Decree 330/2025/ND-CP establishment and operation of commodity exchanges in International Financial Center Vietnam

DECREE

On the establishment and operation of commodity exchanges in the International Financial Center in Vietnam^[1]

Pursuant to Law No. 63/2025/QH15 on Organization of the Government;

Pursuant to Law No. 61/2020/QH14 on Investment, as amended and supplemented under Law No. 72/2020/QH14, Law No. 03/2022/QH15, Law No. 05/2022/QH15, Law No. 08/2022/QH15, Law No. 09/2022/QH15, Law No. 20/2023/QH15, Law No. 26/2023/QH15, Law No. 27/2023/QH15, Law No. 28/2023/QH15, Law No. 31/2024/QH15, Law No. 33/2024/QH15, Law No. 43/2024/QH15, Law No. 57/2024/QH15, and Law No. 90/2025/QH15;

Pursuant to Law No. 59/2020/QH14 on Enterprises, as amended and supplemented under Law No. 03/2022/QH15 and Law No. 76/2025/QH15;

Pursuant to Commercial Law No. 36/2005/QH11, as amended and supplemented under Law No. 05/2017/QH14, Law No. 44/2019/QH14, and Law No. 75/2025/QH15;

Pursuant to Law No. 20/2023/QH15 on E-Transactions, as amended and supplemented under Law No. 60/2024/QH15;

Pursuant to Law No. 24/2018/QH14 on Cybersecurity;

Pursuant to Law No. 05/2017/QH14 on Foreign Trade Management;

Pursuant to the National Assembly’s Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam;

At the proposal of the Minister of Industry and Trade;

The Government promulgates the Decree on the establishment and operation of commodity exchanges in the International Financial Center in Vietnam.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree details and guides the implementation of Articles 10, 11, 12, 13, 15 and 31 of the National Assembly’s Resolution No. 222/2025/QH15 on the International Financial Center in Vietnam regarding the establishment and operation of commodity exchanges in the International Financial Center in Vietnam.

Article 2. Subjects of application

This Decree applies to commodity exchanges, investors, traders, agencies, organizations and other individuals involved in the operation of the International Financial Center in Vietnam (below referred to as the International Financial Center).

Article 3. Interpretation of terms

In this Decree, the terms below are construed as follows:

1. Commodity exchange means an organization that performs the listing and trading of commodities and commodity derivatives, including spot commodity contracts and derivative commodity contracts via order-matching, auction, negotiation or other lawful methods.

2. Commodity trading floor means a trading system of a commodity exchange, including the trading venue and digital platform (trading platform) for the execution of spot commodity contracts and derivative commodity contracts.

3. Trading platform means a technological system consisting of technical infrastructure, software, databases and digital applications that enable the execution, management and confirmation of transactions of commodities, services and assets in electronic or digital data format, ensuring integrity, traceability and authenticity in accordance with law.

4. Spot commodity contract means a contract for the purchase and sale of commodities traded on a commodity exchange in which the purchase price is determined at the time of contract conclusion, and delivery and payment are performed immediately or within a short period as specified by the commodity exchange.

5. Derivative commodity contract means a contract listed and traded on a trading floor or a trading platform of a commodity exchange, and taking the form of a futures contract, option contract, swap contract, contract for difference (CFD) or another derivative contract.

6. Futures contract means a standardized forward contract listed and traded on a commodity exchange in which the parties commit to purchase or sell a certain volume of a commodity at a specific time in the future at a price agreed upon at the time of contract conclusion.

7. Option contract means a contract listed and traded via a commodity exchange in which the option buyer has the right (but is not obliged) to purchase or sell a certain volume of a commodity at an agreed price (strike price) within a period or at a specific time in the future; the option seller shall conduct the transaction at the buyer’s request.

8. Swap contract means a contract listed and traded via a commodity exchange in which the parties commit to swapping cash flows, payment obligations or other economic interests related to the commodity over a specific period according to a pre-agreed price, formula or calculation method.

9. Contract for difference means a derivative contract between parties in which the contract is settled through the payment of the difference between the commodity price at the time of opening a trading position and the time of closing such position.

10. Opening a position means the establishment of a new trading status by executing an order to buy or sell a commodity contract.

11. Closing a position means the execution of an offsetting transaction against an open position to terminate or reduce the volume of the existing buy or sell position.

Chapter II

ESTABLISHMENT AND OPERATION OF COMMODITY EXCHANGES

Article 4. Conditions for establishment and operation of a commodity exchange

An enterprise may establish a commodity exchange if it satisfies the following conditions:

1. Being a member of the International Financial Center or a company owned or controlled by a member of the International Financial Center of which the contributed capital ratio of the International Financial Center’s member company is at least 49% of the charter capital.

2. In case of a foreign-invested enterprise, the total ratio of capital contributions by foreign investors must not exceed 49%.

3. Having a charter capital of VND 1,500 billion (one thousand five hundred billion Vietnam dong) or more.

4. Having operational model, organization and functions of a commodity exchange.

5. Having a draft operation charter compliant with the Government’s regulations on the purchase and sale of commodities via commodity exchanges and this Decree.

6. Having an information technology system that satisfies management and operation safety, stability and security requirements, including the following principal contents:

a/ The electronic trading platform must operate uninterruptedly and safely and be capable of processing and storing transaction data, order modifications and cancellations, and real-time order-matching results;

b/ The margin management and clearing system must ensure accurate and timely control of margin obligations, payment and risk management in transactions;

c/ The trading supervision system must be capable of monitoring, detecting, warning and storing data to serve the management and supervision of commodity trading activities;

d/ Information security and contingency requirements must conform to technical standards, and ensure cybersecurity and system recovery capability in the event of incidents;

dd/ Being capable of connecting with members and state management agencies, ensuring openness, safety and synchronicity and provision of accurate and transparent data.

The Executive Bodies in the cities shall provide detailed guidance on Clause 6 of this Article.

Article 5. Dossier of application for establishment of a commodity exchange

1. The application for establishment of a commodity exchange, made according to Form No. 01.GDN provided in Appendix I to this Decree.

2. A scheme explaining the operation model, organization and functions of the commodity exchange.

3. A draft operation charter.

4. Documents describing the information technology system, including the trading platform, and complying with the Government’s regulations on the purchase and sale of commodities via commodity exchanges.

Article 6. Issuance of commodity exchange establishment licenses

1. The Executive Bodies in the cities shall examine conditions and dossiers of application for establishment of commodity exchanges.

2. Procedures for issuance of a commodity exchange establishment license:

a/ The applying enterprise shall send 1 set of dossier to the Executive Body in the city by hand delivery, by post or via the electronic single-window administrative system at the International Financial Center;

b/ In case the dossier is invalid, within 7 working days after receiving it, the Executive Body in a city shall issue a written request for the enterprise to make amendments or supplementations;

c/ Within 30 working days after receiving a valid dossier, the Executive Body in the city shall examine and issue the commodity exchange establishment license to the enterprise if the latter fully satisfies the conditions specified in Article 4 of this Decree. In case of refusal to grant the license, the Executive Body in the city shall give a written reply, clearly stating the reason.

Article 7. Commodity exchange establishment licenses

A commodity exchange establishment license (below referred to as the establishment license) shall be made according to Form No. 01.GP provided in Appendix II to this Decree.

Article 8. Modification and supplementation of establishment licenses

1. In case the content of its establishment license changes, the enterprise shall submit 1 set of dossier of request for license modification or supplementation to the Executive Body in the city in person, by post or via the electronic single-window administrative system at the International Financial Center.

2. A dossier of request for modification or supplementation of an establishment license must comprise:

a/ A written request for modification or supplementation of the establishment license, made according to Form No. 02.GDN provided in Appendix I to this Decree;

b/ Documents proving request for modification or supplementation of the license.

3. Within 15 working days after receiving a valid dossier as specified in Clause 2 of this Article, the Executive Body in the city shall decide to modify or supplement the establishment license. In case of refusal to modify or supplement the establishment license, the Executive Body in the city shall notify such in writing, clearly stating the reason.

Article 9. Re-issuance of the establishment license

1. In case the establishment license is lost, torn or otherwise damaged, procedures for license re-issuance are as follows:

a/ The enterprise shall submit 1 set of dossier of request for license re-issuance to the Executive Body in the city in person, by post or via the electronic single-window administrative system of the International Financial Center;

b/ A dossier of request for license re-issuance must comprise a written request for license re-issuance, made according to Form No. 03.GDN provided in Appendix I to this Decree;

c/ Within 7 working days after receiving a valid dossier, the Executive Body in the city shall decide to re-issue the establishment license.

2. In case the establishment license contains errors or mistakes, the Executive Body in the city shall revoke and re-issue the establishment license.

Article 10. Suspension of operation and revocation of establishment license

The Executive Bodies in the cities shall suspend the operation and revoke establishment licenses in cases specified in the Government’s regulations on purchase and sale of commodities via commodity exchanges.

Article 11. Management measures in cases of emergency

1. In case of a risk causing instability to the commodity trading market, affecting economic-financial security, social order and safety or a sign of a serious legal violation related to trading activities at a commodity exchange in the International Financial Center, the Ministry of Industry and Trade may apply one emergency measure or a combination of the following emergency measures: suspending or restricting transactions on the system of the commodity exchange; applying a special control regime to the information technology system; publicizing emergency information on market developments and potential risks; restricting or terminating system access rights for organizations or individuals that violate the law or manipulate the market, in order to ensure technical safety, market transparency and stability.

2. In case of appplication of the measures specified in Clause 1 of this Article, the Ministry of Industry and Trade shall publicly notify reasons, scope of application, validity duration, and implementation guidance to related organizations and individuals.

Article 12. Commodities permitted for purchase and sale via commodity exchanges

Commodities permitted for purchase and sale via commodity exchanges as specified in Article 13 of Resolution No. 222/2025/QH15 include, but are not limited to, groups of agricultural products, energy products, industrial raw materials, metals (including also precious and rare metals, except gold), carbon credits, and cultural and artistic products that are digital assets using non-fungible token (NFT) technology.

Article 13. Clearing houses

1. A clearing house is an organization that performs the function of providing clearing services for commodity purchase and sale transactions via commodity exchanges in the International Financial Center.

2. A clearing house shall be organized as a subsidiary of a commodity exchange with a minimum charter capital of VND 500 billion and an information technology system compatible with that of the commodity exchange.

3. The appraisal and approval of an organization eligible to serve as a clearing house:

a/ An Executive Body in a city shall appraise dossiers of request for approval of eligibility to serve as clearing houses and grant approval to organizations eligible to serve as clearing houses;

b/ A subsidiary of a commodity exchange wishing to be approved as a clearing house shall submit 1 set of dossier to the Executive Body in the city in person, by post or via the electronic single-window administrative system at the International Financial Center;

c/ A dossier of request for approval of eligibility to serve as a clearing house must comprise: A written request for approval of eligibility to serve as a clearing house, made according to Form No. 04.GDN provided in Appendix I to this Decree; and documents proving the satisfaction of all conditions for establishment of a clearing house specified in this Decree;

d/ Within 30 working days after receiving a complete and valid dossier, the Executive Body in the city shall organize the appraisal and decide to approve the organization eligible to serve as a clearing house. In case of refusal, the Executive Body in the city shall issue a written reply, clearly stating the reason.

4. A clearing house may provide clearing services for one or more than one commodity exchange.

5. A clearing house has the following responsibilities:

a/ To manage deposits of members and perform post-trading position calculations and clearing;

b/ To implement risk management measures, including requests for additional deposits, application of security funds and handling mechanisms when a member becomes insolvent;

c/ To establish mechanisms for supervision, prevention, emergency response and recovery of system incidents within the specified time limit;

d/ To promptly announce clearing, settlement and risk management rules;

dd/ To provide adequate information to members, state management agencies and related organizations under regulations;

e/ To periodically and extraordinarily report on clearing payment and risk management activities to state management agencies;

g/ To comply with regulations on prevention and combat of money laundering and terrorism financing;

h/ Other responsibilities as specified by law and decided by competent management agencies.

6. Clearing houses may collect clearing service charges as agreed upon with commodity exchanges.

Article 14. Responsibilities of commodity exchanges

1. To maintain the conditions for establishment and comply with the Government’s regulations on the purchase and sale of commodities via commodity exchanges.

2. To operate commodity trading floors in accordance with their operation charters, ensuring fair competition and adherence to international standards on trading, settlement, information disclose and risk management.

3. To ensure safe and uninterrupted information technology infrastructure and trading, settlement and clearing systems with contingencies and risk prevention capabilities against system incidents.

4. To list commodities and commodity contracts, ensuring compliance with rules on commodity origin and quality in accordance with contract specifications.

5. To supervise transactions to detect and prevent violations such as price manipulation, fraud, money laundering and other prohibited acts; to apply early warning mechanisms, position limits and trading limits to ensure the market safety.

6. To approve and terminate their membership in accordance with the Government’s regulations on the purchase and sale of commodities via commodity exchanges; to supervise members in filfulling their obligations; and to handle violations within the ambit of their competence or propose competent authorities to do so.

7. To organize training, disseminate knowledge and provide professional guidance to members and investors to improve the latter’s understanding and legal compliance awareness.

8. To ensure conditions for and connect with the information technology systems of state management agencies to transmit transaction data to serve state management.

9. To coordinate with the International Financial Center’s Supervisory Body (below referred to as the Supervisory Body) in the supervision, prevention and handling of violations.

10. To perform operational reporting and transaction data connection according to guidance of the Executive Bodies in cities.

11. To comply with this Decree and legal documents guiding the implementation of Resolution No. 222/2025/QH15.

12. To implement measures for prevention and combat of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction as reporting entities that are financial institution in the International Financial Center in accordance with law.

Article 15. Members of commodity exchanges

1. A commodity exchange member is an enterprise that satisfies the conditions specified and has its membership approved by the commodity exchange.

2. Commodity exchange members must comply with the Government’s regulations on the purchase and sale of commodities via commodity exchanges and operation charters of their commodity exchanges.

Article 16. Rights and responsibilities of individuals and traders participating in transactions

1. Members in the International Financial Center, foreign individuals and traders other than trading members of the commodity exchanges may entrust trading members to purchase and sale commodities via the commodity exchanges.

2. Individuals and traders participating in transactions on commodity exchanges must comply with the Government’s regulations on the purchase and sale of commodities via commodity exchanges and operation charters and regulations of such commodity exchanges.

3. In case contracts are performed through the delivery and receipt of physical goods on the list of conditional business goods, organizations and individuals participating in transactions must satisfy the law-specified business conditions.

Chapter III

IMPORT AND EXPORT FOR THE PERFORMANCE OF COMMODITY TRADING CONTRACTS VIA COMMODITY EXCHANGES

Article 17. Goods exported and imported for the performance of commodity trading contracts via commodity exchanges

The performance of trading contracts on commodity exchanges through the delivery and receipt of physical goods is entitled to incentives provided in the Decree providing financial policies applicable in the International Financial Center.

Article 18. Conditions for enjoying incentives

1. Having documents proving the commodities specified in Article 17 of this Decree.

2. Import duty or export duty incentives and other customs procedures-related incentives must comply with the Decree providing financial policies applicable in the International Financial Center.

3. Commodities subject to specialized inspection (food safety, health, environment, agriculture, science-technology, national defense and security) shall comply with the inspection and supervision regulations and procedures and competence of the relevant specialized management agencies.

Chapter IV

STATE MANAGEMENT

Article 19. Responsibilities of the Ministry of Industry and Trade

1. To coordinate with the Supervisory Body in inspecting the operation of commodity exchanges and the purchase and sale of commodities via commodity exchanges.

2. To coordinate with related agencies in implementing this Decree’s provisions on incentives and handling of violations regarding the import, export and purchase and sale of goods.

Article 20. Responsibilities of the Executive Bodies in the cities

1. To examine dossiers for request for establishment of commodity exchanges of the International Financial Center’s members.

2. To issue, re-issue, terminate and revoke establishment licenses.

3. To approve the list of made-in-Vietnam goods permitted for trading based on proposals of commodity exchanges and in accordance with law.

4. To approve the list of contracts of foreign commodity exchanges permitted for cross-border linked trading.

5. To consider and decide on the supplementation, modification, suspension or termination of trading for specific commodity items to ensure market stability, economic security and national interests.

6. To appraise and approve organizations eligible to serve as clearing houses.

7. To develop and operate a real-time transaction data connection system, ensuring the transmission of all transaction data to the Ministry of Industry and Trade and related state management agencies for market supervision, management and analysis.

Article 21. Responsibilities of the Supervisory Body

1. To issue mechanisms for inspection and supervision of commodity trading activities in accordance with Resolution No. 222/2025/QH15 and relevant laws. Such mechanisms shall include procedures for controlling the listing, issuance, transfer and trading of derivative commodity contracts in line with international practices.

2. To organize periodic inspections based on risk control criteria for commodity trading activities at commodity exchanges.

3. To conduct extraordinary inspections upon detecting signs of violations regarding transparency, market manipulation, money laundering or non-compliance with trading regulations.

4. To propose or recommend competent agencies to implement violation handling measures in accordance with law.

5. To perform the function of supervising the operation of commodity exchanges and the purchase and sale of commodities via commodity exchanges organized in the International Financial Center.

Article 22. Responsibilities of other state management agencies

1. Ministries, ministerial-level agencies and government-attached agencies shall, within the scope of their functions, tasks and powers, promulgate, and guide and organize the implementation of, policies and laws to apply incentive mechanisms to the operation of the International Financial Center and the purchase and sale of commodities via commodity exchanges, and coordinate with Executive Bodies in cities and the Supervisory Body in managing and handling violations.

2. The People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang city shall ensure technical infrastructure, warehousing, logistics services, security and order for the import and export of commodities and the purchase and sale of commodities via commodity exchanges; and coordinating with state management agencies and related bodies in managing, supervising and handling issues arising in their localities.

Chapter V

IMPLEMENTATION PROVISIONS

Article 23. Effect

1. This Decree takes effect on December 18, 2025.

2. In case the legal documents referred to in this Decree are amended, supplemented or replaced, the provisions in the amending, supplementing or replacing documents shall prevail.

Article 24. Implementation responsibility

Ministers, heads of ministerial-level agencies, heads of government-attached agencies, the chairperson of the Ho Chi Minh City People’s Committee, the chairperson of the Da Nang city People’s Committee, and related agencies, organizations and individuals shall implement this Decree.

On behalf of the Government
Prime Minister
NGUYEN MINH CHINH

* The Appendices to this Decree are not translated.