On 30 December 2023, the Vietnam Ministry of Finance implemented Circular No. 69/2023/TT-BTC, referred to as “Circular 69“. This critical amendment revises key components of Circular No. 57/2021/TT-BTC, which laid out the framework for reorganizing Vietnam’s securities markets. Circular 57 explained the roadmap for transforming the stock trading market, bond trading market, derivatives market, and other securities trading segments in Vietnam.
The overarching goal of this restructuring initiative is to enhance market transparency, aligning Vietnam’s securities markets with international standards. By implementing the measures in Circular 69, Vietnam aims to increase the efficiency and effectiveness of securities trading. This, in turn, should bolster investor confidence and contribute positively to the growth of the country’s capital markets.
Overview of Circular 69
At its core, Circular 69 refines and expands the mandate of the Ho Chi Minh City Stock Exchange (“HoSE”) under Circular 57. This adjustment mandates that the trading markets for stocks, fund certificates, and covered warrants must be reorganized in accordance with the Securities Law and its related regulations. Notably, the deadline for completing this reorganization has been extended to 31 December 2026, pushing back the original cutoff of 30 June 2025 established by Circular 57.
New Listing Timeframes
Under the new guidelines, HoSE is set to accept applications for stock listings from organizations that meet the stipulations in Decree No. 155/2020/NĐ-CP, effective from 31 December 2020. To qualify for a listing, an organization must demonstrate that it has made a minimum charter capital contribution of VNĐ120 billion at the time of application.
On the other hand, the Hanoi Stock Exchange (“HNX”) will accept listing applications from eligible entities that have contributed at least VNĐ30 billion in charter capital. However, it’s important to note that the application deadline for new listings on HNX is set for 1 July 2025. Subsequently, HNX will cease to accept any new listing applications beyond this date.
Another significant provision in Circular 69 concerns the transfer of shares from listed organizations on HNX to HoSE. This transfer must be completed by 31 December 2025, aimed at consolidating securities trading within a unified market framework. Furthermore, by 31 December 2026, HNX will stop accepting any new trading registration documents entirely, effectively shifting the landscape of securities trading toward HoSE.
For organizations that have already filed stock listing registration applications with HNX before the 1 July 2025 deadline, HNX has an obligation to transfer these registration dossiers to HoSE by 8 July 2025 if the listings remain unapproved by that date.