Roadmap to reorganize the stock trading market, fund certificates, and covered warrants in Vietnam (LATEST)

Roadmap to reorganize the stock trading market, fund certificates, and covered warrants in Vietnam (LATEST) (Internet image)

Regarding this issue, LawNet would like to answer as follows:

The Minister of Finance issued Circular 69/2023/TT-BTC dated November 15, 2023, amending Circular 57/2021/TT-BTC on the roadmap to reorganize the stock trading market, bond trading market, derivatives trading market, and trading market for other types of securities.

Roadmap to reorganize the stock trading market, fund certificates, and covered warrants in Vietnam

From December 30, 2023, the roadmap to reorganize the stock trading market, fund certificates, and covered warrants will be implemented as follows:

(1) No later than December 31, 2026, the Ho Chi Minh City Stock Exchange unified the organization of the stock trading market, fund certificates and listed warrants, and the stock trading market of registered trading organizations according to the provisions of the Law on Securities and guiding documents.

(2) Within the period specified in (1), Ho Chi Minh City Stock Exchange organizes a market for trading stocks, fund certificates, and listed warrants of organizations registered for trading according to the following regulations:

- Continue to organize the trading market for stocks, fund certificates, and covered warrants listed at the Ho Chi Minh City Stock Exchange before the effective date of this Circular;

- Organize transactions for fund certificates and warrants with guarantees for new listing registration;

- Before July 1, 2025, the Ho Chi Minh City Stock Exchange receives and reviews listing registration documents and organizes new stock trading of organizations that meet the listing conditions prescribed in Decree 155/2020/ND-CP and have a contributed charter capital of VND 120 billion or more at the time of listing registration.

- From July 1, 2025: Ho Chi Minh City Stock Exchange will receive and review listing registration applications and organize new stock trading for organizations that meet the listing conditions prescribed in Decree 155/2020/ND-CP.

- No later than December 31, 2025: Ho Chi Minh City Stock Exchange completes receiving shares of listed organizations from Hanoi Stock Exchange;

- No later than December 31, 2026: Ho Chi Minh City Stock Exchange completes receiving shares of organizations registered for trading from Hanoi Stock Exchange.

- Receive and review the organization's new stock trading registration application after completing the receipt of the organization's stock trading registration from the Hanoi Stock Exchange according to the provisions of Point e of this Clause.

(3) Within the time limit specified in (1), Hanoi Stock Exchange organizes the stock trading market according to the following regulations:

- Continue to organize the trading market for stocks listed and registered for trading at the Hanoi Stock Exchange before the effective date of this Circular until the transfer of listed shares and trading registration from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange is completed according to the provisions of Points d and e, Clause 3, Article 4 of Circular 57/2021/TT-BTC;

- Before July 1, 2025: Hanoi Stock Exchange receives and reviews listing registration applications and organizes new stock trading of organizations that meet the listing conditions stipulated in Decree 155/2020/ND-CP and have a contributed charter capital at the time of listing registration of VND 30 billion or more;

- From July 1, 2025: Hanoi Stock Exchange will not accept applications for listing new shares from organizations;

- No later than December 31, 2025: Hanoi Stock Exchange completes the transfer of shares of listed organizations from Hanoi Stock Exchange to Ho Chi Minh City Stock Exchange;

- Continue to organize the stock trading market of organizations that have registered to trade and receive new trading registration documents of organizations at the Hanoi Stock Exchange until completing the transfer of shares of the organization registered for trading to the Ho Chi Minh City Stock Exchange according to the provisions of Point e, Clause 3, Article 4 of Circular 57/2021/TT-BTC;

- No later than December 31, 2026: Hanoi Stock Exchange completes the transfer of shares of organizations registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange.

After completing the transfer of shares of the organization registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange, Hanoi Stock Exchange does not accept new trading registration applications from organizations.

(4) The Vietnam Stock Exchange develops a plan to transfer shares of listed and registered organizations for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange according to the provisions of Points d and e Clause 2, Points d and e Clause 3 Article 4 Circular 57/2021/TT-BTC and report to the State Securities Commission before implementation.

More details can be found in Circular 69/2023/TT-BTC taking effect on December 30, 2023.

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