Consolidated Document number 19/VBHN-BTC on the process and timeline for restructuring the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets.

CIRCULAR1

Regulations on the restructuring timeline for the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets.

Circular No. 57/2021/TT-BTC dated July 12, 2021, issued by the Minister of Finance, stipulates the restructuring timeline for the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets; it takes effect from July 20, 2021; amended and supplemented by:

Circular No. 69/2023/TT-BTC dated November 15, 2023, issued by the Minister of Finance, amends and supplements certain provisions of Circular No. 57/2021/TT-BTC dated July 12, 2021, issued by the Minister of Finance, regarding the restructuring timeline for the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets; it takes effect from December 30, 2023.

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

Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020, detailing the implementation of certain articles of the Securities Law;

Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017, issued by the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to Decision No. 37/2020/QĐ-TTg dated December 23, 2020, of the Prime Minister, establishing, organizing, and operating the Vietnam Stock Exchange;

At the proposal of the Chairman of the State Securities Commission;

The Minister of Finance hereby issues this Circular stipulating the restructuring timeline for the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets.2

Chapter I. GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates the restructuring timeline for the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets as prescribed in point a, Clause 3, point a, Clause 4, Article 2, and point g, Clause 1, Article 6 of Decision No. 37/2020/QĐ-TTg dated December 23, 2020, of the Prime Minister establishing, organizing, and operating the Vietnam Stock Exchange.

Article 2. Applicability

1. The Vietnam Stock Exchange, Hanoi Stock Exchange, and Ho Chi Minh City Stock Exchange.

2. Public companies, listed organizations, and organizations registered for trading.

3. Other relevant agencies, organizations, and individuals.

Article 3. Principles for restructuring the securities trading market

1. The restructuring of the securities trading market must comply with the Securities Law and detailed implementing regulations; ensuring compatibility with the functions and responsibilities of the Vietnam Stock Exchange, Hanoi Stock Exchange, and Ho Chi Minh City Stock Exchange as stipulated in Decision No. 37/2020/QĐ-TTg dated December 23, 2020, of the Prime Minister establishing, organizing, and operating the Vietnam Stock Exchange.

2. The implementation of the restructuring timeline for the securities trading market must ensure compatibility with the practical conditions concerning organizational structure, human resources, and business operations of the Hanoi Stock Exchange and Ho Chi Minh City Stock Exchange; aligning with the deployment and operation of the new securities market information technology system; not generating additional costs for listed organizations and organizations registered for trading; not affecting the securities trading activities of investors; and not impacting the development timeline for new products.

3. The implementation of the restructuring timeline for the securities trading market must ensure objectivity, transparency, fairness, and effectiveness.

Chapter II. RESTRUCTURING TIMELINE FOR THE STOCK TRADING MARKET, BOND TRADING MARKET, DERIVATIVES SECURITIES TRADING MARKET, AND OTHER TYPES OF SECURITIES TRADING MARKETS

Article 4. Reorganizing the stock trading market, fund certificates, and guaranteed warrant trading market

1.3 By no later than June 30, 2025, the Ho Chi Minh City Stock Exchange shall unify the organization of the stock trading market, fund certificates, and guaranteed warrant trading market for listed securities, and the stock trading market for organizations registered for trading in accordance with the Securities Law and guiding documents.

2. Within the time limit specified in Clause 1 of this Article, the Ho Chi Minh City Stock Exchange shall organize the stock trading market, fund certificates, and guaranteed warrant trading market for listed securities, and the stock trading market for organizations registered for trading in accordance with the following provisions:

a) Continue to organize the trading market for stocks, fund certificates, and guaranteed warrants that have been listed at the Ho Chi Minh City Stock Exchange before the effective date of this Circular;

b) Organize trading for newly registered listed fund certificates and guaranteed warrants;

c)4 Before July 1, 2025: The Ho Chi Minh City Stock Exchange shall accept and review registration listing applications and organize new stock trading for organizations meeting the listing conditions stipulated in Decree No. 155/2020/ND-CP dated December 31, 2020 detailing certain provisions of the Securities Law (hereinafter referred to as Decree No. 155/2020/ND-CP) and having a subscribed charter capital of VND 1.2 billion or more at the time of listing application;

d)5 From July 1, 2025: The Ho Chi Minh City Stock Exchange shall accept and review registration listing applications and organize new stock trading for organizations meeting the listing conditions stipulated in Decree No. 155/2020/ND-CP;

đ)6 By no later than December 31, 2025: The Ho Chi Minh City Stock Exchange shall complete the acceptance of shares of organizations listed from the Hanoi Stock Exchange;

e)7 By no later than December 31, 2026: The Ho Chi Minh City Stock Exchange shall complete the acceptance of shares of organizations registered for trading from the Hanoi Stock Exchange;

g) Accept and review registration trading applications for new stocks of organizations after completing the acceptance of shares of organizations registered for trading from the Hanoi Stock Exchange in accordance with Point e of this Clause;

3. Within the time limit specified in Clause 1 of this Article, the Hanoi Stock Exchange shall organize the stock trading market in accordance with the following provisions:

a) Continue to organize the trading market for stocks that have been listed and registered for trading at the Hanoi Stock Exchange before the effective date of this Circular until the completion of the transfer of listed and registered-for-trading stocks from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange in accordance with Point d and Point e of this Clause;

b)8 Before July 1, 2025: The Hanoi Stock Exchange shall accept and review registration listing applications and organize new stock trading for organizations meeting the listing conditions stipulated in Decree No. 155/2020/ND-CP and having a subscribed charter capital of VND 300 million or more at the time of listing application;

c)9 From July 1, 2025: The Hanoi Stock Exchange shall not accept registration listing applications for new stocks of organizations;

d)10 By no later than December 31, 2025: The Hanoi Stock Exchange shall complete the transfer of shares of listed organizations from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange;

đ) Continue to organize the trading market for stocks of organizations that have registered for trading and accept new registration trading applications of organizations at the Hanoi Stock Exchange until the completion of the transfer of shares of organizations registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange in accordance with Point e of this Clause;

e)11 By no later than December 31, 2026: The Hanoi Stock Exchange shall complete the transfer of shares of organizations registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange. After completing the transfer of shares of organizations registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange, the Hanoi Stock Exchange shall not accept new registration trading applications of organizations;

4. The Vietnam Stock Exchange shall develop a plan to transfer shares of listed and registered-for-trading organizations from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange in accordance with Point đ and Point e of Clause 2, Point d and Point e of Clause 3 of this Article and report to the State Securities Commission before implementation.

Article 5. Reorganizing the bond trading market

1. By no later than December 31, 2022, the Hanoi Stock Exchange shall unify the organization of the bond trading market in accordance with the Securities Law and guiding documents.

2. Within the time limit specified in Clause 1 of this Article, the Hanoi Stock Exchange,the Ho Chi Minh City Stock Exchange,shall organize the bond trading market as follows:

a) The Hanoi Stock Exchange shall organize the trading market for government bonds, government-guaranteed bonds, local government bonds; organize the trading market for listed corporate bonds; organize the trading market for individual corporate bonds;b) Accept listed corporate bonds transferred from the Ho Chi Minh City Stock Exchange;accept new listing applications for corporate bonds.Ho Chi Minh City andaccepts new bond listing registration files.

b) The Ho Chi Minh City Stock Exchangeshall continue to organize the trading market for listed local government bondsbefore the date this Circular takes effectuntil their maturity date;transfer listed corporate bonds to the Hanoi Stock Exchange and not accept new listing applications for corporate bonds.; implements the transfer of listed corporate bonds fromthe Ho Chi Minh City Stock Exchange,to the Hanoi Stock Exchange and does not accept new bond listing registration files.

c) By no later than December 31, 2021,the Ho Chi Minh City Stock Exchange,complete the transfer of listed corporate bonds from the Ho Chi Minh City Stock Exchange to the Hanoi Stock Exchange.

3. The Vietnam Stock Exchange shall develop a plan to transfer listed corporate bonds from the Ho Chi Minh City Stock Exchange to the Hanoi Stock Exchange in accordance with Clause 2, Point c of this Article and report to the State Securities Commission before implementation.

In case the Vietnam Stock Exchange has not commenced operations by September 30, 2021, the Ho Chi Minh City Stock Exchange shall be responsible for developing a plan to transfer listed corporate bonds from the Ho Chi Minh City Stock Exchange to the Hanoi Stock Exchange in accordance with Clause 2, Point c of this Article based on coordination with the Hanoi Stock Exchange and report to the State Securities Commission before implementation.

Article 6. Reorganizing the derivatives trading market

The Hanoi Stock Exchange shall organize the derivatives trading market in accordance with the Securities Law and guiding documents.

Article 7. Handling registration applications for listed securities during the implementation of the plan to transfer listed securities

1. An organizationthat has beenapproved by the Hanoi Stock Exchangeto list or register for tradingbefore the datecompletionof transferring listed shares or registered trading shares from the Hanoi Stock Exchangebut has not yet commenced trading within the time limit prescribed in Decree No. 155/2020/ND-CPshall not need to reapply for approval to list or register for trading.i tothe Ho Chi Minh City Stock Exchange,but has not been put into trading within the time limit prescribed in Decree No.In case an organization has submitted an application to list shares with the Hanoi Stock Exchange before July 1, 2025 and has not received approval to list, the Hanoi Stock Exchange shall be responsible for transferring the organization's listing application to the Ho Chi Minh City Stock Exchange by July 8, 2025 so that the Ho Chi Minh City Stock Exchange can continue to process the organization's listing application in accordance with the law.

2.12 In case an organization has submitted an application to register for trading shares with the Hanoi Stock Exchange before the completion of transferring registered trading shares from the Hanoi Stock Exchange

3. according to Clause 2, Point e and Clause 3, Point e of Article 4 of this Circular and has not received approval to register for trading,the Hanoi Stock Exchange shall be responsible for transferring the organization's share trading registration application to the Ho Chi Minh City Stock Exchange so that the Ho Chi Minh City Stock Exchange can continue to process the organization's share trading registration application in accordance with the law.The deadline for transferring the share trading registration application is one working day from the date of completing the transfer of registered trading shares from the Hanoi Stock Exchangethe Ho Chi Minh City Stock Exchangeapproved by the Hanoi Stock Exchange4. In case an organization has submitted an application to list bonds with the Ho Chi Minh City Stock Exchange before the date this Circular takes effect and has not received approval to list, the Ho Chi Minh City Stock Exchange shall be responsible for transferring the organization's listing application to the Hanoi Stock Exchange within three working days from the date this Circular takes effect so that the Hanoi Stock Exchange can continue to process the organization's listing application in accordance with the law.5. The Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange shall notify organizations about the transfer of their listing or trading registration applications within one working day from the date of transferring such applications in accordance with Clause 2, 3, and 4 of this Article.1. This Circular takes effect from July 20, 2021.shall not need to reapply for approval to list or register for trading.i tothe Ho Chi Minh City Stock Exchange,2. This Circular abolishes all of the following legal normative documents:a) Circular No. 180/2015/TT-BTC dated November 13, 2015 issued by the Minister of Finance guiding the registration for trading of securities on the trading system for unlisted securities;

b) Circular No. 13/2019/TT-BTC dated March 15, 2019 issued by the Minister of Finance amending and supplementing some articles of Circular No. 180/2015/TT-BTC dated November 13, 2015 guiding the registration for trading of securities on the trading system for unlisted securities;shall not need to reapply for approval to list or register for trading.i toc) Circular No. 202/2015/TT-BTC dated December 18, 2015 issued by the Minister of Finance guiding the listing of securities on the Stock Exchange..

4. In cases where organizations have submitted bond listing registration files to the Ho Chi Minh City Stock Exchange before this Circular takes effect and have not yet received approval for listing, the Ho Chi Minh City Stock Exchange shall be responsible for transferring the organization's bond listing registration file to the Hanoi Stock Exchange no later than three working days from the date this Circular takes effect so that the Hanoi Stock Exchange can continue to process the organization's bond listing registration file in accordance with the law.

5. The Stock Exchangeshall not need to reapply for approval to list or register for trading.i, the Ho Chi Minh City Stock Exchange shall be responsible for notifying organizations about the transfer of their bond listing registration and trading registration files within one working day from the date of transferring the bond listing registration and trading registration filesas stipulated in Clause 2, 3, and 4 of this Article.

Chapter III. IMPLEMENTING PROVISIONS13

Article 8. Effective Date

1. This Circular takes effect from July 20, 2021.

2. This Circular abolishes all of the following regulatory legal documents:

a) Circular No. 180/2015/TT-BTC dated November 13, 2015, issued by the Minister of Finance guiding securities trading registration on the trading system for unlisted securities;

b) Circular No. 13/2019/TT-BTC dated March 15, 2019, issued by the Minister of Finance amending and supplementing some articles of Circular No. 180/2015/TT-BTC dated November 13, 2015 guiding securities trading registration on the trading system for unlisted securities;

c) Circular No. 202/2015/TT-BTC dated December 18, 2015, issued by the Minister of Finance guiding securities listing on the Stock Exchange.

d) Circular No. 29/2017/TT-BTC dated April 12, 2017, issued by the Minister of Finance, amending and supplementing certain articles of Circular No. 202/2015/TT-BTC dated December 18, 2015, guiding the listing of securities on the Stock Exchange.

Article 9. Implementation Organization

1. The State Securities Commission shall direct the Vietnam Stock Exchange, Hanoi Stock Exchange, and Ho Chi Minh City Stock Exchange to implement the reorganization of securities trading markets according to the schedule prescribed in this Circular. In case the new securities market information technology system is not implemented on schedule, the State Securities Commission shall report to the Minister of Finance for issuance of a Circular adjusting the schedule for reorganizing the securities trading markets.

2. The Vietnam Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, listed organizations, registration and trading organizations, public companies, and other related organizations and individuals shall be responsible for implementing this Circular.

1 This consolidated document amended and supplemented by Law No. 87/2025/QH15; consolidates two documents Circular as follows:

- Circular No. 57/2021/TT-BTC dated July 12, 2021, issued by the Minister of Finance, prescribing the schedule for reorganizing the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets; takes effect from July 20, 2021;

- Circular No. 69/2023/TT-BTC dated November 15, 2023, issued by the Minister of Finance, amending and supplementing certain articles of Circular No. 57/2021/TT-BTC dated July 12, 2021, issued by the Minister of Finance, prescribing the schedule for reorganizing the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets; takes effect from December 30, 2023.

This consolidated document does not replace the above two Circulars.

2 Circular No. 69/2023/TT-BTC is based on the following grounds:

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

Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020, issued by the Government, detailing the implementation of certain provisions of the Securities Law;

Pursuant to Decree No. 14/2023/NĐ-CP dated April 20, 2023 of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to Decision No. 37/2020/QĐ-TTg dated December 23, 2020 of the Prime Minister establishing, organizing, and operating the Vietnam Stock Exchange;

At the proposal of the Chairman of the State Securities Commission;

The Minister of Finance issues this Circular amending and supplementing certain articles of Circular No. 57/2021/TT-BTC dated July 12, 2021, issued by the Minister of Finance, prescribing the schedule for reorganizing the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading markets."

3 This Clause has been amended pursuant to Clause 1 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

4 This Point has been amended pursuant to Clause 2 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

5 This Point has been amended pursuant to Clause 2 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

6 This Point has been amended pursuant to Clause 2 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

7 This Point has been amended pursuant to Clause 2 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

8 This Point has been amended pursuant to Clause 3 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

9 This Point has been amended pursuant to Clause 3 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

10 This Point has been amended pursuant to Clause 3 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

11 This Point has been amended pursuant to Clause 3 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

12 This Clause has been amended pursuant to Clause 3 of Article 1 of Circular No. 69/2023/TT-BTC, taking effect from December 30, 2023.

13 Article 2 and Article 3 of Circular No. 69/2023/TT-BTC shall take effect from December 30, 2023, and are stipulated as follows:

“Article 2. Transitional Provisions

In cases where the registration listing dossier received by the Ho Chi Minh City Stock Exchange of an organization with a subscribed charter capital of less than 120 billion VND at the time of registration for listing has not been approved for listing up to the date this Circular takes effect, the Ho Chi Minh City Stock Exchange shall be responsible for transferring the registration listing dossier of such organization to the Hanoi Stock Exchange for continued processing of the registration listing dossier in accordance with the provisions of the law.

The deadline for transferring the registration listing dossier is no later than five working days from the date this Circular takes effect.

Article 3. Implementation Provisions

1. This Circular takes effect from December 30, 2023.

2. In cases where the legal normative documents cited for application in this Circular are amended, supplemented, or replaced, they shall be applied according to the amended, supplemented, or replaced documents.

3. The Vietnam Stock Exchange, the Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange, listed organizations, organizations registering for trading, public companies, and other related organizations and individuals are responsible for implementing this Circular./”