The Vietnam State Securities Commission, under the Ministry of Finance, has published a draft circular to specify the economic and technical characteristics of securities-market services provided by the Vietnam Stock Exchange and its subsidiaries, and by the Vietnam Securities Depository and Clearing Corporation and its subsidiaries, where those services fall within the state price-setting regime. The draft is intended to move beyond the current high-level service labels by setting out more granular service names and core features to support clearer and more transparent state pricing. The draft circular sets out detailed service naming and basic characteristics, including the scope of provision, based on securities law, the providers’ operational rules, and market practice. For the Vietnam Stock Exchange group, it proposes 13 main service categories spanning member management, listing registration and management, trading, online trading connectivity and terminal use, auctions and bookbuilding, various government and government-related bond auctions (including issuance, buybacks and swaps), and derivatives membership management and trading. For the Vietnam Securities Depository and Clearing Corporation group, it proposes 20 main categories covering depository member management, securities registration and adjustments, custody, securities transfers, corporate actions, post-trade error handling, off-exchange ownership transfers, securities lending and borrowing, settlement for government bonds and treasury bills, collateral registration, investor-requested freezes, clearing member registration and management, clearing (including derivatives clearing), margin collateral management, and derivatives post-trade error correction; the services are described as essential and typically monopolistic or subject to limited competition, with some services reviewed and added to align with price law, securities law and operational realities. The draft is being posted on the Ministry of Finance and Vietnam State Securities Commission websites for comments, with stakeholders invited to provide input to finalise the circular.
Vietnam State Securities Commission 2026-02-12
Vietnam State Securities Commission consults on draft circular detailing state-priced services of the Vietnam Stock Exchange and VSDC
The Vietnam State Securities Commission released a draft circular on the economic and technical characteristics of securities-market services under the state price-setting regime. It specifies 13 service categories for the Vietnam Stock Exchange and 20 for the Vietnam Securities Depository and Clearing Corporation, aiming for clearer and more transparent state pricing. Stakeholders are invited to comment on the draft to aid in its finalization.