A Government reform will see some changes to the roles of Việt Nam's two main markets, the Hanoi Stock Exchange (HNX) and the Ho Chi Minh City Stock Exchange (HoSE).

 

HNX formally stopped accepting new applications for stock listings from July 1. The responsibility for all new equity listing registrations has been shifted to HoSE as part of Circular 69/2023/TT‑BTC, issued by the Ministry of Finance last November.

 

This change supports Decree 155/2020/NĐ‑CP and echoes the Prime Minister’s Decision 37/2020 on the establishment of Vietnam Exchange, which organised HNX and HoSE under a unified parent entity. 

 

The reform seeks to categorise the markets. HoSE will oversee stock trading, while HNX focuses on bonds, derivatives and other non-equity securities.

 

Under the new structure, any entity that submitted a listing application to HNX before July 1 but has yet to receive approval must have its application transferred to HoSE by July 8. This provision ensures continuity and minimises disruption for impending IPOs.

 

According to the Ministry of Finance, the restructuring is intended to unify share listing activities at HoSE, promoting a more consistent and organised market structure. 

 

Previously, the Ministry of Finance issued Circular 57/2021/TT-BTC, which outlines a roadmap for the reorganisation of the stock trading market, the bond trading market, the derivatives trading market and other types of securities trading.

 

Under the circular, HoSE is set to consolidate the organisation of the stock trading market, mutual fund certificates and secured warrants, as well as the trading market for registered stocks of unlisted organisations, in accordance with the Securities Law and its regulations.

 

The ministry also released Circular 69/2023/TT-BTC, which amended and supplemented certain provisions of Circular 57, extending the deadline for this reorganisation roadmap to December 31, 2026. — BIZHUB/VNS