New regulation of Vietnam on roadmap for reorganization of markets for shares and fund certificates

New regulation of Vietnam on roadmap for reorganization of markets for shares and fund certificates
Dương Châu Thanh

On November 15, 2023, the Minister of Finance of Vietnam promulgated Circular No. 69/2023/TT-BTC dated November 15, 2023 on amendments to Circular No. 57/2021/TT-BTC on the roadmap for reorganization of markets for shares, bonds, derivatives, and other securities.

New regulation of Vietnam on roadmap for reorganization of markets for shares and fund certificates

According to the Circular, amendments to the roadmap for reorganization of markets for shares and certificates and covered warrants prescribed in Circular No. 57/2021/TT-BTC are as follows: 

(1) HSX shall consistently organize the markets for listed shares, fund certificates and covered warrants, and shares of registered organizations in accordance with the Law on Securities and its guiding documents by the end of December 31, 2026.

(Previously according to Circular No. 57/2021/TT-BTC, the time limit was by June 30, 2025) 

(2) Within the time limit prescribed in (1), HSX shall carry out the organization of the markets for listed shares, fund certificates, and covered warrants, and shares of registered organizations as follows:

- Continue organizing the markets for listed shares, fund certificates, and covered warrants at HSX before the effective date of Circular No. 57/2021/TT-BTC;

- Organize trading of new listed fund certificates and covered warrants;

- By July 1, 2025: HSX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in Decree No. 155/2020/ND-CP and have their contributed charter capital of at least VND 120 billion at the application date; (previously, it was July 1, 2023) 

- From July 1, 2025: HSX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in Decree No. 155/2020/ND-CP;

(Previously, it was July 1, 2023) 

- By the end of December 31, 2025: HSX shall complete its receipt of shares of listed organizations transferred from HNX;

(Previously, it was from July 1, 2023 to the end of December 31, 2023) 

- By the end of December 31, 2026: HSX shall complete its receipt of shares of registered organizations transferred from HNX.

(Previously, it was from January 1, 2025 to the end of June 30, 2025) 

 See more details in Circular No. 69/2023/TT-BTC, effective as of December 30, 2023. 

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