Decision No. 3168/QD-BTC Approving the Plan for Restructuring Investors and Developing the Securities Fund Industry

MINISTRY OF FINANCE No.: 3168/QD-BTC

SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness Hanoi, September 12, 2025

DECISION Approving the Plan for Restructuring Investors and Developing the Securities Fund Industry

MINISTER OF FINANCE

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

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

Pursuant to Prime Minister's Decision No. 1726/QD-TTg dated December 29, 2023, approving the Strategy for the Development of the Securities Market to 2030;

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

DECIDES:

Article 1. Approve the Plan "Restructuring Investors and Developing the Securities Fund Industry" (hereinafter referred to as the Plan) to 2030 with the following main contents:

I. GUIDING PRINCIPLES, OBJECTIVES

1. Guiding principles for building the Plan

Adhering closely to the principles, objectives, tasks, and solutions for the development of the capital market and securities market as set forth in Party documents, resolutions of the National Assembly, and Government Resolution No. 86/NQ-CP dated July 11, 2022, on the development of a safe, transparent, efficient, and sustainable capital market to stabilize the macroeconomy and mobilize resources for socio-economic development; consistent with the 10-year Socio-Economic Development Strategy 2021–2030, the Financial Strategy to 2030 approved by the Prime Minister at Decision No. 368/QD-TTg dated March 21, 2022, and the Strategy for the Development of the Securities Market to 2030 approved by the Prime Minister at Decision No. 1726/QD-TTg dated December 29, 2023.

2. Objectives

2.1. General Objective

Implement the Strategy for the Development of the Securities Market to 2030 issued with Prime Minister's Decision No. 1726/QD-TTg dated December 29, 2023, ensuring a reasonable structure between individual investors, institutional investors, and foreign investors; enhancing the quality of individual investors; encouraging individual investors to participate in investment through securities funds; increasing the participation share of domestic institutional investors and foreign investors in the securities market to improve investment efficiency, stabilize the market, and increase market depth. Simultaneously, focus on diversifying the domestic investor base, prioritizing the development of various types of securities funds; encouraging pension funds and insurance enterprises to participate in the securities market through investment in Government bonds, corporate bonds, stocks, fund certificates, etc., to improve the quality of investment demand, aiming for sustainable investment demand.

2.2. Specific Objectives

• Strive by 2030 that, in terms of trading volume, individual investors account for approximately 70%, and institutional investors and foreign investors account for approximately 30%; and increase in subsequent years to achieve corresponding ratios of 60% and 40%;

• The number of trading accounts for foreign investors reaches 200,000 accounts by 2030; and increases in subsequent years at a growth rate of 15%/year;

• The number of securities funds reaches 500 funds by 2030; and increases in subsequent years at a growth rate of 25%/year;

• The total Net Asset Value (NAV) of securities funds reaches 5% of GDP by 2030; and increases in subsequent years to achieve double-digit growth by 2035;

• The number of investors holding fund certificates reaches 2.5 million investors by 2030; and increases in subsequent years to reach 5 million investors by 2035.

II. TASKS, SOLUTIONS

Section 1: General Solutions

1. Research and propose improvements to policies and legal documents in the fields of securities, insurance, and banking to further increase the investment participation of institutional investors in the securities market, and promote the development of the fund industry through solutions such as diversifying types of securities funds and fund certificate distribution channels; propose tax policies and legal documents encouraging investors to participate in securities funds, mobilizing social resources for investment and development; continue implementing solutions to upgrade the securities market to attract indirect foreign investment capital.

2. Promote training programs, knowledge popularization, and information dissemination regarding securities and the securities market to investors to enhance investor quality, aiming for sustainable demand for the market.

3. Strengthen management and supervision, gradually shifting from compliance-based management and supervision to risk-based management and supervision, focusing on systemic risks, ensuring the integrity of the capital market and financial market.

Section 2: Solutions by Investor Group

1. Solution Group for Individual Investors

1.1. Strengthen training, knowledge popularization, and information dissemination regarding securities and the securities market

(i) Solution: Develop and implement the Plan for Disseminating Knowledge and Training Investors and the 5-year Overall Implementation Plan (2025-2030).

• Implementation: Lead Agency/Unit: State Securities Commission (SSC); Cooperating Agencies/Units: Stock Exchanges (SEs), Vietnam Securities Depository and Clearing Corporation (VSDC), securities business organizations, media agencies.

• Completion Deadline: 2025-2026.

• Products: Plan for Disseminating Knowledge and Training Investors; 5-year Overall Implementation Plan (2025-2030).

(ii) Solution: Implement programs for disseminating knowledge about securities and the securities market; training programs on products and services of securities business organizations.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: SEs, VSDC, relevant professional associations, securities business organizations.

• Completion Deadline: 2025-2030, continuing after this period.

• Products: Programs for disseminating knowledge about securities and the securities market; Training programs on products and services of securities business organizations.

1.2. Enhance the quality of advisory services provided by investment advisory service providers and securities practitioners

(i) Solution: Perfect and apply the Code of Professional Ethics in the securities field.

• Implementation: Lead Agency/Unit: Vietnam Securities Association; Cooperating Agencies/Units: SSC, SEs, VSDC, securities business organizations.

• Completion Deadline: 2027-2028, continuing after this period.

• Products: Updated Code of Professional Ethics in the securities field and guidelines for application at securities business organizations.

(ii) Solution: Strengthen the responsibility of organizations employing securities practitioners.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Securities business organizations.

• Completion Deadline: 2025.

• Products: Decree amending and supplementing certain articles of Government Decree No. 156/2020/NĐ-CP dated December 31, 2020, regulating administrative penalties in the securities and securities market field, and Government Decree No. 128/2021/NĐ-CP dated December 30, 2021, amending and supplementing certain articles of Decree No. 156/2020/NĐ-CP.

1.3. Provide new types of advisory services for investors

• Solution: Research adding a new service type: financial planning advisory practitioner; propose establishing a competency framework and legal framework regulating financial planning advisory service providers.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2028-2030.

• Products: Research report on financial planning advisory practitioners.

2. Solution Group for Institutional Investors

2.1. Fund Management Companies and Securities Funds

a) Develop and diversify types of securities funds

• Solution: Issue regulations on Index Funds, Money Market Instrument Funds, Infrastructure Bond Funds, Exchange-Traded Funds (ETFs), etc., in line with international practices, meeting market demand.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Fund management companies, market members.

• Completion Deadline: 2025.

• Products: Circular amending and supplementing certain articles of Circular No. 98/2020/TT-BTC dated November 16, 2020, of the Minister of Finance guiding the operation and management of securities funds (Circular No. 98/2020/TT-BTC).

b) Expand investment limits for open funds

• Solution: Expand investment limits of open funds into privately issued securities of listed companies; investment limits into securities offered to the public linked to listing; research and add new profitable investment products to the investment portfolio of open funds in line with international practices.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2025.

• Products: Circular amending and supplementing certain articles of Circular No. 98/2020/TT-BTC; Research report on new products in the investment portfolio of public funds.

c) Diversify stock indices

(i) Solution: Perfect the Regulations on the Construction, Management, Operation, and Exploitation of Stock Indices of Vietnam Stock Exchange (VNX) and its subsidiaries towards diversifying types of stock indices, promoting the development of ETF products.

• Implementation: Lead Agency/Unit: SEs; Cooperating Agencies/Units: SSC.

• Completion Deadline: 2025.

• Products: Regulations on the Construction, Management, Operation, and Exploitation of Stock Indices of VNX and its subsidiaries are perfected.

(ii) Solution: Build new index sets such as bond indices, derivative indices, Environmental, Social, and Governance (ESG) standard indices, sector indices, etc.

• Implementation: Lead Agency/Unit: SEs; Cooperating Agencies/Units: SSC, index construction organizations, market members.

• Completion Deadline: 2025-2028, continuing after this period.

• Products: New stock indices.

d) Propose the issuance of policies and legal documents on insurance towards allowing social insurance funds, voluntary supplementary pension funds, voluntary pension funds, and unit-linked funds to invest in listed securities and public fund certificates.

• Solution: Propose the issuance of legal documents in the insurance field towards allowing social insurance funds, voluntary supplementary pension funds, voluntary pension funds, and unit-linked funds to invest in listed securities and public fund certificates.

• Implementation: Lead Agency/Unit: Insurance Management and Supervision Department, Financial Institutions Department; Cooperating Agencies/Units: SSC.

• Completion Deadline: 2026-2027, continuing after this period.

• Products: Legal documents amending and supplementing in the insurance field.

e) Propose the issuance of policies and legal documents on taxation towards preferential treatment for securities funds, voluntary supplementary pension funds, and investors participating in fund certificate investment.

• Solution: Propose the issuance of legal documents on taxation to encourage the development of various types of investment funds and investor participation in securities funds, towards tax exemptions/reductions for investors holding fund certificates for the long term; establish preferential tax mechanisms for contributions by employees and employers, and receipts for employees participating in voluntary supplementary pension funds.

• Implementation: Lead Agency/Unit: Tax, Fee, and Service Policy Management and Supervision Department; Cooperating Agencies/Units: SSC.

• Completion Deadline: 2026-2027, continuing after this period.

• Products: Legal documents amending and supplementing Corporate Income Tax and Personal Income Tax.

f) Diversify fund certificate distribution channels

(i) Solution: Perfect legal documents guiding the application of information technology in fund certificate distribution activities.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2025.

• Products: Circular amending and supplementing certain articles of Circular No. 98/2020/TT-BTC.

(ii) Solution: Build an information system providing information on securities funds for public investors to enhance investors' effective access to information on the fund industry.

• Implementation: Lead Agency/Unit: VSDC; Cooperating Agencies/Units: SSC, fund management companies, and fund certificate distribution agents.

• Completion Deadline: 2025-2028.

• Products: Information system providing information on securities funds for public investors.

g) Upgrade the fund certificate transfer agent system

• Solution: Upgrade the transfer agent system to comprehensively develop system functions, increase processing speed, and meet the needs of new types of investment funds.

• Implementation: Lead Agency/Unit: VSDC; Cooperating Agencies/Units: SSC, fund management companies, fund certificate distribution agents.

• Completion Deadline: 2025-2027, continuing after this period.

• Products: Upgraded transfer agent system.

2.2. Securities Companies

a) Issue legal documents on customer identification requirements and standards

• Solution: Issue legal documents on requirements and standards for organizations performing customer identification via non-face-to-face methods (eKYC), advanced security procedures in identity verification, privacy protection, etc.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: SEs, VSDC.

• Completion Deadline: 2025–2026.

• Products: Circular replacing Circular No. 134/2017/TT-BTC dated December 19, 2017, of the Minister of Finance guiding electronic trading on the securities market.

b) Perfect the database system for managing and supervising securities practitioners

• Solution: Perfect the database system for managing and supervising securities practitioners towards becoming a unified database for practitioners; link licensing with strict management and supervision.

• Implementation: Lead Agency/Unit, Implementer: SSC.

• Completion Deadline: 2025-2028.

• Products: Upgraded database system for managing and supervising securities practitioners.

2.3. Commercial Banks

a) Strengthen investment activities in the securities market

• Solution: Encourage commercial banks to participate in investment from fund certificates and corporate bonds issued for the purpose of restructuring debts.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2026-2030.

• Products: Proposal to amend and supplement Circular No. 16/2021/TT-NHNN dated November 10, 2021, of the Governor of the State Bank of Vietnam regulating the purchase and sale of corporate bonds by credit institutions and foreign bank branches; and other related legal documents in the banking field.

b) Promote service provision activities in the securities market

• Solution: Encourage commercial banks to provide fund certificate distribution services.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2026-2030.

• Products: Proposal for legal documents amending and supplementing in the banking field.

2.4. Insurance Enterprises, Voluntary Pension Funds, Voluntary Supplementary Pension Funds

• Solution: Research allowing insurance enterprises to purchase corporate bonds issued for the purpose of restructuring the debts of the issuing enterprise itself; expand the investment limit ratio of voluntary pension funds into secured corporate bonds, and voluntary supplementary pension funds into listed corporate bonds.

• Implementation: Lead Agency/Unit: Insurance Management and Supervision Department, Financial Institutions Department; Cooperating Agencies/Units: SSC.

• Completion Deadline: 2026-2027, continuing after this period.

• Products: Legal documents amending and supplementing in the insurance field.

3. Solution Group for Foreign Investors

3.1. Continue to perfect the legal framework for the operation of foreign investors

(i) Solution: Propose amendments to legal documents in the banking field related to opening indirect investment capital accounts and settlement accounts, towards simplifying and shortening the account opening time for foreign investors.

• Implementation: Lead Agency/Organization: SSC; Cooperating Agencies/Organizations: Units under the Ministry of Finance, market members.

• Completion Deadline: 2025-2026.

• Products: Proposal for legal norms amending and supplementing in the banking field.

(ii) Solution: Administrative reform, simplification of administrative procedures for investment to create favorable conditions for foreign investors to participate in the securities market.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2025-2026.

• Products: Amendments and supplements to legal documents in the securities field.

3.2. Promote the implementation of solutions to upgrade the market from an emerging frontier market to an emerging market

(i) Solution: Implement the Central Counterparty (CCP) mechanism for the underlying securities market.

• Implementation: Lead Agency/Organization: VSDC; Cooperating Agencies/Organizations: SSC, SEs, market members.

• Completion Deadline: 2027.

• Products: Implementation of CCP.

(ii) Solution: Propose amendments to legal documents in the banking field related to guidelines for foreign exchange trading on the foreign exchange market, towards allowing foreign investors to trade forwards and swaps with credit institutions when holding securities.

• Implementation: Lead Agency/Unit: SSC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2025-2030.

• Products: Proposal for legal documents amending and supplementing in the banking field.

(iii) Solution: Review the foreign ownership ratio of industries determined as non-essential, not affecting national security and safety, to expand the foreign ownership ratio, encouraging foreign investors to participate in the securities market.

• Implementation: Lead Agency/Unit: Department of Foreign Investment; Cooperating Agencies/Organizations: SSC.

• Completion Deadline: 2025-2027, continuing after this period.

• Products: Foreign ownership ratios reviewed towards being determined based on main business lines, ensuring compatibility with enterprise business activities.

(iv) Solution: Implement the electronic communication system between securities companies and custodian banks (STP system); research and implement aggregate trading accounts towards application for foreign securities fund management companies.

• Implementation: Lead Agency/Unit: VSDC; Cooperating Agencies/Units: SSC, SEs, securities companies, custodian banks.

• Completion Deadline: 2025-2026, continuing after this period.

• Products: STP system; aggregate trading accounts for foreign fund management companies.

3.3. Diversify supply of goods

• Solution: Promote public offering of shares simultaneously linked to securities listing; diversify supply sources by promoting IPOs and listing of large enterprises and FDI enterprises; develop bond underwriting organizations in the securities field.

• Implementation: Lead Agency/Unit: SSC, SEs, VSDC; Cooperating Agencies/Units: Units under the Ministry of Finance.

• Completion Deadline: 2025-2030.

• Products: Diversified supply of goods.

III. ORGANIZATION OF IMPLEMENTATION

1. Assignment of Tasks

1.1. Responsibilities of units under the Ministry:

a) The State Securities Commission (SSC) is responsible for proposing to the Ministry of Finance the issuance of mechanisms and policies to encourage individual investors to participate in investment through securities funds; increase the participation share of domestic institutional investors and foreign investors in the securities market; issue policies for the development of the fund management industry; encourage pension funds and insurance enterprises to participate in the securities market; direct SEs to research the diversification of stock indices; cooperate with relevant professional associations and securities business organizations to implement the plan for training, dissemination, and knowledge popularization for investors participating in the securities market.

b) Units under the Ministry (SSC; Financial Institutions Department; Insurance Management and Supervision Department; Tax, Fee, and Service Policy Management and Supervision Department; Department of Foreign Investment) based on assigned functions and tasks, proactively implement the solutions for restructuring investors and developing the securities fund industry at Section II, Article 1 of this Decision.

1.2. Responsibilities of market members and relevant professional associations

Market members (fund management companies, securities companies, custodian banks, supervisory banks, and organizations providing services for securities funds), and relevant professional associations, implement the specific solutions stated in the Plan.

2. Budget for Plan Implementation

Budget for Plan implementation according to current legal regulations.

Article 2. This Decision takes effect from the date of signature.

Article 3. The Chairman of the State Securities Commission, Head of the Ministry of Finance Office, Heads of units under the Ministry of Finance, and related organizations and individuals are responsible for the implementation of this Decision.

For whom it may concern:

• As per Article 3;
• Minister Nguyen Van Thang (for report);
• File: VT, UBCK (20 copies).

FOR THE MINISTER DEPUTY MINISTER

(Signed and sealed)

Nguyen Duc Chi