Circular 65/2023/TT-BTC amending certain articles of Circular 57/2021/TT-BTC on the roadmap for restructuring the stock, bond, derivative, and other securities trading markets

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

No. 65/2023/TT-BTC Hanoi, November 15, 2023

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

Pursuant to the Securities Law dated November 26, 2019; Pursuant to Government Decree No. 155/2020/NĐ-CP dated December 31, 2020, detailing the implementation of certain articles of the Securities Law; Pursuant to Government Decree No. 14/2023/NĐ-CP dated April 20, 2023, prescribing the functions, tasks, powers, and organizational structure of the Ministry of Finance; Pursuant to Prime Minister's Decision No. 37/2020/QĐ-TTg dated December 23, 2020, establishing, organizing, and operating the Vietnam Stock Exchange; At the request of the Chairman of the State Securities Commission; The Minister of Finance promulgates 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.

Article 1. 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

1. Amending Clause 1, Article 4 as follows: “1. No later than December 31, 2026, the Ho Chi Minh City Stock Exchange shall uniformly organize the trading market for listed stocks, fund certificates, and covered warrants, and the trading market for stocks of organizations registered for trading as prescribed by the Securities Law and its guiding documents.”

2. Amending points c, d, đ, and e, Clause 2, Article 4 as follows: “c) Before July 1, 2025: The Ho Chi Minh City Stock Exchange shall receive and consider applications for listing and organizing trading of new stocks of organizations meeting the listing conditions prescribed in Government Decree No. 155/2020/NĐ-CP dated December 31, 2020, detailing the implementation of certain articles of the Securities Law (hereinafter referred to as Decree No. 155/2020/NĐ-CP) and having contributed charter capital at the time of listing application of 120 billion VND or more; d) From July 1, 2025: The Ho Chi Minh City Stock Exchange shall receive and consider applications for listing and organizing trading of new stocks of organizations meeting the listing conditions prescribed in Decree No. 155/2020/NĐ-CP; đ) No later than December 31, 2025: The Ho Chi Minh City Stock Exchange shall complete the reception of stocks of listed organizations from the Hanoi Stock Exchange; e) No later than December 31, 2026: The Ho Chi Minh City Stock Exchange shall complete the reception of stocks of organizations registered for trading from the Hanoi Stock Exchange.”

3. Amending points b, c, d, and e, Clause 3, Article 4 as follows: “b) Before July 1, 2025: The Hanoi Stock Exchange shall receive and consider applications for listing and organizing trading of new stocks of organizations meeting the listing conditions prescribed in Decree No. 155/2020/NĐ-CP and having contributed charter capital at the time of listing application of 30 billion VND or more; c) From July 1, 2025: The Hanoi Stock Exchange shall not receive applications for listing new stocks of organizations; d) No later than December 31, 2025: The Hanoi Stock Exchange shall complete the transfer of stocks of listed organizations from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange; e) No later than December 31, 2026: The Hanoi Stock Exchange shall complete the transfer of stocks of organizations registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange. After completing the transfer of stocks of organizations registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange, the Hanoi Stock Exchange shall not receive new trading registration applications from organizations.”

4. Amending Clause 2, Article 7 as follows: “2. In the case where an organization has submitted an application for stock listing to the Hanoi Stock Exchange before July 1, 2025, but has not yet received approval for listing, the Hanoi Stock Exchange is responsible for transferring the organization's listing application to the Ho Chi Minh City Stock Exchange before July 8, 2025, for the Ho Chi Minh City Stock Exchange to continue processing the organization's listing application in accordance with legal regulations.”

Article 2. Transitional Provisions In the case where an application for listing received by the Ho Chi Minh City Stock Exchange from an organization with contributed charter capital at the time of listing application of less than 120 billion VND has not yet received approval for listing as of the time this Circular takes effect, the Ho Chi Minh City Stock Exchange is responsible for transferring the organization's listing application to the Hanoi Stock Exchange to continue processing the listing application in accordance with legal regulations.

The deadline for transferring the listing application is no later than 05 working days from the date this Circular takes effect.

Article 3. Implementation Provisions

1. This Circular takes effect from December 30, 2023.
2. In the case where the legal documents referenced for application in this Circular are amended, supplemented, or replaced, the amended, supplemented, or replaced documents shall apply.
3. The Vietnam Stock Exchange, the Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange, listed organizations, organizations registered for trading, public companies, and other relevant organizations and individuals are responsible for implementing this Circular./.

Where received:

• Central Secretariat of the Communist Party of Vietnam;
• Central Committee and Party Boards Office;
• General Secretary's Office; President's Office;
• National Assembly Office; Government Office;
• Prime Minister, Deputy Prime Ministers;
• Ministries, ministerial-level agencies, and agencies under the Government;
• People's Councils and People's Committees of provinces and centrally-run cities;
• Supreme People's Procuracy; Supreme People's Court;
• State Audit;
• Vietnam Chamber of Commerce and Industry;
• Central agencies of Associations and Unions;
• Official Gazette; Government Electronic Information Portal;
• Department of Legal Document Inspection (Ministry of Justice);
• Units under the Ministry of Finance;
• Ministry of Finance Electronic Information Portal;
• State Securities Commission Electronic Information Portal;
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FOR THE MINISTER DEPUTY PRIME MINISTER Nguyen Duc Chi