Service
I	Services applied in the core securities market
1	Depository Member Management	Maintain depository member status, ensure depository members' rights according to legal regulations and VSDC's charter, supervise, inspect, and handle violations by depository members regarding maintaining registration conditions and complying with obligations under legal regulations and VSDC's charter.
2	Securities Registration, Partial Cancellation of Securities Registration, or Adjustment of Registered Securities Quantity
2.1	Initial Securities Registration
a	Registration value under 80 billion VND	Receive and process initial securities registration dossiers for cases with a registration value under 80 billion VND; record information on registered securities (including information on the registering organization, securities information, and information on security holders of the registering organization) for centralized management at VSDC. From after the initial securities registration at VSDC, all information and changes related to registered securities information are monitored and centrally managed by VSDC.
b	Registration value from 80 billion to under 200 billion VND	Receive and process initial securities registration dossiers for cases with a registration value from 80 billion to under 200 billion VND; record information on registered securities (including information on the registering organization, securities information, and information on security holders of the registering organization) for centralized management at VSDC. From after the initial securities registration at VSDC, all information and changes related to registered securities information are monitored and centrally managed by VSDC.
c	Registration value from 200 billion VND upwards	Receive and process initial securities registration dossiers for cases with a registration value from 200 billion VND upwards; record information on registered securities (including information on the registering organization, securities information, and information on security holders of the registering organization) for centralized management at VSDC. From after the initial securities registration at VSDC, all information and changes related to registered securities information are monitored and centrally managed by VSDC.
2.2	Supplementary Securities Registration, Partial Cancellation of Securities Registration, or Adjustment of Registered Securities Quantity
a	Stocks, corporate bonds, investment fund certificates (excluding ETF certificates)	Receive and process dossiers for supplementary securities registration, partial cancellation of securities registration, or adjustment of registered securities quantity for stocks, corporate bonds, and investment fund certificates (excluding ETF certificates); record increases/decreases in securities quantity and detailed accounting of increases/decreases to security holders at VSDC.
b	ETF Certificates	Based on the results of portfolio exchange between the ETF fund and investors, adjust the registered quantity of ETF certificates due to supplementary issuance or partial cancellation; record increases/decreases in ETF certificate quantity and detailed underlying securities to security holders' accounts at VSDC.
c	Secured Warrants	Receive and process dossiers for adjusting the registered quantity of secured warrants; record increases/decreases in secured warrant quantity and detailed accounting of increases/decreases to security holders' accounts at VSDC and the proprietary trading accounts of the organization registering secured warrants at VSDC.
3	Securities Depository
a	Stocks, fund certificates, secured warrants	Manage and keep stocks, fund certificates, and secured warrants in investors' accounts according to the request of depository members.
b	Corporate Bonds	Manage and keep corporate bonds in investors' accounts according to the request of depository members.
c	Debt instruments under the Law on Public Debt Management	Manage and keep debt instruments under the Law on Public Debt Management in investors' accounts according to the request of depository members.
4	Securities Transfer
4.1	Securities Transfer between Investors' Accounts at Different Depository Members	Transfer deposited securities (securities transfer or securities and rights transfer) of an investor from an account opened at one depository member to an account of the same investor opened at another depository member according to the investor's request through the depository member.
4.2	Securities Transfer for Settlement	Transfer securities from the seller's depository account to the buyer's depository account based on trading results and clearing results, determining the settlement obligation for securities transactions.
5	Exercise of Rights
a	Under 500 investors	Receive dossiers for exercising rights from under 500 investors from the securities registering organization; publish market information on the record date to compile the list of security holders entitled to rights; cooperate with depository members to compile the list of security holders entitled to rights. Perform calculation and allocation of rights to holders according to the list of security holders entitled to rights.
b	From 500 to under 1,000 investors	Receive dossiers for exercising rights from 500 to under 1,000 investors from the securities registering organization; publish market information on the record date to compile the list of security holders entitled to rights; cooperate with depository members to compile the list of security holders entitled to rights. Perform calculation and allocation of rights to holders according to the list of security holders entitled to rights.
c	From 1,000 to 5,000 investors	Receive dossiers for exercising rights from 1,000 to 5,000 investors from the securities registering organization; publish market information on the record date to compile the list of security holders entitled to rights; cooperate with depository members to compile the list of security holders entitled to rights. Perform calculation and allocation of rights to holders according to the list of security holders entitled to rights.
d	Over 5,000 investors	Receive dossiers for exercising rights from over 5,000 investors from the securities registering organization; publish market information on the record date to compile the list of security holders entitled to rights; cooperate with depository members to compile the list of security holders entitled to rights. Perform calculation and allocation of rights to holders according to the list of security holders entitled to rights.
6	Post-Trade Error Handling
a	Post-Trade Error Correction	Adjust erroneous trades to the proprietary trading accounts of depository members and clearing members.
b	Handling Postponed Settlement Trades	Determine the value, quantity of securities, money, and counterparty for postponed settlement trades and adjust the method and time of settlement according to regulations.
c	Handling Proprietary Trading Errors	Adjust to the correct proprietary trading account number of the trading member.
d	Cash Settlement	Securities transactions that must be settled in cash according to legal regulations are settled in cash instead of transferring securities.
7	Transfer of Securities Ownership Outside the Stock Exchange's Trading System
7.1	Transfer of Founding Shareholders' Stocks During Restricted Transfer Period	Receive dossiers requesting the transfer of founding shareholders' stocks during the restricted transfer period according to legal regulations. Check the validity of the dossier, record ownership information of the transferring parties on the Comprehensive Register of Security Holders managed by VSDC, and notify relevant parties.
7.2	Transfer of Centrally Registered Securities Approved by the State Securities Commission	Receive dossiers requesting the transfer of centrally registered securities at VSDC approved by the State Securities Commission. Check the validity of the dossier, record ownership information of the transferring parties on the Comprehensive Register of Security Holders managed by VSDC, and notify relevant parties.
7.3	Transfer of Ownership of Privately Issued Corporate Bonds Registered at VSDC but Not Subject to Trading on the Stock Exchange	Receive dossiers requesting the transfer of ownership of privately issued corporate bonds registered at VSDC but not subject to trading on the Stock Exchange. Check the validity of the dossier, record ownership information of the transferring parties on the Comprehensive Register of Security Holders managed by VSDC, and notify relevant parties.
7.4	Transfer of Securities Ownership Due to Corporate Division, Merger, Consolidation; Capital Contribution with Shares into Enterprises (Including Cases Approved by the State Securities Commission for Division, Merger, Consolidation of Enterprises, and Capital Contribution with Shares into Enterprises by Foreign-Founded Organizations); Establishment, Increase of Charter Capital of Investment Companies	Receive dossiers requesting the transfer of securities ownership due to corporate division, merger, consolidation; capital contribution with shares into enterprises (including cases approved by the State Securities Commission for division, merger, consolidation of enterprises, and capital contribution with shares into enterprises by foreign-founded organizations); establishment, increase of charter capital of investment companies. Check the validity of the dossier, record ownership information of the transferring parties on the Comprehensive Register of Security Holders managed by VSDC, and notify relevant parties.
7.5	Transfer of Securities Ownership Due to Inheritance, Gift, Donation	Receive dossiers requesting the transfer of securities ownership due to inheritance, gift, donation. Check the validity of the dossier, record ownership information of the transferring parties on the Comprehensive Register of Security Holders managed by VSDC, and notify relevant parties.
7.6	Transfer of Securities Ownership Due to Court Decisions, Administrative Decision Execution	Receive dossiers requesting the transfer of securities ownership due to court decisions, administrative decision execution. Check the validity of the dossier, record ownership information of the transferring parties on the Comprehensive Register of Security Holders managed by VSDC, and notify relevant parties.
7.7	Transfer of Securities Ownership Due to Other Legal Grounds	Receive dossiers requesting the transfer of securities ownership due to other legal grounds. Check the validity of the dossier, record ownership information of the transferring parties on the Comprehensive Register of Security Holders managed by VSDC, and notify relevant parties.

C. Economic and Technical Characteristics of Services in the Securities Sector of the Ho Chi Minh City Stock Exchange and its Subsidiaries, and the Vietnam Securities Depository and Clearing Corporation and its Subsidiaries, Subject to State Price Regulation (Summary of Key Service Categories)

(Note: The detailed tables above constitute the full regulatory content. This section serves as a structural placeholder if additional summary tables were present in the original source, but based on the provided text, the detailed tables in Sections A and B are the primary regulatory instruments.)

D. Implementation and Monitoring

1. The State Securities Commission shall guide the implementation of this Circular.
2. The Ho Chi Minh City Stock Exchange and the Vietnam Securities Depository and Clearing Corporation shall report regularly to the State Securities Commission on the implementation of services and the application of state-regulated prices.
3. Any violation of the provisions of this Circular shall be handled according to the law.

End of Document