CIRCULAR

PRESCRIBING PRICES OF SECURITIES SERVICES APPLIED IN SECURITIES TRADING ORGANIZATIONS AND COMMERCIAL BANKS PARTICIPATING IN VIETNAM’S SECURITIES MARKET

Pursuant to the Law on Securities dated November 26, 2019;

Pursuant to the Law on Fees and Charges dated November 25, 2015;

Pursuant to the Law on Pricing dated June 20, 2012;

Pursuant to the Government's Decree No. 177/2013/ND-CP dated November 14, 2013 on elaboration of the Pricing Law and the Government's Decree No. 149/2016/ND-CP dated November 11, 2016 providing amendments to the Government’s Decree No. 177/2013/ND-CP dated November 14, 2013;

Pursuant to the Government's Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of some Articles of the Law on Securities;

Pursuant to the Government’s Decree No. 158/2020/ND-CP dated December 31, 2020 on derivatives and derivative market; 

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At the request of the Director of Department of Price Management and the Chairman of the State Securities Commission of Vietnam;

The Minister of Finance promulgates a Circular prescribing prices of securities services applied in securities trading organizations and commercial banks participating in Vietnam’s securities market.

Article 1. Scope

This Circular provides regulations on prices of securities services applied in securities service providers participating in Vietnam’s securities market.

Article 2. Regulated entities

1. Securities service providers prescribed in this Circular, including: securities trading organizations (including securities companies, securities investment fund management companies, branches of foreign securities companies in Vietnam, and branches of foreign fund management companies in Vietnam), commercial banks, foreign bank branches, auction service centers or auction enterprises, as defined in the Law on property auction, participating in Vietnam’s securities market in accordance with regulations of law (hereinafter referred to as “securities service providers”).

2. Users of securities services rendered by the securities service providers mentioned in Clause 1 of this Article.

3. Other relevant organizations and individuals.

Article 3. Prices of securities services

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Pursuant to regulations of the Law on pricing and relevant laws, and based on the maximum prices and the price brackets specified in the Price Schedule enclosed herewith, securities service providers shall decide specific prices of their provided services.

2. Prices of securities services prescribed herein are not subject to value-added tax in accordance with regulations of the Law on value-added tax and its amendments (if any).

3. Securities service providers shall issue invoices when receiving payments of service prices in accordance with regulations of law.

4. After fulfilling obligations to the state budget as prescribed by law, the remaining amounts of revenues from provision of securities services shall be managed and used in accordance with regulations of law.

5. Securities service providers shall themselves decide the prices of their services which are not specified in the Price Schedule enclosed herewith in conformity with their provision of such services and in accordance with regulations of the Law on pricing, the Law on securities and relevant laws, and shall assume responsibility for their decision.

6. Securities service providers must post and publish their prices of services, and comply with regulations of the Law on pricing, the Law on securities and relevant guiding documents.

1. This Circular comes into force from January 01, 2022 and supersedes the Circular No. 128/2018/TT-BTC dated December 27, 2018 by the Minister of Finance.

2. Securities service contracts which have been signed before the effective date of this Circular shall remain valid according to the Circular No. 128/2018/TT-BTC dated December 27, 2018 of the Minister of Finance until such contracts are finalized.

3. Difficulties that arise during the implementation of this Circular should be promptly reported to the Ministry of Finance for consideration./.

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PP. MINISTER
DEPUTY MINISTER



Ta Anh Tuan

SCHEDULE OF PRICES OF SECURITIES SERVICES APPLIED IN SECURITIES TRADING ORGANIZATIONS AND COMMERCIAL BANKS PARTICIPATING IN VIETNAM’S SECURITIES MARKET

 (Enclosed with the Circular No. 102/2021/TT-BTC dated November 17, 2021 of Minister of Finance)

A. PRICES OF SERVICES RENDERED ON UNDERLYING SECURITIES MARKET

No.

NAME OF SERVICE

PRICE

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PAYER

1

Underwriting service for share issues during the performance of equitization of state-owned enterprises

0.5% - 2% of total value of shares issued through underwriting

Underwriting service provider

Issuer

2

Brokerage service to buy/sell shares, fund certificates or covered warrants

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a)

Brokerage service to buy/sell shares, fund certificates or covered warrants (for listed securities and securities registered for trading)

Not exceeding 0,45% of trading value

Securities company

Clients

b)

Brokerage service to buy/sell shares, fund certificates listed/ registered for trading, or covered warrants in case of transfer (divestment) of state funds and funds invested in other enterprises by state-owned enterprises (including transfer transactions which are not made on the Stock Exchange’s trading system)

Not exceeding 0,03% of the trading value and not exceeding VND 3 billion per transaction conducted by an organization transferring (divesting) its funds; this price does not include any amounts that the securities company is required to pay to the Stock Exchange and Vietnam Securities Depository and Clearing Corporation (VSDC) as prescribed. In certain special cases where the costs of service exceed the prescribed maximum price of service, the service provider shall request the Minister of Finance to consider deciding the service price in accordance with regulations of the Law on pricing and relevant laws.

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Management of public securities investment funds/ public securities investment companies

Not exceeding 2% of the Net Asset Value (NAV) of the fund or the investment portfolio per year

Securities investment fund management company

Public securities investment funds/ public securities investment companies

4

Supervision of assets of closed-end funds/ public securities investment companies

Not exceeding 0,15% of the value of the supervised asset

Supervisory bank

Closed-end funds/ public securities investment companies

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Representing bondholders

Not exceeding 0,1% of total value of issued bonds

Bondholder representative as prescribed by law

Bond issuers

6

Issuance of fund certificates of closed-end funds or shares of public securities investment companies

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Total value of fund certificates or shares offered is less than VND 500 billion

2% of total fund raised from an issue of fund certificates or shares

Securities investment fund management company

Closed-end funds/ public securities investment companies

b)

Total value of fund certificates or shares offered is greater than VND 500 billion but less than VND 1000 billion

1,5% of total fund raised from an issue of fund certificates or shares

c)

Total value of fund certificates or shares offered is VND 1000 billion or more

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7

Issuance, redemption or switching of fund certificates of open-end funds

a)

Issuance of fund certificates of open-end funds

Not exceeding 5% of trading value

Securities investment fund management company

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b)

Redemption or switching of fund certificates of open-end funds

Not exceeding 3% of trading value

Securities investment fund management company

Clients

8

Issuance or redemption of ETF certificates

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a)

Price of ETF certificate issuance or redemption service payable by investors

Not exceeding 1% of trading value

Securities investment fund management company

Clients (investors)

b)

Price of ETF certificate issuance or redemption service payable by authorized participants

Not exceeding 0,5% of trading value

Securities investment fund management company

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9

Settlement and clearing for securities transactions

a)

Shares, fund certificates, covered warrants (excluding open-end fund certificates)

0,01% of the settlement value of each member/settlement method/settlement date but not less than VND 5.000/day/member and not exceeding VND 300.000/day/member

Settlement banks

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b)

Corporate bonds

0,001% of the settlement value of each member/settlement method/settlement date but not less than VND 5.000/day/member and not exceeding VND 300.000/day/member

10

Auction service

From VND 20 million/auction of shares/each securities type to 0,15% of total value of shares or securities actually sold out, but not exceeding VND 150 million/auction

Securities service providers that are licensed to organize auctions of shares and securities as prescribed by law

Enterprises, organizations and individuals having shares or securities sold out at auction as prescribed by law

B. PRICES OF SERVICES RENDERED ON DERIVATIVE MARKET

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NAME OF SERVICE

PRICE

SECURITIES SERVICE PROVIDER

PAYER

1

Futures brokerage service

Not exceeding VND 5.000 per index futures contract

Not exceeding VND 8.000 per government-bond futures contract

 (these prices do not include costs of derivatives trading, position management, clearing for derivatives, post-trading error correction, and management of margin assets paid by securities companies to the Stock Exchange and VSDC in accordance with regulations)

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Clients