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The Ministry of Finance (MOF) has recently issued Circular 69, amending and supplementing several articles of Circular 57 of 2021, providing the roadmap of restructuring the stock trading market, bond trading market, derivatives trading market, and trading market for other types of securities.
Under the circular, the Ho Chi Minh Stock Exchange (HoSE) is mandated to reorganize the trading market for stocks, fund certificates, and covered warrants in accordance with the Securities Law and its associated regulations. The reorganization process is expected to be completed no later than December 31, 2026, ensuring compliance with the stipulated legal framework.
As part of the reorganization efforts, the HoSE is set to receive and review listing registration applications for new stock trading from eligible organizations. To be eligible, organizations must meet the listing conditions outlined in Decree No 155/2020/NĐ-CP, dated December 31, 2020, and possess contributed charter capital of at least VND 120 billion (USD 4.9 million) at the time of listing registration. The deadline for receiving and reviewing these applications is set before July 1, 2025.
Circular 69 also includes provisions concerning the transfer of shares of listed organizations from the Hanoi Stock Exchange (HNX) to the HoSE. By December 31, 2025, the HoSE is required to complete the process of receiving shares from HNX-listed organizations. This transfer aims to streamline and consolidate securities trading activities within a unified market.
Furthermore, the circular introduces amendments to certain clauses of Circular 57. It specifies that HNX will receive and review listing registration applications from eligible organizations before July 1, 2025. Eligible organizations must meet the listing conditions defined in Decree No 155 and possess a contributed charter capital of at least 30 billion VND at the time of listing registration.
Starting from July 1, 2025, HNX will no longer accept new stock listing registration applications from organizations. The transfer of shares from HNX to HoSE for listed organizations is expected to be completed by December 31, 2025.
In cases where an organization has submitted a stock listing registration application to HNX before July 1, 2025, but the listing has not been approved, HNX is responsible for transferring the organization’s listing registration dossier to HoSE before July 8, 2025. This allows HoSE to continue processing the organization’s listing registration in accordance with the legal regulations.
If the HoSE receives a listing registration dossier from an organization with contributed charter capital of less than 120 billion VND at the time of listing registration and the listing has not been approved by the effective date of Circular 69, the HoSE must transfer the organization’s listing registration dossier to the HNX for further processing according to legal regulations. The deadline for transferring listing registration documents is within five working days from the effective date of Circular 69.
According to the MOF, Circular 69 will play a crucial role in restructuring the securities trading markets in Vietnam, promoting transparency, and aligning with international standards. The measures outlined within the circular aim to enhance the efficiency and effectiveness of securities trading, bolster investor confidence, and contribute to the overall development of Vietnam’s capital market.
By VLLF
