CIRCULAR

AMENDMENTS TO CIRCULAR NO. 57/2021/TT-BTC DATED JULY 12, 2021 OF MINISTER OF FINANCE OF VIETNAM INTRODUCING ROADMAP FOR REORGANIZATION OF MARKETS FOR SHARES, BONDS, DERIVATIVES AND OTHER SECURITIES

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

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. 14/2023/ND-CP dated April 20, 2023 defining functions, tasks, powers and organizational structure of the Ministry of Finance of Vietnam;

Pursuant to the Decision No. 37/2020/QD-TTg dated December 23, 2020 of the Prime Minister of Vietnam on establishment, organization and operation of Vietnam Exchange;

At the request of the Chairwoman of the State Securities Commission of Vietnam (SSC);

The Minister of Finance of Vietnam promulgates a Circular providing amendments to Circular No. 57/2021/TT-BTC dated July 12, 2021 of the Minister of Finance of Vietnam introducing the roadmap for reorganization of markets for shares, bonds, derivatives and other securities.

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1. Clause 1 Article 4 is amended 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.”

2. Points c, d, dd and e Clause 2 Article 4 are amended as follows:

“c) By July 01, 2025: HSX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of the Law on Securities (hereinafter referred to as “Decree No. 155/2020/ND-CP”) and have their contributed charter capital of at least VND 120 billion at the application date;

d) From July 01, 2025: HSX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in the Government’s Decree No. 155/2020/ND-CP;

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

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

3. Points b, c, d and e Clause 3 Article 4 are amended as follows:

“b) By July 01, 2025: HNX shall receive and consider applications for listing and organize trading of new shares of organizations that meet listing requirements set out in the Decree No. 155/2020/ND-CP and have their contributed charter capital of at least VND 30 billion at the application date;

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d) By the end of December 31, 2025: HNX shall complete the transfer of shares of listed organizations from HNX to HSX;

e) By the end of December 31, 2026: HNX shall complete the transfer of shares of registered organizations from HNX to HSX. After completing the transfer of shares of registered organizations from HNX to HSX, HNX shall not receive new applications for registration of trading.”

4. Clause 2 Article 7 is amended as follows:

“2. HNX shall transfer the applications for listing of shares which have been submitted before July 01, 2025 but have not yet been approved by HNX to HSX before July 08, 2025 so that HSX shall process them in accordance with regulations of law.”

Article 2. Transition

HSX shall transfer applications for listing which have been submitted by organizations whose contributed charter capital as at the application date is less than VND 120 billion but have not yet been approved before the effective date of this Circular to HNX that shall continue processing such applications in accordance with regulations of law.

Such transfer of applications must be completed within 05 business days from the effective date of this Circular.

Article 3. Implementation

1. This Circular comes into force from December 30, 2023.

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3. VNX, HNX, HSX, listed organizations, registered organizations, public companies and other relevant organizations and individuals are responsible for the implementation of this Circular./.

PP. MINISTER
DEPUTY MINISTER




Nguyen Duc Chi