Headquarters of The Ministry of Finance (MoF). (Photo: MoF)Circular 69/2023/TT-BTC, amending and supplementing severalarticles of Circular 57/2021/TT-BTC issued on July 12, 2021, will come intoeffect on December 30, 2023.
It provides guidelines for the reorganisation of the stock tradingmarket, bond trading market, derivatives trading market, and trading market forother types of securities in Vietnam.
Under Circular 69, the Ho Chi Minh Stock Exchange (HoSE) ismandated to reorganise the trading market for stocks, fund certificates, andcovered warrants in accordance with the Securities Law and its associatedregulations. The reorganisation process is expected to be completed no laterthan December 31, 2026, ensuring compliance with the stipulated legalframework.
As part of the reorganisation efforts, the HoSE is set to receiveand review listing registration applications for new stock trading fromeligible organisations. To be eligible, organisations must meet the listingconditions outlined in Decree No 155/2020/NĐ-CP, dated December 31, 2020, andpossess contributed charter capital of at least 120 billion VND (4.9 millionUSD) at the time of listing registration. The deadline for receiving andreviewing these applications is set before July 1, 2025.
Circular 69 also includes provisions concerning the transfer of shares oflisted organisations from the Hanoi Stock Exchange (HNX) to the HoSE. ByDecember 31, 2025, the HoSE is required to complete the process of receivingshares from HNX-listed organisations. This transfer aims to streamline andconsolidate securities trading activities within a unified market.
Furthermore, the circular introduces amendments to certain clauses of Circular57. It specifies that HNX will receive and review listing registrationapplications from eligible organisations before July 1, 2025. Eligibleorganisations must meet the listing conditions defined in Decree No 155 andpossess a contributed charter capital of at least 30 billion VND at the time oflisting registration.
Starting from July 1, 2025, HNX will no longer accept new stocklisting registration applications from organisations. The transfer of sharesfrom HNX to HoSE for listed organisations is expected to be completed byDecember 31, 2025.
In cases where an organisation has submitted a stock listingregistration application to HNX before July 1, 2025, but the listing has notbeen approved, HNX is responsible for transferring the organisation's listingregistration dossier to HoSE before July 8, 2025. This allows HoSE to continueprocessing the organisation's listing registration in accordance with the legalregulations.
If the HoSE receives a listing registration dossier from anorganisation with contributed charter capital of less than 120 billion VND atthe time of listing registration and the listing has not been approved by theeffective date of Circular 69, the HoSE must transfer the organisation'slisting registration dossier to the HNX for further processing according tolegal regulations. The deadline for transferring listing registration documentsis within five working days from the effective date of Circular 69.
Circular 69/2023/TT-BTC will play a crucial role in restructuringthe securities trading markets in Vietnam, promoting transparency, and aligningwith international standards. The measures outlined within the circular aim toenhance the efficiency and effectiveness of securities trading, bolsterinvestor confidence, and contribute to the overall development of Vietnam’scapital market./.
VNA
