Circular No. 83/2024/TT-BTC guiding the mechanism and policies on service fees in the securities sector priced by the State applied at the Vietnam Stock Exchange and its subsidiaries and the Vietnam Securities Depository and Central Counterparty Corporation.

CIRCULAR
Guidelines for the mechanism and policies on service prices in the securities sector, which are state-determined, to be applied at the Vietnam Stock Exchange and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation

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Pursuant to the Price Law dated June 19, 2023;

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

Pursuant to the Public Debt Management Law dated November 23, 2017;

Pursuant to the Environmental Protection Law dated November 17, 2020;

Pursuant to the Law on Management and Use of State Capital for Investment in Business Operations dated November 26, 2014;

Pursuant to Decree No. 85/2024/NĐ-CP dated July 10, 2024 of the Government detailing and guiding the implementation of certain provisions of the Law on Prices;

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

Pursuant to Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;

Pursuant to Decree No. 91/2018/NĐ-CP dated June 26, 2018 of the Government on the issuance and management of government guarantees;

Pursuant to Decree No. 93/2018/NĐ-CP dated June 30, 2018 of the Government on local government debt management;

Pursuant to Decree No. 95/2018/NĐ-CP dated June 30, 2018 of the Government on the issuance, registration, registration custody, listing, and trading of government debt instruments on the securities market;

Pursuant to Decree No. 91/2015/NĐ-CP dated October 13, 2015 of the Government on state capital investment in enterprises and the management and use of capital and assets in enterprises; Decree No. 126/2017/NĐ-CP dated November 16, 2017 of the Government on converting state-owned enterprises and wholly-owned limited liability companies invested by state-owned enterprises with 100% charter capital into joint-stock companies; Decree No. 32/2018/NĐ-CP dated March 8, 2018 of the Government amending and supplementing certain articles of Decree No. 91/2015/NĐ-CP dated October 13, 2015; Decree No. 140/2020/NĐ-CP dated November 30, 2020 of the Government amending and supplementing certain articles of Decree No. 126/2017/NĐ-CP dated November 16, 2017, Decree No. 91/2015/NĐ-CP dated October 13, 2015, and Decree No. 32/2018/NĐ-CP dated March 8, 2018;

Pursuant to Decree No. 153/2020/NĐ-CP dated December 31, 2020 of the Government on the issuance and trading of corporate bonds in the domestic market and the issuance of corporate bonds in the international market;

Pursuant to Decree No. 65/2022/NĐ-CP dated September 16, 2022 of the Government amending and supplementing certain articles of Decree No. 153/2020/NĐ-CP dated December 31, 2020 on the issuance and trading of corporate bonds in the domestic market and the issuance of corporate bonds in the international market;

Pursuant to Decree No. 08/2023/NĐ-CP dated March 5, 2023 of the Government amending, supplementing, and terminating the effectiveness of certain articles in decrees regulating the issuance and trading of corporate bonds in the domestic market and the issuance of corporate bonds in the international market;

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

At the proposal of the Director of the Price Management Department and the Chairman of the State Securities Commission;

The Minister of Finance issues this Circular to guide the mechanism and policies on service prices in the securities sector, which are state-determined, to be applied at the Vietnam Stock Exchange and its subsidiaries (hereinafter referred to as the Vietnam Stock Exchange) and the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC) in accordance with the law.

Article 1. Scope of Regulation

Article 1. This Circular guides the mechanism and policies on service prices in the securities sector, which are state-determined, to be applied at the Vietnam Stock Exchange and its subsidiaries (hereinafter referred to as the Vietnam Stock Exchange) and the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC) in accordance with the law.

Article 2. For services in the securities sector that are not state-determined, the Vietnam Stock Exchange and VSDC shall self-determine the prices and bear full responsibility for the service prices they provide, ensuring they are consistent with the actual provision of services, the law on prices, the law on securities, and related laws.

Article 2. Applicability

1. Organizations providing services in the securities sector as stipulated in this Circular include: the Vietnam Stock Exchange and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation.

2. Individuals and organizations using the securities services provided by the service providers mentioned in Clause 1 of this Article include: members of the Vietnam Stock Exchange; members of VSDC; organizations registering for listing; listed organizations; securities investment fund management companies; issuers; public companies; organizations opening direct accounts at VSDC; individuals and organizations transferring ownership of securities outside the trading system of the Vietnam Stock Exchange; National Treasury; organizations issuing government-guaranteed bonds in accordance with the Law on Public Debt Management; provincial and municipal people's committees issuing local government bonds.

3. Other organizations and individuals related thereto.

Article 3. Pricing of services in the securities sector applicable at the Stock Exchange and the Securities Depository Center

1. The Ministry of Finance shall decide on the prices of services in the securities sector that are state-set according to the regulations applicable at the Stock Exchange and the Securities Depository Center.

2. Value-added tax on services in the securities sector as stipulated in this Circular shall be implemented in accordance with the laws on value-added tax.

3. The Stock Exchange and the Securities Depository Center must list prices, publicly disclose prices, and comply with the laws on pricing, securities laws, and related guiding documents.

4. The Stock Exchange and the Securities Depository Center are responsible for regularly reviewing the services in the securities sector that are state-set according to the regulations applicable at the Stock Exchange and the Securities Depository Center; reviewing the service prices set by the state for the securities sector; in cases where pricing or price adjustments are necessary, they shall report to the State Securities Commission for review and submit to the Ministry for consideration and decision in accordance with the Law on Prices and guiding documents for the Law on Prices.

5. Market makers are entitled to a maximum reduction of up to 80% of the service transaction fees at the primary securities market and a maximum reduction of up to 70% of the service transaction fees for derivative securities transactions after market makers have fulfilled their market-making obligations as prescribed by law and specific conditions set by competent authorities.

6. Issuers and green bond investors, as prescribed by the Environmental Protection Law and guiding documents, are entitled to a 50% reduction in service fees for securities listing registration, management of listed securities, trading services, securities registration, partial cancellation of securities registration, or adjustment of the number of registered securities, and securities custody services for green bonds.

Issuers are responsible for submitting documentation proving that the bonds meet the requirements for green bonds as prescribed by law when registering securities and listing.

7. The prices of services in the securities sector that are state-set according to the regulations applicable at the Stock Exchange and the Securities Depository Center are detailed in Appendix I and Appendix II attached to this Circular.

Article 4. Provisions on payment for the use of services in the securities sector

1. In the case where an organization re-registers its membership status with the Stock Exchange, it shall pay for the use of services for derivative securities member registration, member management, derivative securities member management, periodic connection maintenance service, and terminal equipment usage service as if it were a new member registration.

In the case where an organization re-registers its depositary member or clearing member status with the Securities Depository Center, it shall pay for the use of depositary member management services, clearing member management services, derivative securities clearing member management services, clearing member registration services, and derivative securities clearing member registration services as if it were a new member registration.

2. In the case where a Stock Exchange member is suspended from trading or trading activities are halted or online connectivity is interrupted and extended into the following year without being revoked of their membership status, they still must pay for the use of member management services, derivative securities member management services, periodic connection maintenance services, and terminal equipment usage services for the following year.

In the case where a Securities Depository Center member is suspended from providing depositary, clearing, and transaction settlement services or trading activities are halted and extended into the following year without being revoked of their membership status, they still must pay for the use of depositary member management services, clearing member management services, and derivative securities clearing member management services for the following year.

3. In the case where a Stock Exchange member is suspended from trading or trading activities are halted or online connectivity is interrupted to revoke their membership status within the same year, they are not required to pay for the use of member management services, derivative securities member management services, periodic connection maintenance services, and terminal equipment usage services in subsequent years.

In the case where a Securities Depository Center member is suspended from providing depositary, clearing, and transaction settlement services or trading activities are halted to revoke their membership status within the same year, they are not required to pay for the use of depositary member management services, clearing member management services, and derivative securities clearing member management services in subsequent years.

4. For transactions established at the Stock Exchange but subsequently removed by the Stock Exchange or the Securities Depository Center according to regulations, the Stock Exchange will not charge service transaction fees.

5. Service fees in the securities sector as stipulated in this Circular shall be collected in Vietnamese Dong. Service fees shall be rounded to the nearest dong according to the rounding rules specified in Clause 6, Article 4 of Decree No. 174/2016/ND-CP dated December 30, 2016 detailing certain provisions of the Accounting Law and other amended, supplemented, or replaced legal documents (if any).

For foreign currency government bonds, the service fees shall be calculated based on the conversion from foreign currency to Vietnamese Dong using the average central exchange rate published by the State Bank of Vietnam in the month when the relevant service for foreign currency government bonds arises.

Article 5. Provisions on the time for collecting, paying, and refunding service usage fees in the securities sector

1. For annual periodic fees set by the Ministry of Finance for service prices, organizations and individuals using such services shall be responsible for paying to the Securities Exchange Center (SGDCK) and the Vietnam Securities Depository and Central Counterparty Company (VSDC) before January 31 of the year in which the price is calculated.

2. For monthly periodic fees set by the Ministry of Finance for service prices, organizations and individuals using such services shall be responsible for paying to the SGDCK and VSDC no later than the 15th day of the following month.

3. For organizations registering as new members of the SGDCK and VSDC and newly registering for listing, they shall pay the service usage fees for registering as derivative securities members, member management services, derivative securities member management services, initial online connection service, regular connection maintenance service, terminal equipment usage service, clearing member registration service, derivative securities clearing member registration service, depository member management service, clearing member management service, derivative securities clearing member management service, listing registration service, and listed management service within seven working days from the date the SGDCK issues the Decision approving member status, Decision approving online trading connection, Decision approving listing, Decision approving remote trading connection, and the VSDC issues the Member Depositary Certificate, Clearing Member Certificate, and Derivative Securities Clearing Member Certificate.

4. The SGDCK and VSDC shall refund service usage fees for member management, derivative securities member management, regular connection maintenance, terminal equipment usage, depository member management, clearing member management, and derivative securities clearing member management to SGDCK members and VSDC members within seven working days from the date the SGDCK issues the Decision revoking member status, and the VSDC issues the Decision revoking the Member Depositary Certificate or revoking member status.

5. The SGDCK shall collect additional or refund service usage fees for listed management to listed organizations and securities investment fund management companies within seven working days from the date the SGDCK issues the Decision approving changes to listing or the date the SGDCK announces changes in the number of listed securities for listing changes, or the effective date of delisting for delisting cases.

6. In cases where stock market transactions are rearranged between different SGDCKs as prescribed by law, the SGDCK transferring stocks shall be responsible for determining the amount of listed management service fees collected in the year and transferring the remaining portion from the month immediately following the month in which the SGDCK transfers stocks until December of that year to the SGDCK receiving the stocks; the SGDCK receiving the stocks shall not charge the initial listing registration service fee to listed organizations whose stocks fall under the scope of the aforementioned market transaction rearrangement.

Article 6. Management and use of revenue from providing services in the securities sector

1. After fulfilling obligations to the state budget according to the law, the remaining revenue from service provision, the SGDCK and VSDC shall manage and use it according to the law.

2. Revenue from the VSDC's service of transferring ownership of securities outside the SGDCK trading system (excluding the service of transferring ownership of corporate bonds issued privately but registered with the VSDC and not required to trade on the SGDCK and the service of transferring ownership of securities in ETF share swap transactions and guaranteed warrant execution) shall be regulated by the VSDC to the SGDCK according to the agreement in the Service Provision Contract, ensuring a maximum of no more than 50% of the revenue received for cases involving listed securities or securities traded on the SGDCK.

3. When collecting service fees in the securities sector, the SGDCK and VSDC shall use invoices as prescribed by law.

Article 7. Implementation Organization

1. The SGDCK and VSDC shall review the services in the securities sector priced by the State according to the regulations applicable at the SGDCK and VSDC, prepare pricing proposal files for the State Securities Commission to review, submit to the Ministry of Finance for consideration and issuance of pricing documents according to the Law on Prices and guiding documents for the Law on Prices.

2. During implementation, if there are difficulties or obstacles, they should promptly report to the Ministry of Finance for research and resolution.

Article 8. Implementation clause

This Circular takes effect from January 10, 2025, and replaces Circular No. 101/2021/TT-BTC dated November 17, 2021, issued by the Minister of Finance, stipulating service prices in the securities sector applied at the Securities Exchange Center and the Vietnam Securities Depository and Central Counterparty Company.

Appendix I

SERVICE PRICES APPLIED AT THE VIETNAM SECURITIES EXCHANGE AND SUBSIDIARY COMPANIES, VIETNAM SECURITIES DEPOSITORY AND CENTRAL COUNTERPARTY COMPANY

MEN AND THE COMPANIES, GROUP COMPANIES REGISTERED AND SETTLED WITH THE VIETNAM SECURITIES DEPOSITORY CORPORATION

PRICED BY THE MINISTRY OF FINANCE

(Attached to Circular No. 83/2024/TT-BTC dated November 26, 2024, issued by the Minister of Finance)

A. SERVICE FEES APPLICABLE IN THE PRIMARY SECURITIES MARKET

B. SERVICE FEES APPLICABLE IN THE DERIVATIVES MARKET

Seal Registration Certificate

GUIDELINES FOR SERVICE FEES IN THE SECURITIES FIELD

APPLICABLE AT THE VIETNAM STOCK EXCHANGE AND ITS SUBSIDIARIES, DEPOSITORY AND SETTLEMENT COMPANIES

AS REGULATED BY THE MINISTRY OF FINANCE

(Pursuant to Circular No. 83/2024/TT-BTC dated November 26, 2024 issued by the Minister of Finance)

(Pursuant to Circular No. 83/2024/TT-BTC dated November 26, 2024 of the Ministry)

A. SERVICE FEES APPLICABLE IN THE PRIMARY SECURITIES MARKET

1. Service fee for managing members.

a) The fee level as decided by the Minister of Finance.

b) Calculation period for service fees:

- In case an organization is already a member of the Stock Exchange and does not have its membership revoked within the year, the calculation period for service fees is twelve months from January 1 of the pricing year.

- In case an organization newly approved as a member of the Stock Exchange and does not have its membership revoked within the same year, the calculation period for service fees starts from the month immediately following the month when the Stock Exchange issues the Decision approving the membership status to the end of December of that year.

- In case an organization is a member of the Stock Exchange and is suspended from trading or has its trading activities halted by the Stock Exchange to revoke its voluntary or mandatory membership within the year, the calculation period for service fees runs from the beginning of the year to the end of the month when the Stock Exchange implements the suspension or halt of trading activities to revoke the membership.

- In case an organization newly approved as a member of the Stock Exchange and is suspended from trading or has its trading activities halted by the Stock Exchange to revoke its voluntary or mandatory membership within the year, the calculation period for service fees starts from the month immediately following the month when the Stock Exchange issues the Decision approving the membership status to the end of the month when the Stock Exchange implements the suspension or halt of trading activities to revoke the membership.

c) In case a Stock Exchange member is formed through merger, consolidation, division, spin-off, acquisition and must go through new registration procedures, they shall pay the service fee similar to the case of newly registering as a member.

d) Refund of service fee usage:

In case a Stock Exchange member revokes its membership, the Stock Exchange will refund the difference between the service fee paid by the member in the year and the actual service fee calculated according to the formula and guidance at Point a and Point b of this Clause.

2. Service fee for listing registration.

b) In case an organization registers for listing and is subsequently delisted compulsorily or voluntarily, the listed organization, investment fund management company, and guaranteed warrant issuing organization shall not be refunded the listing registration service fee.

b) Calculation period for service fees:

3. Service fee for managing listings.

a) Service fee for managing the listing of shares, corporate bonds, investment fund certificates, and debt instruments as stipulated in the Law on Public Debt Management.

a1) The fee level as decided by the Minister of Finance.

In case an organization lists multiple securities codes on the same Stock Exchange, the fee will be calculated separately for each security code.

a2) Calculation period for service fees:

- In case securities are listed and not delisted during the year, the calculation period for service fees is twelve months from January 1 of the pricing year.

- In case an organization registers for initial listing and is not delisted during the year, the calculation period for the first year's service fees will start from the month immediately following the month when the Stock Exchange issues the Decision approving the listing to the end of December of that year.

- In case securities are listed but delisted during the year, the calculation period for service fees runs from the beginning of the year to the end of the month when the delisting becomes effective.

- In case securities are initially listed but delisted during the year, the calculation period for service fees starts from the month immediately following the month when the Stock Exchange issues the Decision approving the listing to the end of the month when the delisting becomes effective.

In the case where securities are listed for the first time but are delisted within the same year, the period for calculating service fees shall be from the month following the month in which the Stock Exchange issues the Decision approving the listing until the end of the month when the delisting decision becomes effective.

a3) In the case where an organization listed or a securities investment fund management company changes its listing registration leading to a change in the service fee payable (this does not apply to Exchange-Traded Funds (ETFs)), the listing management service fee shall be calculated as the sum of:

- The fee calculated based on the corresponding level for the type of security, the old listing value, and the period from the first month of the year (or from the month immediately following the month in which the Stock Exchange issues the Decision approving the new listing if it is a new listing within the year) until the end of the month in which the Stock Exchange issues the Decision approving the change in listing within the year.

- The fee calculated based on the corresponding level for the type of security, the new listing value, and the period from the month immediately following the month in which the Stock Exchange issues the Decision approving the change in listing immediately preceding that within the year until the end of the month in which the Stock Exchange issues the Decision approving the next change in listing or until the end of December of that year.

a4) Refund or supplement the amount paid for the use of listing management services for shares, corporate bonds, securities investment certificates, and debt instruments in accordance with the provisions of the Law on Public Debt Management.

- In the event that securities are delisted during the year, the Stock Exchange shall refund to the listed organization or the securities investment fund management company the difference between the amount paid by these organizations during the year and the actual amount payable calculated according to the formula and guidance provided in Points a1 and a2 of this Clause.

- In the event that a change in listing leads to an increase or decrease in the service fee payable after the change compared to the amount already paid, the Stock Exchange shall recalculate the difference to either collect additional payment or refund to the listed organization or the securities investment fund management company.

b) The listing management service fee for warrant listings:

Service Fee = Rate x Period (months)

b1) The rate as decided by the Minister of Finance.

b2) The period for calculating the service fee:

- The period for calculating the service fee runs from the month in which the Stock Exchange issues the Decision approving the listing of warrants to the last month of the warrant's term. If the warrant is listed for the first time in the year, the calculation period for the first year runs from the month in which the Stock Exchange issues the Decision approving the listing of warrants to the end of December of that year, and does not exceed the term of the warrant.

- In the case where a listed warrant is delisted, the period for calculating the service fee runs from the month in which the Stock Exchange issues the Decision approving the listing to the end of the month when the delisting becomes effective.

b3) Refund the amount paid for the use of listing management services for listed warrants.

In the event that listed warrants are delisted, the Stock Exchange shall refund to the listed organization the difference between the amount paid by these organizations and the actual amount payable calculated according to the formula and guidance provided in Points b1 and b2 of this Clause.

4. Trading service fees

a) Trading service fees for shares, securities investment certificates, corporate bonds, and debt instruments as stipulated in the Law on Public Debt Management, and for listed warrants.

- The rate as decided by the Minister of Finance.

(Excluding the value of securities bought and sold in transactions established at the Stock Exchange but subsequently removed by the Stock Exchange or the Vietnam Securities Depository Corporation pursuant to regulations).

b) Trading service fees for repurchase transactions (repo) of debt instruments as stipulated in the Law on Public Debt Management: only charged once based on the initial transaction value (purchase transaction), not charged for subsequent sale transactions.

c) Trading service fees for combined sale and repurchase transactions of debt instruments as stipulated in the Law on Public Debt Management: only charged once based on the initial transaction value (sale transaction), not charged for subsequent purchase transactions.

d) Trading service fees for borrowing and lending transactions of debt instruments as stipulated in the Law on Public Debt Management: only charged once based on the borrowing and lending transaction value, not charged for repayment transactions.

5. Online connection service fees

Online connection service fees include the initial connection service fee and the periodic maintenance connection service fee.

a) Initial online connection service fee:

- The rate as decided by the Minister of Finance.

- In the case where a member is formed through merger, consolidation, division, spin-off, conversion, or acquisition, the initial online connection service fee shall be calculated as follows:

+ Charge the initial online connection service fee for members operating without relying on the existing physical infrastructure, information technology systems, and trading software of any of the participating members in the merger, consolidation, division, spin-off, conversion, or acquisition.

+ Do not charge the initial online connection service fee for members operating based on the existing physical infrastructure, information technology systems, and trading software of any of the participating members in the merger, consolidation, division, spin-off, conversion, or acquisition.

b) Periodic maintenance connection service fee.

- The rate as decided by the Minister of Finance.

- Calculation period for the service fee:

+ For members who are not suspended from online trading connections and whose membership status is not revoked during the year, the calculation period is 12 months starting from January 1 of the calculation year.

+ For members newly approved for online trading connections and not suspended from online trading connections for revocation of membership status during the year, the calculation period starts from the month immediately following the month in which the Stock Exchange approves the online trading connection to the end of December of that year.

+ For members currently connected for online trading and suspended from online trading connections for revocation of membership status during the year, the calculation period runs from the beginning of the year to the end of the month in which the Stock Exchange implements the suspension of online trading connections for revocation of membership status.

+ For members newly approved for online trading connections and suspended from online trading connections for revocation of membership status during the year, the calculation period starts from the month immediately following the month in which the Stock Exchange approves the online trading connection to the end of the month in which the Stock Exchange implements the suspension of online trading connections for revocation of membership status.

c) In case a member of the Stock Exchange is formed through merger, consolidation, division, separation, conversion, or acquisition and must go through new procedures to register for online trading connection, they shall pay the periodic maintenance service fee equivalent to the case of registering as a new online trading member.

In case a Stock Exchange member revokes its membership, the Stock Exchange will refund the difference between the service fee paid by the member in the year and the actual service fee calculated according to the formula and guidance at Point a and Point b of this Clause.

In case a member discontinues the online trading connection to terminate their membership status, the Stock Exchange shall refund the difference between the service fee paid by the member during the year and the actual service fee that should have been paid according to the guidance provided in Point b Clause of this Article.

6. Service fee for using terminal equipment

b) Calculation period for service fees:

- In case an organization is already a member of the Stock Exchange and does not have its membership revoked within the year, the calculation period for service fees is twelve months from January 1 of the pricing year.

- In cases where a member of the Stock Exchange is not suspended from trading or has their trading activities halted by the Stock Exchange to terminate their membership voluntarily or compulsorily within the same year, the period for calculating the service fee is twelve months starting from January 1st of the calculation year.

- In cases where an organization newly approved as a member of the Stock Exchange is not suspended from trading or has their trading activities halted by the Stock Exchange to terminate their membership voluntarily or compulsorily within the same year, the period for calculating the service fee starts from the month following the month when the Stock Exchange issues the Decision approving remote trading connection until the end of December of that year.

- In cases where a securities company currently a member of the Stock Exchange is suspended from trading or has its trading activities halted by the Stock Exchange to terminate their membership voluntarily or compulsorily within the same year, the period for calculating the service fee runs from the beginning of the year until the end of the month when the Stock Exchange implements the suspension or halt of trading activities against the member to terminate their membership.

- In cases where an organization newly approved as a member of the Stock Exchange is suspended from trading or has their trading activities halted by the Stock Exchange to terminate their membership voluntarily or compulsorily within the same year, the period for calculating the service fee starts from the month following the month when the Stock Exchange issues the Decision approving remote trading connection until the end of the month when the Stock Exchange implements the suspension or halt of trading activities against the member to terminate their membership.

c) In case a member of the Stock Exchange is formed through merger, consolidation, division, separation, conversion, or acquisition and must go through new procedures to register as a new member, they shall pay the service fee for using terminal equipment equivalent to the case of registering as a new member.

d) Refund of service usage fees.

In case a member of the Stock Exchange terminates their membership, the Stock Exchange shall refund the difference between the service fee paid by the member during the year and the actual service fee that should have been paid according to the formula and guidance provided in Points a and b of this Clause.

7. Service fee for auctioning, competitive bidding, and bookkeeping at the Stock Exchange

b) Calculation period for service fees:

b) In cases where the conditions for organizing an auction, competitive bidding, or bookkeeping are not met, or the service user requests to temporarily suspend the organization of an auction, competitive bidding, or bookkeeping at the request of the competent authority, the Stock Exchange still collects a minimum of twenty million dong per event.

8. Service fee for managing depositary members

b) Calculation period for service fees:

b) Period for calculating the service fee.

- In cases where an organization is currently a depositary member of VSDC and does not have their Depositary Membership Certificate revoked by VSDC within the year, the period for calculating the service fee is twelve months starting from January 1st of the calculation year.

- In cases where an organization newly approved as a depositary member and does not have their Depositary Membership Certificate revoked by VSDC within the same year, the period for calculating the service fee starts from the month following the month when VSDC issues the Decision granting the Depositary Membership Certificate until the end of December of that year.

- In cases where an organization is currently a depositary member of VSDC and has their Depositary Membership Certificate revoked by VSDC within the year, the period for calculating the service fee runs from the beginning of the year until the end of the month when VSDC issues the Decision revoking the Depositary Membership Certificate.

- In cases where an organization newly approved as a depositary member and has their Depositary Membership Certificate revoked by VSDC within the same year, the period for calculating the service fee starts from the month following the month when VSDC issues the Decision granting the Depositary Membership Certificate until the end of the month when VSDC issues the Decision revoking the Depositary Membership Certificate.

c) In cases where a depositary member is formed through merger, consolidation, division, separation, conversion, or acquisition and must go through new procedures to register as a depositary member with VSDC, they shall pay the service fee equivalent to the case of registering as a new depositary member.

In case a Stock Exchange member revokes its membership, the Stock Exchange will refund the difference between the service fee paid by the member in the year and the actual service fee calculated according to the formula and guidance at Point a and Point b of this Clause.

In case a depositary member has their Depositary Membership Certificate revoked, VSDC shall refund the difference between the service fee paid by the depositary member during the year and the actual service fee that should have been paid according to the formula and guidance provided in Points a and b of this Clause.

9. Service fee for registering securities, canceling registration of securities one
Part or Article on adjusting the quantity of registered securities

b) Calculation period for service fees:

b) In the case where the issuer organization, public company, fund management company with registered fund certificates at VSDC is approved to register securities and then is subsequently deregistered compulsorily or voluntarily, the issuer organization, public company, fund management company with registered fund certificates at VSDC shall not be refunded the service usage fee for registering securities or adjusting the quantity of registered securities.

10. Service fee for securities custody

b) Calculation period for service fees:

b) Calculation of ∑Vi:

Vi is the number of securities held in custody on day i determined by accumulating the balance of securities held in custody across all securities account custody accounts for brokerage activities as well as proprietary trading for securities.

i = 1 → n are the days in the month when there is a balance of securities held in custody.

The daily balance of securities held in custody is calculated at the end of each day based on documents confirmed effective by VSDC.

c) Exemption from payment of securities custody service fees:

Exemption from payment of securities custody service fees for shares of public companies that have not been listed or registered for trading on the Stock Exchange.

11. Service fee for transferring securities between accounts

a) Service fee for transferring securities between investor accounts at different custodians.

The total service fee payable in the month equals the sum of the service transfer fees on day i (i = 1 → n are the days in the month when there is a transaction of transferring securities between investor accounts at different custodians).

The service transfer fee on day i =  ∑(Fee rate x Vj)

- The rate as decided by the Minister of Finance.

- Vj is the total number of security code j on each securities account custody according to the request for transferring securities on day i of the transferring party confirmed by VSDC on the effective date of the transfer (j = 1 → m are the security codes that have transactions of transferring securities between investor accounts at different custodians on day i).

b) Service fee for transferring securities for settlement purposes.

The total service fee payable in the month equals the sum of the service transfer fees for settlement on day i (i = 1 → n are the days in the month when there is a transaction of transferring securities for settlement for securities sale transactions).

The service transfer fee for settlement on day i = ∑(Fee rate x Pj).

- The rate as decided by the Minister of Finance.

- Pj is the total number of security code j (j = 1 → m are the security codes that must be delivered arising from the transfer settlement transaction on day i) according to the Transaction Result Notice issued by VSDC.

12. Service fee for exercising rights

b) Calculation period for service fees:

b) The service fee for each exercise of rights is calculated based on the number of security holders of the issuer organization, public company, or the number of fund certificate holders of investment funds (including both those who have deposited and those who have not deposited) per consolidated list of security holders prepared by VSDC on the final registration date for exercising rights.

13. Service fee for post-trade error processing

Post-trade error processing service fee includes the service fee for correcting post-trade errors, the service fee for processing delayed settlement transactions, the service fee for processing proprietary trading errors, and the service fee for cash settlement.

a) Service fee for correcting post-trade errors:

Service fee = Fee rate x n

- The rate as decided by the Minister of Finance.

- n is the number of erroneous transactions processed by VSDC.

b) Service fee for processing delayed settlement transactions:

Service fee = Fee rate x n

- The rate as decided by the Minister of Finance.

- n is the number of delayed settlement transactions processed by VSDC.

c) Service fee for processing proprietary trading errors:

Service fee = Fee rate x n

- The rate as decided by the Minister of Finance.

- n is the number of proprietary trading loss transactions processed by VSDC.

d) Service fee for cash settlement:

Service fee = Fee rate x n

- The rate as decided by the Minister of Finance.

- n is the number of cash settlement transactions processed by VSDC.

đ) In the case where a transaction error occurs due to an unavoidable technical incident, the service fee for post-trade error processing will be calculated according to Point a, Point b, Point c, Point d of this Clause but the total post-trade error processing service fee that the custodian member or clearing member must pay shall not exceed 100 million dong/member/incident.

14. Service fee for transferring ownership of securities outside the stock exchange trading system

b) Calculation period for service fees:

b) The price of securities for calculating the value of the securities ownership transfer transaction is determined as follows:

- For securities of organizations currently listed or registered for trading:

+ In the case of transfer, the price of securities is calculated based on the price recorded in the transfer contract/agreement but not lower than the reference price of the securities on the day VSDC exercises ownership.

+ In the case of gift, inheritance, or the contract/agreement does not specify a transfer price or does not have a transfer contract/agreement, the price of securities is calculated based on the reference price of the securities on the day VSDC exercises the transfer of ownership.

+ In the case where there is no reference price for bonds, the price of securities is calculated based on the face value of the bond.

+ In the case of transferring ownership due to capital contribution with shares into a business, the price of securities is calculated based on the price of the securities valued according to Article 36 of the Enterprise Law but not lower than the reference price of the securities on the day VSDC exercises the transfer of ownership. If there is no reference price, the price of securities is calculated based on the price of the securities valued according to Article 36 of the Enterprise Law but not lower than the face value of the securities.

- For securities of organizations not listed or not registered for trading, the price of securities is calculated based on the face value of the securities.

15. Service fee for securities lending and borrowing through the VSDC system

15.1. Service fee for managing securities lending and borrowing transactions.

b) Calculation period for service fees:

b) The service fee rate for securities lending and borrowing is only charged once when borrowing securities, not when returning.

15.2. Service fee for managing collateral assets.

Service fee for managing collateral assets = Fee rate x ∑Vi

b) Calculation period for service fees:

b) Vi: Value of collateral assets (cash and securities calculated at face value) on day i.

i = 1 → n is the number of borrowing days.

16. Service fee for freezing securities upon investor's request

b) Calculation period for service fees:

b) V: Price of securities calculated at face value for stocks, bonds, fund certificates, ETF certificates, and calculated at the issue price for guaranteed warrant certificates.

17. Service fee for registering clearing members

b) Calculation period for service fees:

b) In case a substitute member voluntarily or compulsorily terminates its substitute membership status, it shall not be entitled to a refund for the service usage fee for registering as a substitute member.

18. Substitute Member Management Service Fee

b) Calculation period for service fees:

- In case an organization is already a member of the Stock Exchange and does not have its membership revoked within the year, the calculation period for service fees is twelve months from January 1 of the pricing year.

- For organizations that are currently substitute members of VSDC and have not had their Substitute Membership Certificates revoked by VSDC during the year, the period for calculating the service fee is twelve months from January 1 of the calculation year.

- For organizations newly approved as substitute members and not having their Substitute Membership Certificates revoked by VSDC within the same year, the period for calculating the service fee starts from the month immediately following the month in which VSDC issues the Decision on Issuing the Substitute Membership Certificate until December of the same year.

- For organizations that are currently substitute members of VSDC but have had their Substitute Membership Certificates revoked by VSDC during the year, the period for calculating the service fee runs from the beginning of the year until the end of the month in which VSDC issues the Decision on Revoking the Substitute Membership Certificate.

- For organizations newly approved as substitute members but have had their Substitute Membership Certificates revoked by VSDC within the same year, the period for calculating the service fee starts from the month immediately following the month in which VSDC issues the Decision on Issuing the Substitute Membership Certificate until the end of the month in which VSDC issues the Decision on Revoking the Substitute Membership Certificate.

c) Substitute members formed through mergers, acquisitions, divisions, spin-offs, conversions, or takeovers who must go through procedures to register as substitute members with VSDC shall pay the service fee as if they were new substitute members.

In case a Stock Exchange member revokes its membership, the Stock Exchange will refund the difference between the service fee paid by the member in the year and the actual service fee calculated according to the formula and guidance at Point a and Point b of this Clause.

In cases where substitute members have their Substitute Membership Certificates revoked, VSDC shall refund the difference between the service fee paid by the substitute member during the year and the actual service fee calculated according to the formula and guidance provided in Points a and b of this Clause.

19. Substitute Service Fee

Service Fee = Σ (Value of Position Transactions x Rate)

a) The value of position transactions is the value of securities purchased and sold by the member.

b) The rate is determined by the Minister of Finance's Decision.

B. SERVICE FEES APPLICABLE IN THE DERIVATIVES MARKET

1. Service Fee for Registering as a Derivatives Member

b) Calculation period for service fees:

b) In case a derivatives member voluntarily or compulsorily terminates its derivatives membership status, it shall not be entitled to a refund for the service usage fee for registering as a derivatives member.

2. Service Fee for Managing Derivatives Members

b) Calculation period for service fees:

- In case an organization is already a member of the Stock Exchange and does not have its membership revoked within the year, the calculation period for service fees is twelve months from January 1 of the pricing year.

- For organizations that are currently derivatives members of the Stock Exchange and do not have their membership status revoked during the year, the period for calculating the service fee is twelve months from January 1 of the calculation year.

- For organizations newly approved as derivatives members and do not have their membership status revoked within the same year, the period for calculating the service fee starts from the month immediately following the month in which the Stock Exchange issues the Decision on Approving Derivatives Membership Status until December of the same year.

- For organizations that are currently derivatives members and have been suspended or halted from trading derivatives due to voluntary or compulsory revocation of membership status during the year, the period for calculating the service fee runs from the beginning of the year until the end of the month in which the Stock Exchange implements the suspension or halt of derivative trading activities to revoke the membership status.

- For organizations newly approved as derivatives members of the Stock Exchange and have been suspended or halted from trading derivatives due to voluntary or compulsory revocation of membership status within the same year, the period for calculating the service fee starts from the month immediately following the month in which the Stock Exchange issues the Decision on Approving Derivatives Membership Status until the end of the month in which the Stock Exchange implements the suspension or halt of derivative trading activities to revoke the membership status.

c) For derivatives members formed through mergers, acquisitions, divisions, spin-offs, conversions, or takeovers who must go through procedures to register as new derivatives members, they must pay the service fee similar to the case of registering as new derivatives members.

d) Refund of service usage fees.

In cases where derivatives members terminate their membership status, the Stock Exchange shall refund the difference between the service fee paid by the derivatives member during the year and the actual service fee calculated according to the formula and guidance provided in Points a and b of this Clause.

3. Service Fee for Derivatives Trading

Derivatives Trading Service Fee = Rate x Total Number of Contracts of Each Member.

b) Calculation period for service fees:

b) Total Number of Contracts of Each Member = Quantity of Purchase Contracts + Quantity of Sale Contracts.

4. Service Fee for Registering as a Derivatives Substitute Member

b) Calculation period for service fees:

b) In case a derivatives substitute member voluntarily or compulsorily terminates its derivatives substitute membership status, it shall not be entitled to a refund for the service usage fee for registering as a derivatives substitute member.

5. Service Fee for Managing Derivatives Substitute Members

b) Calculation period for service fees:

- In case an organization is already a member of the Stock Exchange and does not have its membership revoked within the year, the calculation period for service fees is twelve months from January 1 of the pricing year.

- For organizations that are currently derivatives substitute members of VSDC and have not had their derivatives substitute membership status revoked by VSDC during the year, the period for calculating the service fee is twelve months from January 1 of the calculation year.

- For organizations newly approved as derivatives substitute members and not having their derivatives substitute membership status revoked by VSDC within the same year, the period for calculating the service fee starts from the month immediately following the month in which VSDC issues the Substitute Membership Certificate until December of the same year.

- For organizations that are currently derivatives substitute members of VSDC but have had their derivatives substitute membership status revoked by VSDC during the year, the period for calculating the service fee runs from the beginning of the year until the end of the month in which VSDC issues the Decision on Revoking the Derivatives Substitute Membership Status.

- In the case where an organization newly approved as a derivative securities clearing member but is subsequently revoked of its clearing member status by VSDC within the same year, the period for calculating service fees shall be from the month immediately following the month in which VSDC issues the Clearing Member Certificate to the end of the month in which VSDC issues the Decision revoking the clearing member status.

c) For derivative securities clearing members formed through consolidation, merger, division, spin-off, conversion, or acquisition that must go through procedures to register as new clearing members with VSDC, they shall pay service fees according to the cases of registering as new clearing members.

In case a Stock Exchange member revokes its membership, the Stock Exchange will refund the difference between the service fee paid by the member in the year and the actual service fee calculated according to the formula and guidance at Point a and Point b of this Clause.

In the event that a derivative securities clearing member has their clearing member status revoked, VSDC shall refund the difference in service fees paid by the clearing member during the year based on the actual service fees calculated according to the formula and guidance provided in Points a and b of this Clause.

6. Service fee for derivative securities clearing

Service fee = Rate x ∑Vi

b) Calculation period for service fees:

b) Calculation of ∑Vi:

Vi is the number of contracts substituted on day i determined by summing up the number of substituted contracts across all investor accounts (i = 1 → n are the days in the month with transactions occurring).

7. Service fee for managing collateral assets

The service fee for managing collateral assets deposited by clearing members in a month:

P = P1 + P2

P is the service fee for managing collateral assets.

P1 is the service fee for managing collateral assets in cash.

P2 is the service fee for managing collateral assets in securities.

a) Managing collateral assets in cash

Payor: Derivative securities clearing members with cash collateral balances.

The service fee for managing cash collateral assets that clearing members must pay in a month: P₁ = ∑ Pi

Pi = Rate x cash collateral balance on day i

Where:

Pi is the service fee for managing cash collateral assets on day i (i = 1 → n are the days in the month with cash collateral balances).

The rate is as decided by the Minister of Finance.

b) Managing collateral assets in securities

Payor: Derivative securities clearing members with securities collateral balances.

The service fee for managing securities collateral assets that clearing members must pay in a month: P₂ = ∑Pi

Pi = Rate x ∑ (Vj x k)

Where:

Pi is the service fee for managing securities collateral assets on day i (i = 1 → n are the days in the month with securities collateral balances).

k is the par value of security code j with a balance on day i.

Vj is the total balance of security code j on the securities collateral account at VSDC on day i (j = 1 → m are the security codes with balances on day i).

The rate is as decided by the Minister of Finance.

8. Service fee for post-trade error correction for derivative securities

Service fee = Fee rate x n

b) Calculation period for service fees:

b) n is the number of erroneous transactions processed by VSDC.

9. Service fee for position management

Service fee = Rate x ∑Vi

b) Calculation period for service fees:

b) Calculation method for ∑With

- V (VND/year): is the total investment capital allocated annually for the usable area of social housing for rent, ensuring the preservation of capital, calculated according to the following formula:_{international} is the balance of contracts on day i determined by summing up the contract balances across all investor and clearing member accounts (i = 1 → n are the days in the month with contract balances).

- Daily contract balances are calculated at the end of the day based on confirmed documents/electronic confirmations that have been validated by VSDC.