The Law on Securities No. 54/2019/QH14 (Law on Securities), adopted by the National Assembly on 26 November 2019, established the foundation for one concentrated stock exchange in Vietnam, the Vietnam Exchange (VNX), whose establishment, organization & operation are further governed by Decision No. 37/2020/QD-TTg dated 23 December 2020 of the Prime Minister. On 11 December 2021, the VNX was officially launched. The VNX và its subsidiaries (the Hanoi Stock Exchange and the Ho chi Minh Stock Exchange) perform the function of organizing the securities market in Vietnam and operate under the management and supervision of the State Securities Commission (SSC).

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Ho bỏ ra Minh Stock Exchange (commonly referred to lớn as HOSE) is one of two subsidiary stock exchanges of the VNX in Vietnam và also the largest one. Originally, the HOSE was officially opened as a securities trading center in 2000 & then upgraded khổng lồ a stock exchange in 2007.

As recorded in its latest annual report for 2020, HOSE has a total volume of listed securities as follows:

Stocks: 99,373 million (an 18.15% increase on 2019); Fund certificates: 37 million fund certificates (unchanged from 2019); Exchange-traded funds (ETF): 847 million (an 80.41% increase on 2019); Bonds: 697 million (including municipal bonds (a 46.13% decrease on 2019), corporate bonds (a 23.20% decrease on 2019) and covered warrant (a 345.78% increase on 2019).

The total value of the above-listed securities is equivalent to lớn VND1,032,173 billion (approximately US$45 billion), which reflects an increase of 16.81% on 2019. As of December 2020, a total of 392 companies were listed on the HOSE.

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The mechanism of trading on the stock exchange in Vietnam is via agreement or an automated order-matching system. Settlement is centralized through the stock exchanges. As of 1 January 2022, 156 banks and securities companies have been authorized to accept custody of securities, và 115 of them are currently permitted khổng lồ provide custody services for investors. Custody is based on a central depository và a central registry book entry system. The deposit of securities is managed at two levels, namely the securities are deposited with a depository member, who will redeposit the securities with the Vietnam Securities Depository (VSD).

Also pursuant lớn the Law on Securities, within two years of the effective date thereof (1 January 2021), the VSD will be restructured as the Vietnam Securities Depository and Clearing Corporation (VSDCC). However, currently, the VSD is still operating under the name of VSD. The VSDCC will be in charge of securities registration, deposit, clearance và payment, similar to lớn the current VSD.

The HOSE does not specialize in, or encourage listings of any particular type of company, but instead encourages any company that meets its listing requirements to danh sách in Vietnam.

In the past, foreign investors were restricted to holding no more than a 49% shareholding in a Vietnamese listed company. Since 1 September 2015, the Vietnam Government has lifted this restriction & entitled foreign investors lớn acquire up khổng lồ a 100% shareholding in a Vietnamese listed company, save for the limits that remain in certain service sectors pursuant to lớn the international treaty to which Vietnam is a các buổi party (the Commitments khổng lồ the World Trade Organization) và specialized laws of Vietnam or the limits mix by the listed companies in their own charter. Practice has seen several listed companies that successfully raised their foreign ownership cap to allow up to lớn 100% foreign investor ownership.

In Vietnam, there are three main regulators involved in any proposed listing on the HOSE và post-listing compliance matters. They are the SSC, HOSE and VSD. The SSC is responsible for capital market development, licensing of participants, the issue và enforcement of regulations & approval of listing rules issued by the VNX. The HOSE is in charge of implementing the listing rules, carrying out the listing procedures and managing the listed shares. The VSD is in charge of matters relating to lớn deposit of listed securities. Securities must be deposited with a depository member, who will redeposit the shares with the VSD before they can be listed.