Vietnam – Roadmap For The Reorganization Of The Markets For Shares, Bonds, Derivatives, And Other Securities.

3 August 2021
 

The Ministry of Finance issued the Circular No. 57/2021/TT-BTC dated 12 July 2021 on the roadmap for the reorganization of the markets for shares, bonds, derivatives, and other securities with the following contents:

 

1. Reorganization of markets for shares, fund certificates, and covered warrants (“Market 1”)

 

By 30 June 2025, Ho Chi Minh Stock Exchange (“HSX”) and Hanoi Stock Exchange (“HNX”) shall carry out the organization of the Market 1 as follows:

 

Period	HSX	HNX
Before 20 July 2021	Continuing organizing the Market 1.   Organizing trading of newly listed fund certificates and covered warrants.	Continuing organizing the Market 1 listed or registered for trading on HNX until completing the transfer of listed or registered shares from HNX to HSX.
Before 01 July 2023	Receiving and considering applications for listings and organizing trading of new shares of organizations that meet listing requirements and have their contributed charter capital of at least VND 120 billion at the application date.	Receiving and considering applications for listing and organize trading of new shares of organizations that meet listing requirements and have their contributed charter capital of at least VND 30 billion at the application date.
From 01 July 2023	Receiving and considering applications for listing and organize trading of new shares of organizations that meet listing requirements.	Not receiving new applications for listing.
From 01 July 2023 to 31 December 2023	Receiving shares of listed organizations from HNX.	Transferring shares of listed organizations from HNX to HSX.
From 01 January 2025 to 30 June 2025	Receiving shares of registered organizations from HNX. Receive and consider applications for registration of new shares organizations after having completed the receipt of shares of registered organizations from HNX.	Transferring shares of registered organizations from HNX to HSX. After completing the transfer of shares of registered organizations from HNX to HSX, HNX shall receive new applications for registration of trading.

2. Reorganization of the bond market (“Market 2”)

 

By the end of 31 December 2022, HNX shall consistently organize the Market 2 as follows: 

 

• HNX shall organize the Market 2; receive listed corporate bonds from HSX and new applications for listing of bonds.

 

• HSX shall continue organizing the market for municipal bonds which have been listed before the effective date of this Circular until their maturity date; transfer listed corporate bonds from HSX to HNX and shall not receive new applications for listing of bonds.

 

• HSX shall complete the transfer of listed corporate bonds from HSX to HNX.

 

• VNX shall develop the plan for the transfer of corporate bonds listed at HSX to HNX and report to the SSC before implementing the plan.

 

• By the end of 30 September 2021, VNX does not officially start operation, HSX shall develop the plan for the transfer of corporate bonds listed at HSX to HNX based on cooperation with HNX and report the SSC before implementing the plan.

 

3. Reorganization of the derivative market (“Market 3”)

 

HNX shall organize the derivative market in accordance with the law.

 

      4. Processing of applications for listing or registration of trading during the implementation of the plan for the transfer of listed and registered shares.