By the end of 2026 at the latest, all stocks will be transferred to HOSE (Illustration: M.Minh)
On November 15, 2023, the Ministry of Finance issued Circular No. 69/2023/TT-BTC amending and supplementing a number of articles of Circular No. 57/2021/TT-BTC dated July 12, 2021 of the Minister The Ministry of Finance stipulates a roadmap for reorganizing the stock trading market, bond trading market, derivatives trading market and trading market for other types of securities.
Accordingly, no later than December 31, 2026 (instead of no later than June 30, 2025 as currently prescribed in Circular No. 57/2021/TT-BTC), the Stock Exchange Ho Chi Minh City Stock Exchange (HOSE) unified the organization of the stock trading market, fund certificates and listed guaranteed warrants, the stock trading market of organizations registered for trading according to the provisions of the Securities Law. contract and documents guiding its implementation.
Before July 1, 2025 (instead of the deadline before July 1, 2023 as current regulations), HOSE receives and reviews applications for listing and organizing new stock trading of organizations that meet the requirements. Meet the listing conditions specified in Decree No. 155/2020/ND-CP and have a contributed charter capital at the time of listing registration of VND 120 billion or more.
From July 1, 2025, HOSE receives and reviews listing registration applications and new stock trading organizations of organizations that meet the listing conditions prescribed in Decree No. 155/2020/ND-CP .
By December 31, 2025 at the latest, HOSE will complete receiving shares of listed organizations from HNX.
By December 31, 2026 at the latest, HOSE will complete receiving shares of organizations registering for trading from HNX.
Before July 1, 2025 (instead of the current regulations which are before July 1, 2023), HNX receives and reviews listing registration documents and organizes new stock trading of organizations that meet the conditions. Listing conditions stipulated in Decree No. 155/2020/ND-CP and have a contributed charter capital at the time of listing registration of VND 30 billion or more.
From July 1, 2025, HNX will not accept applications to list new shares from organizations.
By December 31, 2025 at the latest, HNX will complete the transfer of shares of listed organizations from HNX to HOSE.
No later than December 31, 2026, HNX will complete the transfer of shares of organizations registered for trading from HNX to HOSE. After completing this conversion, HNX will not accept new transaction registration applications from organizations.
Circular 69 also stipulates transitional provisions as follows:
In case an organization has submitted a stock listing application to HNX before July 1, 2025 but has not been approved for listing, HNX is responsible for transferring the organization’s listing registration application to HSX before July 8. /2025 for HSX to continue processing the organization’s listing registration application according to legal regulations.
In case the listing registration dossier is received by HSX from an organization with contributed charter capital at the time of listing registration of less than 120 billion VND but has not been approved for listing by the time this Circular takes effect, HSX is responsible for transferring the organization’s listing registration dossier to HNX to continue processing the organization’s listing registration dossier according to legal regulations.
This Circular takes effect from December 30, 2023.
Previously, according to Decision No. 37/2020/QD-TTg on the establishment, organization and operation of the Vietnam Stock Exchange, HNX will be responsible for organizing and operating the stock exchange market. derivatives, bond trading market and other securities trading market according to legal regulations.
HOSE will organize and operate the stock trading market and other securities trading market according to legal regulations.
The Ministry of Finance then issued Circular No. 57/2021/TT-BTC stipulating a roadmap to reorganize the stock trading market, bond trading market, derivatives trading market and trading other types of securities.
Accordingly, no later than June 30, 2025, HOSE will unify the organization of the stock trading market, fund certificates and warrants with listed guarantees, and the stock market registered for trading by organizations. not yet listed according to the provisions of the Securities Law and its guiding documents.
However, in the newly issued Circular 69, the Ministry of Finance decided to postpone this deadline until December 31, 2026.
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