Are individuals allowed to open two accounts in the same securities company in Vietnam?

Are individuals allowed to open two accounts in the same securities company in Vietnam?

In Article 6 of Circular 120/2020/TT-BTC, there are regulations on securities trading accounts as follows:

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2. An investor is allowed to open multiple securities trading accounts according to the principle that the investor is allowed to open only 01 trading account at each securities company, except for the cases in Clauses 4, 5, 6, 7 and 8 of this Article, Articles 9, 10 and 11 of this Circular.

3. With each of its/his/her securities trading account, the investor is allowed to open only 01 clearing margin account at the clearing member.

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Pursuant to current regulations, you can only open one trading account at a securities company in Vietnam.

Without money in the account in Vietnam, is the investor allowed to buy stock?

At Point a, Clause 1, Article 7 of Circular 120/2020/ND-CP, there are provisions on securities transactions as follows:

1. During the period of time over which the securities clearing and payment have yet to be carried out through the central counterparty clearing, securities shall be bought as follows:

a) The investor is only allowed to place a buy order if having sufficient cash in its/his/her securities trading account, except for the margin trading specified in Article 9 of this Circular. If the investor opens a depository account at a depository bank and a securities trading account at a securities company, the investor is entitled to place buy orders and the securities company is entitled to execute the buy orders when having the payment guarantee or confirmation of the depository bank that the depository bank accepts the request for securities payment made by the investor.

Clause 1 Article 9 of Circular 120/2020/ND-CP provides as follows:

1. Before the investor conducts margin trading, it/he/she must enter into a margin trading contract with the securities company licensed to grant loans for purchase of securities as prescribed by law. The margin trading contract is also the contract for loans on the margin trading account. The margin trading contract must contain at least information about collateral for margin trading, duration of making additional margin, settlement of collateral for margin trading in case of the investor’s failure to make additional margin; methods for settling disputes; specify risks and damage that may occur, and costs to be paid by customers.

According to this Clause, in the absence of funds in the account, the investor may still place a purchase order if the investor in Vietnam carries out margin transactions in accordance with the regulations.

Best Regards!