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Circular 34/2026/TT-BTC: Technical-Economic Characteristics of State-Priced Securities Exchange Services

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Based on:34/2026/TT-BTC - Government Official Gazette

This explanation was generated by AI and checked by an automated AI review, not by a human expert. It is not legal, tax or accounting advice and may contain errors. Check the official document before you rely on it.

On March 30, 2026, the Ministry of Finance issued Circular 34/2026/TT-BTC, defining the technical-economic characteristics of state-priced securities services provided by the Vietnam Stock Exchange (VNX) and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation (VSDC) and its subsidiaries. The attached appendix itemizes each service in detail: membership management, listing registration and management, trade organization for stocks, bonds, fund certificates, government debt instruments and derivatives, online connection services, auctions and book-building, government bond bidding, plus VSDC services such as custody, securities transfers, rights execution, clearing and settlement, and security-interest registration. Each service description forms the technical basis the state uses to set official price brackets. This Circular is primarily a technical pricing reference governing the internal service catalog of the two market-infrastructure operators (VNX and VSDC). It does not create new tax, accounting, or compliance obligations for most SMEs; the entities directly affected are securities companies, listed issuers, and investors who consume VNX/VSDC services. The Circular takes effect on May 15, 2026.

Circular 34/2026/TT-BTC

Issuing agency: Ministry of Finance Issued: March 30, 2026 Effective: May 15, 2026

Scope and applicability

The Circular defines the technical-economic characteristics of state-priced securities services, applicable to:

  • The Vietnam Stock Exchange (VNX) and its subsidiaries
  • The Vietnam Securities Depository and Clearing Corporation (VSDC) and its subsidiaries
  • Related agencies, organizations, and individuals

Part A - VNX and subsidiary services

Underlying (spot) securities market:

  • Trading member management
  • Initial listing registration and listing changes (stocks, corporate bonds, fund certificates, government debt instruments, covered warrants)
  • Listing management by value tier (under VND 100 billion, VND 100-500 billion, VND 500 billion and above for stocks; corresponding tiers for corporate bonds and debt instruments)
  • Trading system organization and operation: regular trading, repo transactions, sell-and-buyback transactions, and securities lending/borrowing of debt instruments (tiered by term: up to 2 days, 3-14 days, over 14 days)
  • Online trading connection (initial setup and annual maintenance)
  • Terminal equipment and trading software provisioning
  • Auction and book-building services
  • Bidding for issuance, buyback, and swap of Government bonds, national construction bonds, government-guaranteed bonds, and local government bonds

Derivatives market:

  • Derivatives member registration and management
  • Derivatives trading system organization and operation

Part B - VSDC and subsidiary services

Underlying (spot) securities market:

  • Depository member management
  • Initial securities registration, supplementary registration, partial de-registration, and information adjustment (tiered by value: under VND 80 billion, VND 80-200 billion, VND 200 billion and above)
  • Securities custody (stocks, fund certificates, covered warrants, corporate bonds, debt instruments)
  • Securities transfers between depository members and for trade settlement
  • Rights execution for securities holders, tiered by investor count (under 500, 500-1,000, 1,000-5,000, over 5,000)
  • Post-trade error correction and cash settlement in lieu of securities delivery when shortfalls occur
  • Off-exchange ownership transfer of securities (11 specific cases, including: founding shareholder transfers, transfers approved by the State Securities Commission, privately placed bonds, corporate mergers/divisions, disposal of collateral, gifts/inheritance, tender offers, ETF creation/redemption swaps, foreign-ownership-capped trades, foreign depositary receipts, and bond principal/interest settlement in kind)
  • Securities lending and borrowing through the VSDC system
  • Principal, interest, and buyback payments for Government bonds and treasury bills
  • Security-interest registration on deposited securities (initial registration, amendment, de-registration, information provision)
  • Freezing of securities at investor request
  • Clearing member registration and management; clearing and settlement obligation determination

Derivatives market:

  • Derivatives clearing member registration and management
  • Derivatives clearing
  • Margin asset management
  • Post-trade error correction for derivatives
  • Law on Prices No. 16/2023/QH15 (amended by Law No. 140/2025/QH15)
  • Law on Securities No. 54/2019/QH14 (amended by Law No. 56/2024/QH15)
  • Decree No. 85/2024/ND-CP
  • Decree No. 29/2025/ND-CP (amended by Decree No. 166/2025/ND-CP)

Effect

The Circular takes effect on May 15, 2026. The State Securities Commission, the Price Management Department, VNX, VSDC, and related agencies, organizations, and individuals are responsible for implementation. Signed on behalf of the Minister by Deputy Minister Tran Quoc Phuong.

34/2026/TT-BTCEffective: May 15, 2026