Consolidated Document No. 12/VBHN-BTC: Roadmap for Reorganizing Stock, Bond, and Derivatives Trading Markets
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Based on:12/VBHN-BTC (hop nhat 57/2021/TT-BTC, 69/2023/TT-BTC, 139/2025/TT-BTC) - Government Official Gazette
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Consolidated Document No. 12/VBHN-BTC, issued by the Ministry of Finance on April 22, 2026, merges Circular No. 57/2021/TT-BTC with its two amending circulars (No. 69/2023/TT-BTC and No. 139/2025/TT-BTC) into a single reference text. It does not replace the three original circulars; it only sets out the roadmap for reorganizing the stock, bond, and derivatives trading markets between the Hanoi Stock Exchange (HNX) and the Ho Chi Minh City Stock Exchange (HOSE). Under the roadmap, by no later than December 31, 2026, HOSE will consolidate all stock trading (both listed shares and shares registered for trading), taking over shares currently listed or registered for trading at HNX. In turn, HNX will hand off its stock trading business to HOSE and focus on organizing the bond market (government bonds, listed corporate bonds, and privately placed corporate bonds) along with the derivatives trading market. The document also sets minimum charter capital thresholds for new listing applications at each exchange during the transition period (VND 120 billion at HOSE, VND 30 billion at HNX before July 1, 2025) and explains how pending listing or trading-registration applications are handled when a company's shares move between exchanges. The entities directly affected are the Vietnam Stock Exchange, HNX, HOSE, and public companies, listed organizations, and organizations registered for trading. Small and medium enterprises that are not listed or registered for trading on either exchange are generally not directly affected by this reorganization roadmap.
Overview
Consolidated Document No. 12/VBHN-BTC (authenticated by the Ministry of Finance on April 22, 2026) merges Circular No. 57/2021/TT-BTC dated July 12, 2021 with two amending circulars: Circular No. 69/2023/TT-BTC dated November 15, 2023, and Circular No. 139/2025/TT-BTC dated December 30, 2025 (corrected by Decision No. 372/QD-BTC dated February 27, 2026). The consolidated text is for reference purposes only and does not replace the three original circulars.
Scope and applicable entities
The circular sets the roadmap for reorganizing the stock, bond, derivatives, and other securities trading markets. It applies to the Vietnam Stock Exchange, HNX, HOSE, public companies, listed organizations, organizations registered for trading, and other related agencies, organizations, and individuals.
Reorganization principles
The reorganization must comply with the Securities Law, match each exchange's functions, avoid creating costs for listed or trading-registered organizations, not disrupt investors' trading activity, and be conducted objectively, transparently, and fairly.
Stock market roadmap
- By no later than December 31, 2026, HOSE will consolidate all stock trading (both listed shares and shares registered for trading).
- Before July 1, 2025: HOSE accepts new listing applications from organizations with paid-in charter capital of VND 120 billion or more; HNX accepts new listing applications from organizations with paid-in charter capital of VND 30 billion or more.
- From July 1, 2025: HOSE accepts all new listing applications meeting the conditions in Decree No. 155/2020/ND-CP; HNX stops accepting new stock listing applications.
- By no later than December 31, 2026: HOSE completes taking over listed shares and shares registered for trading from HNX.
- The Vietnam Stock Exchange must develop a transfer plan and report to the State Securities Commission before implementation.
Bond market roadmap
By no later than December 31, 2022, HNX consolidated the trading market for government bonds, government-guaranteed bonds, local government bonds, listed corporate bonds, and privately placed corporate bonds. HOSE continued organizing trading for local government bonds already listed before that date until maturity, and completed transferring listed corporate bonds to HNX by no later than December 31, 2021.
Derivatives market roadmap
HNX organizes the derivatives trading market under the Securities Law and its implementing regulations.
Handling applications during the transition
Organizations that filed listing or trading-registration applications that were not yet approved before the transfer date will have their applications forwarded by the outgoing exchange to the receiving exchange for continued processing, without needing to refile. Exchanges must notify the affected organization within one business day of forwarding the file.
Effective dates and repealed instruments
Circular No. 57/2021/TT-BTC took effect on July 20, 2021, and repealed Circular No. 180/2015/TT-BTC, Circular No. 13/2019/TT-BTC, Circular No. 202/2015/TT-BTC, and Circular No. 29/2017/TT-BTC. Circular No. 69/2023/TT-BTC took effect on December 30, 2023. Circular No. 139/2025/TT-BTC took effect on December 30, 2025 (Clauses 1 and 2 of Article 1 were corrected, effective February 27, 2026).
Relevance note
This document governs securities market infrastructure (the division of trading business between HNX and HOSE) and applies mainly to public companies, listed or trading-registered organizations, and the two exchanges. It does not address tax, accounting, invoicing, labor, or customs matters, so it has little direct relevance to most unlisted small and medium enterprises.