Circular 125/2026/TT-BTC amend Circular 83/2024/TT-BTC and Circular 34/2026/TT-BTC on pricing of securities-related services

CIRCULAR

Amending and supplementing a number of articles of Circular No. 83/2024/TT-BTC dated November 26, 2024 of the Minister of Finance, guiding the mechanisms and policies on prices of securities-related services to be priced by the State applicable to the Vietnam Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation, and Circular No. 34/2026/TT-BTC dated March 30, 2026 of the Minister of Finance, prescribing the economic-technical characteristics of securities-related services of the Vietnam Exchange and its subsidiary company, the Vietnam Securities Depository and Clearing Corporation and its subsidiary company to be priced by the State

Pursuant to the Law on Promulgation of Legal Documents No. 64/2025/QH15, as amended and supplemented by Law No. 87/2025/QH15;

Pursuant to the Law on Price No. 16/2023/QH15, as amended and supplemented by Law No. 44/2024/QH15, Law No. 61/2024/QH15, Law No. 95/2025/QH15 and Law No. 140/2025/QH15;

Pursuant to the Law on Securities No. 54/2019/QH14, as amended and supplemented by Law No. 56/2024/QH15;

Pursuant to the Law on Public Debt Management No. 20/2017/QH14, as amended and supplemented by Law No. 90/2025/QH15 and Law No. 141/2025/QH15;

Pursuant to the Government’s Decree No. 78/2025/ND-CP, detailing a number of articles of, and measures to organize and guide the implementation of, the Law on Promulgation of Legal Documents, as amended and supplemented by Decree No. 187/2025/ND-CP;

Pursuant to the Government’s Decree No. 29/2025/ND-CP, defining the functions, tasks, powers and organizational structure of the Ministry of Finance, as amended and supplemented by Decree No. 166/2025/ND-CP;

At the proposal of the Director of the Price Management Department;

The Minister of Finance promulgates the Circular amending and supplementing a number of articles of Circular No. 83/2024/TT-BTC dated November 26, 2024 of the Minister of Finance, guiding the mechanisms and policies on prices of securities-related services to be priced by the State applicable to the Vietnam Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation, and Circular No. 34/2026/TT-BTC dated March 30, 2026 of the Minister of Finance, prescribing the economic-technical characteristics of securities-related services of the Vietnam Exchange and its subsidiary company, the Vietnam Securities Depository and Clearing Corporation and its subsidiary company to be priced by the State.

Article 1. Amendment and supplementation of a number of articles, Appendix I and Appendix II of Circular No. 83/2024/TT-BTC dated November 26, 2024 of the Minister of Finance, guiding the mechanisms and policies on prices of securities-related services to be priced by the State applicable to the Vietnam Exchange and its subsidiary companies and the Vietnam Securities Depository and Clearing Corporation

1. To replace the phrase “the Vietnam Exchange and its subsidiary companies (hereinafter referred to as SGDCK), the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC) in accordance with law regulations” in Clause 1 Article 1 with the phrase “the Vietnam Exchange and its subsidiary company (hereinafter referred to as SGDCK), the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC) and its subsidiary company in accordance with law regulations”.

2. To replace the phrase “SGDCK and VSDC” in Clause 2 Article 1, the title of Article 3, Clauses 1, 3, 4, 6 and 7 Article 3, Clauses 1 and 3 Article 6 and Clause 1 Article 7 with the phrase “SGDCK, VSDC and its subsidiary company”.

3. To replace the phrase “the Vietnam Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation” in Clause 1 Article 2 with the phrase “the Vietnam Exchange and its subsidiary company, including the Hanoi Stock Exchange and the Ho Chi Minh Stock Exchange; the Vietnam Securities Depository and Clearing Corporation and its subsidiary company, namely the Vietnam Securities Clearing Single-Member Limited Liability Company”.

4. To replace the phrase “People’s Committees of provinces and cities” in Clause 2 Article 2, in the payer column of Clause 8, 9 and 10 Section II and in the payer column of Clause 19 Section III Part A Appendix I with the phrase “provincial-level People’s Committees”.

5. To replace the phrase “periodic connection maintenance service” in Clauses 1, 2 and 3 Article 4, Clauses 3 and 4 Article 5, in the service price name column of Clause 5.2 Section II Part A Appendix I and in Clause 5 Part A Appendix II with the phrase “periodic trading connection maintenance service”.

6. To replace the phrase “SGDCK, VSDC” in Clause 2 Article 5 with the phrase “SGDCK, VSDC and its subsidiary company”.

7. To replace the phrase “online connection service” in Clause 3 Article 5, Clause 5 Section II Part A Appendix I and Clause 5 Part A Appendix II with the phrase “online trading connection service”.

8. To replace the phrase “THE VIETNAM EXCHANGE AND ITS SUBSIDIARY COMPANIES, THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION” in the titles of Appendix I and Appendix II with the phrase “THE VIETNAM EXCHANGE AND ITS SUBSIDIARY COMPANY, THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION AND ITS SUBSIDIARY COMPANY”.

9. To replace the phrase “ETF” in the service price name column of Clauses 3.2 and 3.3 Section II Part A Appendix I with the phrase “ETF fund certificates”.

10. To replace the phrase “initial connection service” in the service price name column of Clause 5.1 Section II Part A Appendix I and in Clause 5 Part A Appendix II with the phrase “initial trading connection service”.

11. To annul the phrase “, competitive offering, book building” in the service price name column, payer column and payment time column of Clause 7 Section II Part A Appendix I and in the title of Clause 7 Part A Appendix II.

12. To replace and annul a number of phrases in Clause 12 Section III Part A Appendix I as follows:

a) To replace the phrase “Fund management company having fund certificates registered at VSDC” in the payer column with the phrase “fund management company having fund certificates registered at VSDC, fund management company having privately placed corporate bonds registered at VSDC”;

b) To replace the phrase “ETF” in the scope of application column with the phrase “ETF fund certificates”;

c) To annul the phrase “certification” in the payment time column.

13. To replace a number of phrases in Clause 15 Section III Part A Appendix I as follows:

a) To replace the phrase “Fund management company having fund certificates registered at VSDC” in the payer column with the phrase “fund management company having fund certificates registered at VSDC, fund management company having privately placed corporate bonds registered at VSDC”;

b) To replace the phrase “exercise of rights” in the payment time column with the phrase “entitled to rights”.

14. To add the phrase “Applicable through the end of the day immediately preceding the official date of implementation of the central counterparty mechanism for the clearing and settlement of transactions in shares, fund certificates and covered warrants” to the scope of application column of Clause16 Section III Part A and to the scope of application column of Clause 7 Section III Part B Appendix I.

15. To replace the phrase “Price of cash settlement service” in the service price name column of Clause 16.4 Section III Part A Appendix I with the phrase “Price of service of processing and determining cash settlement obligations for transactions with insufficient securities for settlement”.

16. To annul Point c in the scope of application column of Clause 17.1 Section III Part A Appendix I.

17. To add and annul a number of phrases in Clause 17.2 Section III Part A Appendix I as follows:

a) To add the phrase “Not applicable to gifts and inheritances between wife and husband, between biological father or biological mother and biological child, between adoptive father or adoptive mother and adopted child, between father-in-law or mother-in-law and daughter-in-law, between father-in-law or mother-in-law and son-in-law, between paternal grandfather or paternal grandmother and paternal grandchild, between maternal grandfather or maternal grandmother and maternal grandchild, and between biological siblings” to the scope of application column;

b) To annul the phrase “, except for gifts and inheritances between wife and husband, between biological father or biological mother and biological child, between adoptive father or adoptive mother and adopted child, between father-in-law or mother-in-law and daughter-in-law, between father-in-law or mother-in-law and son-in-law, between paternal grandfather or paternal grandmother and paternal grandchild, between maternal grandfather or maternal grandmother and maternal grandchild, and between biological siblings” in the service price name column.

18. To annul Clause 17.8 Section III Part A Appendix I.

19. To add Clauses 17.9, 17.10, 17.11, 17.12 and 17.13 to Section III Part A Appendix I as follows:

20. To replace the phrase “Price of securities borrowing and lending service through the VSDC system” in Clause 18 Section III Part A Appendix I and Clause 15 Part A Appendix II with the phrase “Price of securities borrowing and lending service through the system at VSDC”.

21. To replace a number of phrases in Clause 21.1 Section III Part A Appendix I as follows:

a) To replace the phrase “Initial registration of secured transactions and blocking of securities” in the service price name column of Point a with the phrase “Registration of security interests”;

b) To replace the phrase “Registration of changes to the contents of registered secured transactions” in the service price name column of Point b with the phrase “Registration of changes to, and correction of, security interests”;

c) To replace the phrase “transaction” in the service price name column of Points d and dd and in the payer column with the phrase “security interest”.

22. To replace the phrase “transaction” in Clause 21.2 Section III Part A Appendix I with the phrase “registration of security interests”.

23. To add Clause 21.3 to Section III Part A Appendix I as follows:

24. To annul Clause 25 Section III Part A Appendix I.

25. To add Section IV to Part A Appendix I as follows:

26. To replace the phrase “PRICES OF SERVICES APPLICABLE AT THE DERIVATIVES SECURITIES DEPOSITORY AND CLEARING CORPORATION” in Section III Part B Appendix I with the phrase “PRICES OF SERVICES APPLICABLE AT THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION”.

27. To replace the phrase “Applicable from the time VSDC officially implements the clearing and settlement of derivatives transactions under the new information technology system for the securities market” in the scope of application column of Clauses 6 and 8 Section III Part B Appendix I with the phrase “Applicable through the end of the day immediately preceding the official date of implementation of the central counterparty mechanism for the clearing and settlement of transactions in shares, fund certificates and covered warrants”.

28. To annul Clause 9 Section III Part B Appendix I.

29. To add Section IV to Part B Appendix I as follows:

30. To annul the phrase “/competitive offering/book building” in Point b Clause 7 Part A Appendix II.

31. To replace the phrase “fund management company having fund certificates registered at VSDC” in Point b Clause 9 Part A Appendix II with the phrase “fund management company having fund certificates registered at VSDC, fund management company having privately placed corporate bonds registered at VSDC”.

32. To replace the phrase “securities holder” in Point b Clause 12 Part A Appendix II with the phrase “securities holder entitled to rights”.

33. To replace and annul a number of phrases in Clause 13 Part A Appendix II as follows:

a) To replace the phrase “cash settlement service” with the phrase “service of processing and determining cash settlement obligations for transactions with insufficient securities for settlement”;

b) To replace the phrase “n is the number of cash settlement transactions processed by VSDC” with the phrase “n is the number of transactions with insufficient securities that have been converted to cash settlement”;

c) To annul the phrase “VSDC” in Points a, b and c.

34. To amend and supplement the second dash “-” of Point b Clause 14 Part A Appendix II as follows:

“- For securities of an organization that has not been listed or registered for trading, or that have been listed or registered for trading but whose trading has been suspended or temporarily suspended by SGDCK, the securities price shall be calculated according to the par value of the securities.”.

35. To add Point c to Clause 14 Part A Appendix II as follows:

“c) The price of securities ownership transfer services shall be paid by the parties through the depository member with which the parties conducting the ownership transfer have opened their securities depository accounts, for securities registered for depository, or through the public company or issuing organization, for securities not yet deposited.”.

36. To add Clause 16a after Clause 16 Part A Appendix II as follows:

“16a. Price of service of blocking securities for which security interests have been registered

a) The price rate specified in the Decision of the Minister of Finance.

b) V: The securities price calculated according to the par value for shares, bonds, fund certificates and ETF fund certificates, and according to the initial issue price for covered warrants.”.

37. To annul the phrase “VSDC” in Clause 8 Part B Appendix II.

38. To annul Clause 9 Part B Appendix II.

Article 2. Amendment and supplementation of the Appendix to Circular No. 34/2026/TT-BTC dated March 30, 2026 of the Minister of Finance, prescribing the economic-technical characteristics of securities-related services of the Vietnam Exchange and its subsidiary company, the Vietnam Securities Depository and Clearing Corporation and its subsidiary company to be priced by the State

1. To replace the phrase “connection” in the detailed service name column of Clause 5, 5.1 and 5.2 Section I Part A with the phrase “trading connection”.

2. To annul the phrase “, book building” in the detailed service name column and the basic characteristics of service column of Clause 7 Section I Part A.

3. To amend and supplement Point d Clause 6 Section I Part B as follows:

4. To add Clauses 7.12, 7.13, 7.14, 7.15 and 7.16 after Clause 7.11 Section I Part B as follows:

5. To amend and supplement Clause 11 Section I Part B as follows:

Article 3. Implementation provisions

1. This Circular takes effect on October 06, 2026.

2. The Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation shall continue to apply the names and rates of service prices prescribed in Decision No. 1541/QD-BTC dated April 29, 2025 of the Minister of Finance until the Minister of Finance promulgates a new document./.