Circular 77/2025/TT-BTC detailing securities business and transfer services under Decree 181/2025/NĐ-CP

SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness

No.: 77/2025/TT-BTC Hanoi, July 30, 2025

CIRCULAR

Detailing securities business and securities transfer services under Decree No. 181/2025/ND-CP dated July 01, 2025 of the Government detailing the implementation of some articles of the Law on Value Added Tax

Pursuant to the Securities Law No. 54/2019/QH14, amended and supplemented by Law No. 56/2024/QH15; Pursuant to the Law on Value Added Tax No. 48/2024/QH15; Pursuant to Decree No. 155/2020/ND-CP dated December 31, 2020 of the Government detailing the implementation of some articles of the Securities Law; Pursuant to Decree No. 181/2025/ND-CP dated July 01, 2025 of the Government detailing the implementation of some articles of the Law on Value Added Tax; Pursuant to Decree No. 29/2025/ND-CP dated February 24, 2025 of the Government defining the functions, duties, powers, and organizational structure of the Ministry of Finance, amended and supplemented by Decree No. 166/2025/ND-CP;

At the proposal of the Chairman of the State Securities Commission; The Minister of the Ministry of Finance promulgates the Circular detailing securities business and securities transfer services under Decree No. 181/2025/ND-CP dated July 01, 2025 of the Government detailing the implementation of some articles of the Law on Value Added Tax.

Article 1. Scope of regulation This Circular details securities business and securities transfer services at point c and point d, clause 4, Article 4 of Decree No. 181/2025/ND-CP dated July 01, 2025 of the Government detailing the implementation of some articles of the Law on Value Added Tax (hereinafter referred to as Decree No. 181/2025/ND-CP).

Article 2. Subjects of application The subjects of application of this Circular include:

1. Taxpayers specified in Article 3 of Decree No. 181/2025/ND-CP.
2. Tax management agencies as prescribed by law on tax management.
3. Other organizations and individuals with related interests.

Article 3. Securities business services at point c, clause 4, Article 4 of Decree No. 181/2025/ND-CP

1. Securities brokerage at securities companies; accepting authorization to manage securities trading accounts of individual investors, managing securities trading accounts, online securities trading services, services for lending money to customers to buy securities, services for advancing funds for selling securities at securities companies; securities trading services, online connection services, services for using equipment at securities trading floors; securities lending and borrowing services, securities depository services, clearing, settlement of securities transactions, handling errors and corrections after transactions, managing deposited assets, managing positions at default clearing members, default clearing funds, Vietnam Securities Depository and Clearing Corporation and its subsidiaries; settlement of principal, interest, purchase funds for government bonds, national construction bonds, government-guaranteed bonds, local government bonds, warehouse receipts.
2. Securities trading at securities companies; investing, contributing capital, issuing, and offering financial products, guaranteed securities; market-making transactions.
3. Underwriting securities issuance, and services related to securities issuance underwriting as prescribed in clause 3, Article 86 of the Securities Law No. 54/2019/QH14 and reflected in the securities issuance underwriting contract.
4. Securities investment consulting.
5. Securities investment fund management.
6. Securities portfolio management.

Article 4. Securities transfer services at point d, clause 4, Article 4 of Decree No. 181/2025/ND-CP

1. Securities transfers through the securities trading system of the securities exchange; transfer of securities ownership rights outside the securities exchange's trading system; securities account transfers.
2. Bidding, auctions, competitive offers, and online trading.

Article 5. Effectiveness

1. This Circular takes effect from July 30, 2025.
2. During implementation, in case of difficulties or ambiguities, agencies, organizations, and individuals are requested to report promptly to the Ministry of Finance for resolution.

Recipients:

• Acting Minister - Central Party Secretariat; Prime Minister, Deputy Prime Ministers of the Government;
• Central Party Office and Party Committees;
• General Secretariat Office;
• National Assembly Office;
• Government Office;
• State President Office;
• Economic and Finance Committee;
• Supreme People's Procuracy;
• Supreme People's Court;
• State Audit Office;
• Central agencies of unions;
• Ministries, ministerial-level agencies, and agencies under the Government;
• People's Councils and People's Committees of provinces and centrally-run cities;
• Finance Departments and Tax Departments of provinces and centrally-run cities;
• State Treasury Office in the Central Region;
• Inspection agencies for documents and management of administrative violation handling, Ministry of Justice;
• Press, Electronic Information Portal of the Government;
• Electronic Information Portal of the Ministry of Finance;
• Electronic Information Portal of the State Securities Commission;
• Units under the Ministry of Finance;
• Archive: General Department, State Securities Commission (02 copies).

[Signature] Minister