The Vietnam State Securities Commission published an update on the Ministry of Finance’s Circular 77/2025/TT-BTC, which details the scope of “securities business services” and “securities transfers” under Decree 181/2025/ND-CP implementing certain provisions of the Value Added Tax Law. The circular takes effect from 30 July 2025. For securities business services, the circular lists brokerage and related services at securities companies, exchange-related trading and connectivity services, and a range of post-trade and infrastructure services including securities borrowing and lending, custody, clearing and settlement, post-trade error handling, collateral and position management at depository and clearing members and the Vietnam Securities Depository and Clearing Corporation and its subsidiary, as well as payments of principal, interest and redemptions for specified government and public-sector debt instruments. It also covers proprietary trading and market making, underwriting (and related services reflected in underwriting contracts), securities investment advisory, securities investment fund management, and discretionary portfolio management. For securities transfers, it includes transfers through exchange trading systems, off-exchange ownership transfers and securities transfers, plus auctions, tenders, competitive offerings and bookbuilding.

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