Vietnam State Securities Commission published an overview of Ministry of Finance Circular 136/2025/TT-BTC, which amends Circular 98/2020/TT-BTC on the operation and management of securities investment funds and takes effect on 12 February 2026. The changes create a framework for additional fund product types, broaden permissible investments and investment limits for open-ended and closed-end funds, add a liquidity management approach for open-ended funds, strengthen oversight of online fund certificate distribution, adjust primary-market processes for open-ended funds and exchange traded funds (ETFs), and simplify regulatory reporting. The circular introduces rules for infrastructure bond investment funds and money market instrument investment funds, and adds more detailed guidance on index fund portfolios and investment limits. For open-ended funds, permitted assets are expanded to include privately placed shares of listed and registered trading organisations, privately placed corporate bonds issued by listed organisations with a credit rating, and covered warrants listed on the stock exchange, alongside wider investment limits for both open-ended and closed-end funds in privately placed securities. A liquidity buffer approach is added for open-ended funds, while distributors face new compliance requirements when distributing public fund certificates online. Operational amendments include allowing the annual investors’ meeting of an open-ended fund to be set out in the fund charter, changes to primary-market transaction pricing timelines, removal of maximum issuance, redemption and conversion service fee levels, and broader circumstances for cash top-ups on ETF creations and cash redemptions. Circular 136/2025/TT-BTC contains 30 articles, including implementation and transitional provisions.

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