MINISTRY OF FINANCE

No. 3764/QD-BTC

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

Hanoi, November 06, 2025

DECISION

Issuing the Plan to Implement Decision No. 2014/QD-TTg dated September 12, 2025 of the Prime Minister on Approving the Project to Upgrade the Vietnamese Stock Market

MINISTER OF FINANCE

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

Pursuant to Decision No. 2014/QD-TTg dated September 12, 2025 of the Prime Minister on Approving the Project to Upgrade the Vietnamese Stock Market;

At the request of the Chairman of the State Securities Commission.

DECIDES:

Article 1. Issuing together with this Decision the Plan to Implement Decision No. 2014/QD-TTg dated September 12, 2025 of the Prime Minister on Approving the Project to Upgrade the Vietnamese Stock Market. (Detailed tasks of each unit are attached in the Appendix).

Article 2. Tasks of the units

1. State Securities Commission
   a) Acts as the focal point to assist the Minister of Finance in monitoring, urging, and inspecting the implementation of the Plan's contents; synthesizes implementation status and periodically reports to the Minister of Finance; promptly proposes measures to handle difficulties and obstacles arising; b) Takes the lead, in coordination with units under the Ministry, stock exchanges, and Vietnam Securities Depository and Clearing Corporation, to regularly capture suggestions, record, and propose solutions to resolve difficulties related to the securities sector and stock market for foreign investors investing in Vietnam; c) Takes the lead, in coordination with relevant units, to organize investment promotion activities, provide information to the public, propagate policies, and implement solutions to upgrade the stock market; d) Coordinates with the State Bank of Vietnam to review and propose amendments to legal and operational regulations in the banking sector (if necessary) to ensure sufficient legal basis for commercial banks and foreign bank branches to participate in providing clearing and settlement services for securities transactions; coordinates with the State Bank of Vietnam to resolve obstacles in depository banks providing facilities and services to foreign investors; researches expanding financial instruments according to a suitable schedule to provide a basis for financial institutions and foreign institutional investors to perform risk hedging operations, contributing to the development of a complete financial system; đ) Acts as the focal point, coordinating with the Department of Foreign Investment and other units to monitor foreign investor capital flows on the Vietnamese stock market; strengthens coordination and information sharing with relevant regulatory agencies to respond to capital flow fluctuations that may impact the stock market.

2. Department of Foreign Investment
   Takes the lead, in coordination with the Legal Department, State Securities Commission, and relevant units, to review the list of conditional investment sectors, research, consider, and propose expanding or removing foreign ownership restrictions in fields not related to national security as prescribed, promoting investment environment improvement and enhancing the attractiveness of the Vietnamese capital market according to Official Dispatch No. 192/CD-TTg dated October 08, 2025 of the Prime Minister on work to upgrade the Vietnamese stock market, thereby proposing documents to be amended, supplemented, or replaced. Regularly reviews and increases foreign investors' access to currently restricted sectors regarding foreign ownership ratios.

3. Stock Exchanges and Vietnam Securities Depository and Clearing Corporation
   a) Takes the lead, in coordination with the State Securities Commission and relevant units under the Ministry, in implementing tasks and solutions assigned in Decision No. 2014/QD-TTg dated September 12, 2025 of the Prime Minister on Approving the Project to Upgrade the Vietnamese Stock Market and this Decision; b) Implements measures to ensure the trading system, depository system, and securities transaction clearing and settlement system operate smoothly and safely, meeting the requirements of increased transactions when upgrading the stock market.

4. Units under the Ministry of Finance
   a) Implement tasks according to their functions, tasks, and powers to ensure the implementation of Decision No. 2014/QD-TTg dated September 12, 2025 of the Prime Minister on Approving the Project to Upgrade the Vietnamese Stock Market and this Decision; simultaneously implement other tasks assigned by the Minister of Finance related to the implementation of Decision No. 2014/QD-TTg dated September 12, 2025 of the Prime Minister on Approving the Project to Upgrade the Vietnamese Stock Market; b) Are responsible for coordinating with the State Securities Commission on reporting the status and results of implementing tasks in Decision No. 2014/QD-TTg dated September 12, 2025 of the Prime Minister on Approving the Project to Upgrade the Vietnamese Stock Market and this Decision; report results every three months and upon request by competent authorities for the State Securities Commission to synthesize and report to the Minister of Finance; promptly report when difficulties, obstacles, or suggestions for adjusting assigned tasks arise.

Article 3. Implementation Budget

Budget for implementing tasks is allocated from state budget sources, socialization sources, and other legal budget sources according to legal regulations.

Article 4. This Decision takes effect from the date of issuance. The Chairman of the State Securities Commission, Head of the Ministry's Office, Director of the Planning-Finance Department, and heads of units under the Ministry are responsible for organizing the implementation of this Decision.

For receipt:

• As per Article 4;
• Minister Nguyen Van Thang (for reporting);
• Deputy Ministers;
• Government Office;
• Ministry of Public Security;
• State Bank of Vietnam;
• Units under the Ministry;
• Vietnam Stock Exchange; Hanoi Stock Exchange; Ho Chi Minh City Stock Exchange;
• Vietnam Securities Depository and Clearing Corporation;
• Ministry of Finance Portal;
• File: VT, SSC (...2. b)

FOR THE MINISTER
DEPUTY MINISTER

Nguyen Duc Chi

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Appendix

PLAN TO IMPLEMENT DECISION NO. 2014/QD-TTg DATED SEPTEMBER 12, 2025 OF THE PRIME MINISTER ON APPROVING THE PROJECT TO UPGRADE THE VIETNAMESE STOCK MARKET

(Attached to Decision No. 3761/QD-BTC dated November 06, 2025 of the Ministry of Finance)

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
A	Group of tasks and solutions led by the Ministry of Finance
I	Tasks and solutions for short-term goals
1.	Resolve the "Pre-funding for securities purchase" issue to remove the barrier of pre-margin requirements before trading during the period when a Central Counterparty (CCP) is not yet deployed for the Vietnamese core stock market.	State Securities Commission	- Stock Exchanges;; - Vietnam Securities Depository and Clearing Corporation;; - Legal Department; relevant units under the Ministry.	- Research and perfect the trading mechanism not requiring sufficient funds when placing buy orders for foreign investors according to Circular No. 68/2024/TT-BTC dated September 18, 2024 of the Ministry of Finance amending and supplementing Circulars allowing the non-pre-margin trading mechanism for foreign investors; Circular No. 18/2025/TT-BTC dated April 26, 2025 of the Ministry of Finance amending and supplementing certain articles of Circular No. 119/2020/TT-BTC and Circular No. 96/2020/TT-BTC.	2025-2027
2.	Enhance transparency of maximum foreign ownership ratios in sectors, creating equal information access conditions for foreign investors.	State Securities Commission	- Legal Department; Department of Foreign Investment;; - Stock Exchanges;; - Vietnam Securities Depository and Clearing Corporation.	- Research, propose, and provide solutions to further enhance transparency of foreign ownership ratio information, creating equal information access conditions for foreign investors.	2025-2026, continue to perfect after this period

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
3.	Enhance information systems between depository banks and securities companies to serve foreign investor securities trading activities (STP).	Vietnam Securities Depository and Clearing Corporation	- State Securities Commission;; - Stock Exchanges.	- Information exchange system between depository banks and securities companies to serve foreign investor securities trading activities (STP).	2025-2026, continue to perfect after this period
4.	Implement the Omnibus Trading Account (OTA) mechanism.	Vietnam Stock Exchange	- State Securities Commission;; - Vietnam Securities Depository and Clearing Corporation.	- Perfect the securities trading, payment, and clearing system allowing transactions according to international practices.; - Operational regulations of the Vietnam Stock Exchange and Vietnam Securities Depository and Clearing Corporation (if necessary).	2025 - 2027, continue to perfect after this period
		Price Management Department	- State Securities Commission;; - Vietnam Stock Exchange and subsidiaries;; - Vietnam Securities Depository and Clearing Corporation;; - Relevant units under the Ministry.	- Circular amending and supplementing Circular No. 83/2024/TT-BTC dated November 26, 2024 of the Ministry of Finance guiding mechanisms and policies on service prices in the securities sector priced by the State applied at the Vietnam Stock Exchange and subsidiaries, Vietnam Securities Depository and Clearing Corporation.	Implement ensuring compatibility with progress and synchronization with regulations in the Law amending the Price Law No. 16/2023/QH15 and Circulars of the Ministry of Finance stipulating economic-technical characteristics of services in the securities sector

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
		State Securities Commission	- Vietnam Stock Exchange and subsidiaries;; - Vietnam Securities Depository and Clearing Corporation;; - Relevant units under the Ministry.	- Perfect regulations guiding the implementation of the Omnibus Trading Account (OTA) mechanism according to international practices.	2025 - 2027, continue to perfect after this period
5.	Enhance trading and payment system capacity to handle large transaction volumes.	Vietnam Stock Exchange	- Department of Information Technology and Digital Transformation;; - State Securities Commission;; - Vietnam Securities Depository and Clearing Corporation;; - Relevant units under the Ministry.	- Information technology systems for the stock market are perfected and upgraded.	2025 - 2030

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
6.	Enhance supervisory management capacity for the stock market regulatory agency (State Securities Commission) regarding personnel, upgrade information technology systems serving supervisory management. Strengthen intra-sector coordination and inter-sector coordination between the Ministry of Finance, State Bank of Vietnam, and Ministry of Public Security in supervising stock market activities to better support each sector's management, enhance crime prevention and suppression effectiveness, ensuring security and system safety.	State Securities Commission	- Department of Information Technology and Digital Transformation;; - Vietnam Stock Exchange and subsidiaries;; - Relevant units under the Ministry.	- Project to enhance supervisory management capacity for the State Securities Commission; and organization of project implementation;; - Project on the overall information technology system serving management and supervision of the State Securities Commission;; - Strengthen coordination between the Ministry of Finance, State Bank of Vietnam, and Ministry of Public Security to exchange supervisory information on stock market activities.	2025 - 2027, continue to upgrade and expand after this period

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
II	Tasks and solutions for long-term goals
1.	Review legal regulations on foreign ownership ratios to increase the maximum foreign ownership ratio and remove from the list sectors where foreign ownership ratio restrictions are unnecessary.	Department of Foreign Investment	- Legal Department;; - State Securities Commission;; - Relevant units under the Ministry.	- Review the list of conditional investment sectors, research, consider, and propose expanding or removing foreign ownership restrictions in fields not related to national security as prescribed, promoting investment environment improvement; Regularly review and increase foreign investors' access to sectors	2026 - 2027, continue to maintain after this period

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
		Legal Department	- Department of Foreign Investment;; - State Securities Commission;; - Relevant units under the Ministry.	- Amend and supplement the Investment Law, Decree amending and supplementing Decree 31/2021/NĐ-CP based on the results of review and proposals of the Department of Foreign Investment (if proposals for the above documents are made).	Dependent on the results of review and proposals of the Department of Foreign Investment
		State Securities Commission	- Legal Department;; - Relevant units under the Ministry.	- Research, propose, and provide solutions to further enhance transparency of foreign ownership ratio information, creating equal information access conditions for foreign investors.	2026 - 2027, continue to perfect after this period
2.	Develop payment and clearing infrastructure to meet the mechanism of non-100% margin required transaction settlement, Central Counterparty (CCP) mechanism.	Vietnam Securities Depository and Clearing Corporation	- State Securities Commission;; - Vietnam Stock Exchange and subsidiaries;; - Relevant units under the Ministry.	- Subsidiary of Vietnam Securities Depository and Clearing Corporation performing CCP functions is established and operational.	2027
3.	Research and apply a scheduled approach to allow securities lending and borrowing, unrestricted short selling through securities waiting-for-settlement trading mechanism, intraday trading.	State Securities Commission	- Vietnam Securities Depository and Clearing Corporation;; - Vietnam Stock Exchange and subsidiaries.	- Regulations and implementation schedule allowing securities lending and borrowing, unrestricted short selling.	2026 - 2028

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
4.	Stabilize macro-financial policies through close coordination between fiscal policy, monetary policy, and other macro policies to maintain macroeconomic stability.	State Budget Department	- Financial Institutions Department;; - Sector Finance-Economy Department;; - Debt Management and Foreign Economy Department;; - Institute of Economic Strategy and Policy;; - Relevant units under the Ministry.	- Propose solutions related to overall fiscal policy and state budget spending policies to competent authorities for consideration and issuance.	Regularly
		Department of Tax, Fee, and Levy Policy Management and Supervision	- Financial Institutions Department;; - Sector Finance-Economy Department;; - Debt Management and Foreign Economy Department;; - Institute of Economic Strategy and Policy;; - Relevant units under the Ministry.	- Propose solutions related to tax, fee, and levy policies, policies related to state budget revenue, to competent authorities for consideration and issuance.	Regularly
5.	Continue to modernize the trading system and securities transaction payment system on the stock market, enhance trading system capacity to handle large transaction volumes. Research step-by-step application of new technologies for stock market activities.	Vietnam Stock Exchange	- State Securities Commission;; - Vietnam Securities Depository and Clearing Corporation.	- Upgrade trading and payment system capacity for the stock market.; - Research step-by-step application of new technologies for stock market activities.	2026 - 2030, continue to maintain after this period

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
	New technologies for stock market activities.
6.	Perfect mechanisms, policies, and legal regulations on supervisory management, ensuring security and safety for the stock market and financial system.	State Securities Commission	- Legal Department;; - Relevant units under the Ministry.	- Review and amend, supplement legal regulations on finance, banking laws, administrative and criminal handling laws related to enhance supervisory management, ensure security and safety for the stock market and financial system.	2026 - 2030, continue to maintain after this period
7.	Enhance market liquidity: Implement new order types, trading mechanisms on the stock market, especially order types suitable for investor needs; develop market maker systems according to international practices.	State Securities Commission	- Vietnam Stock Exchange and subsidiaries;; - Vietnam Securities Depository and Clearing Corporation;; - Relevant units under the Ministry.	- Circular amending and supplementing Circular 120/2020/TT-BTC dated December 31, 2020 of the Ministry of Finance on trading of listed stocks, registered trading, fund certificates, corporate bonds, and covered warrants on the securities trading system.	2026 - 2030
		Vietnam Stock Exchange	- State Securities Commission;; - Vietnam Securities Depository and Clearing Corporation.	- Regulations amending and supplementing relevant operational regulations of the Vietnam Stock Exchange	2026 - 2030
8.	Enhance transparency on the stock market:; - Strengthen quality inspection of audit firms and auditors;; - Implement the project to apply international accounting standards, encourage listed	Department of Accounting and Auditing Management and Supervision	- State Securities Commission;; - Vietnam Stock Exchange and subsidiaries;; - Vietnam Association of Certified Practicing Accountants.	- Project to apply international accounting standards (IFRS) for listed organizations.	2026 - 2030, continue to maintain after this period

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
	large-scale listed companies to publish financial reports according to International Financial Reporting Standards (IFRS);; - Enhance corporate governance according to Organization for Economic Co-operation and Development (OECD) standards for public companies.	State Securities Commission	- Legal Department; relevant units under the Ministry;; - Vietnam Stock Exchange and subsidiaries;; - Vietnam Association of Certified Practicing Accountants.	- Circular amending and supplementing Circular 116/2020/TT-BTC dated December 31, 2020 of the Ministry of Finance guiding certain articles on corporate governance applied to public companies;; - Training program on corporate governance of listed companies according to international standards.	2026 - 2030, continue to maintain after this period
9.	Develop, diversify, and restructure the investor base:; - Strengthen training and knowledge dissemination for domestic investors;; - Encourage individual investors to invest through professional investment institutions (securities investment funds) towards developing institutional investors, investment funds, ensuring balanced and stable stock market development.	State Securities Commission	- Vietnam Stock Exchange and subsidiaries;; - Vietnam Securities Depository and Clearing Corporation;; - Relevant units under the Ministry.	- Implement tasks and solutions of the Investor Restructuring and Securities Investment Fund Industry Development Project according to Decision No. 3168/QD-BTC dated September 12, 2025 of the Ministry of Finance approving the Investor Restructuring and Securities Investment Fund Industry Development Project.	2026 - 2030
10.	Diversify the market's commodity base:; - Research and implement new products for the derivatives market, green securities, green bonds...	State Securities Commission	- Vietnam Stock Exchange and subsidiaries;; - Vietnam Securities Depository and Clearing Corporation;	- Research and implement new products such as infrastructure development bonds, green bonds, options contracts, new futures contracts, structured products, new depository certificates, new securities investment fund certificates, green financial instruments...	2026 - 2030

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
	suitable for the market's development level.; - Improve existing index quality, diversify indices.		- Relevant units under the Ministry.	suitable for the market's development level.; - Improve existing index quality, diversify indices, develop additional base indices as underlying assets for the derivatives market;

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
B	Group of tasks and solutions coordinated by the Ministry of Finance
I	Tasks and solutions for short-term goals
1.	Coordinate with the State Bank of Vietnam to implement simplification of procedures in registration and account opening for foreign investors; create convenience and reduce paperwork for opening indirect investment capital accounts.	State Securities Commission	- Financial Institutions Department;; - Relevant units under the Ministry;; - Vietnam Stock Exchange and subsidiaries;; - Vietnam Securities Depository and Clearing Corporation.	- Research, propose, and provide solutions to further simplify procedures, creating convenience for foreign investors.	2025-2026, continue to perfect after this period
2.	Coordinate with the State Bank of Vietnam to research and propose solutions to stabilize the foreign exchange market to respond to fluctuations in foreign investor capital flows.	Financial Institutions Department	- Department of Foreign Investment;; - State Securities Commission;; - Relevant units under the Ministry.	- Reports, proposals, and solutions to respond to fluctuations in foreign investor capital flows.	2025-2027, continue to maintain after this period

STT	Content	Lead Unit	Coordinating Units	Products	Deadline
II	Tasks and solutions for long-term goals
1.	Coordinate with the State Bank of Vietnam in developing the foreign exchange market, allowing the deployment of risk hedging instruments on the market	Financial Institutions Department	- State Securities Commission;; - Relevant units under the Ministry.	- Circular amending and supplementing Circular No. 02/2021/TT-NHNN dated March 31, 2021 of the State Bank of Vietnam guiding foreign currency transactions on the market	2026 - 2030

STT	Content	Lead Unit	Coordinating Units	Products	Deadline