Trading Account Opening
| Session | Time | Trading Method | ||
|---|---|---|---|---|
STO | STX | UPX | ||
| Morning | 09:00 - 09:15 | Periodic order matching method (Call auction) - At the opening | Continuous order matching | |
| 09:15 - 11:30 | Continuous order matching | |||
| Break | 11:30 - 13:00 | Intermission | ||
| Afternoon | 13:00 - 14:30 | Continuous order matching | ||
| 14:30 - 14:45 | Periodic order matching method (Call auction) - At the close | Continuous order matching | ||
| 14:45 - 15:00 | Closing | After-hour order matching Orders applied: PLO | ||
- • The Put – through order is available for trading throughout the daily trading hours: 9:00 AM - 11:30 AM, 1:00 PM - 2:45 PM and 2:45 PM – 3:00 PM.
- • Payment time: Funds and securities are credited to the account after 12:00 PM on T+2, and clients can begin trading these funds and securities from 1:00 PM (afternoon session) on T+2.
Periodic Order Matching
Transactions are executed on the basis of matching buy and sell orders for securities at a specified point in time.
Continuous Order Matching
Transactions are executed on the basis of matching buy and sell orders for securities as soon as the orders are entered into the trading system.
Put – through Order matching
Buyers and sellers can pre-negotiate and report the results to the trading system or search for advertised orders on the system to negotiate trading conditions.
| No. | Order | Definition | Application |
|---|---|---|---|
| 01 | At-the-opening (ATO) | A buy/sell order placed at the opening price. After the opening price is determined, any unfilled portion of the order will be automatically canceled. ATO orders are not given priority over limit buy orders at the ceiling price or limit sell orders at the floor price that were entered into the system beforehand. | Only used during the opening periodic matching session. |
| 02 | At-the-closing (ATC) | A buy/sell order placed at the closing price. After the closing price is determined, any unfilled portion of the order will become invalid. ATC orders are not given priority over limit buy orders at the ceiling price or limit sell orders at the floor price that were entered into the system beforehand. | Only used during the closing periodic matching session. |
| 03 | Limit Order (LO) | Buy or place sell orders for securities at a specified price or better, valid until the end of the trading day or until canceled. | |
| 04 | Market to Limit (MTL) | A buy/sell order executed immediately at the current market price. If the order is not fully executed, the remaining portion will be converted into a limit order (LO). | Investors prioritize volume over price, aiming to execute the entire order, even if the price may not be favorable. |
| 05 | Market - fill or kill (MOK) | Buy or sell a security that must be executed immediately in its entirety; otherwise, the entire order is cancelled; no partial fulfillments are allowed. | |
| 06 | Market - fill and kill (MAK) | Buy or sell that can be filled partially or canceled. The remainder of the order is cancelled immediately after the order is filled. | |
| 07 | PLO | A securities selling order or buying order at the closing price after the periodic order-matching session closes. | |
Price Priority
• Buy orders at higher prices are prioritized to execute first.
• Sell orders at lower prices are prioritized to execute first.
Time Priority
In case multiple buy or sell orders have the same price, the order that is first entered into the trading system takes precedence over the others.
| STO | STX | UPX | |
|---|---|---|---|
| Reference Price | The reference price is based on the closing price, which is the last price at which a trade was executed on the preceding trading day. | The reference price is the weighted average of even lot trading prices calculated from continuous order matching method of the latest trading day | |
| Ceiling Price | Ceiling Price = Reference Price * (100% + Trading Band) | ||
| Floor Price | Floor Price= Reference Price * (100% - Trading Band) | ||
| Trading band is determined as follow: | |||
| Daily trading band | 7% | 10% | 15% |
| A newly listed stock on the first trading date | 20% | 30% | 40% |
| First trading date after being suspended for 25 consecutive trading days | |||
Trading Unit
| Types of Orders | STO | STX | UPX |
|---|---|---|---|
| Board Lot | • A multiple of 100 unit • Maximum volume: 500,000 shares | ||
| Odd Lot | • Trading volume: 1 – 99 shares | ||
| Put-through transactions | • No quotation unit • Minimum volume: 20,000 shares | • No quotation unit • Minimum volume: 5,000 shares | No quotation unit |
Tick Size
| STO | STX | UPX | |||
|---|---|---|---|---|---|
| Price Range | Stock | ETF Certificates and Warrants | Stock | ETF Certificates | Stock |
| < 10,000 VND | 10 VND | 10 VND | 100 VND | 1 VND | 100 VND |
| 10,000 – 49,950 VND | 50 VND | 10 VND | |||
| >= 50,000 VND | 100 VND | 10 VND | |||
Order Cancellation
| Methods | Principles | ||
|---|---|---|---|
| Counter Order | Order Cancellation | Order Modification | |
| Periodic Order Matching | |||
| Continuous Order Matching | |||
| After-hour order matching | |||
Note: Modifying both quantity and price in the same order is not allowed.
Foreign Trading
- Foreign investors are only allowed to purchase securities within the permitted ownership limit (foreign ownership room) as regulated.
- The number of securities purchased by foreign investors shall be immediately deducted from the allowable purchase limit upon entry of the buy order into the stock exchange system.
- Sold shares and fund certificates are added back to the permitted amount after transaction settlement (T+2).
- Buy orders by foreign investors are rescinded if the permitted purchase amount is exceeded. New buy orders will not be accepted in such cases.
| Transaction Value/Day | Fee |
|---|---|
| Under 200 mn VND | 0.25% |
| From 200 mn VND to under 500 mn VND | 0.22% |
| From 500 mn VND to under 1 bn VND | 0.20% |
| From 1 bn VND to under 2 bn VND | 0.18% |
| Above 2 bn VND | 0.15% |
The securities company deducts tax for foreign investors when executing securities transfers, as follows:
For foreign individual investors
Personal income tax on capital transfer income for non-resident individuals is determined by the total amount received from transferring capital in Vietnamese organizations or individuals, multiplied by the tax rate of 0.1%, regardless of whether the transfer is made in Vietnam or abroad.
Foreign individual income tax payable = Securities Transfer Value × Tax rate of 0.1%For foreign institutional investors
Foreign investors are required to pay a securities sales tax at a rate of 0.1% on the transaction value.
Sales tax = Transaction value of sales × Tax rate of 0.1%Dividends
Both cash and stock dividends are subject to tax.
- • Cash dividends: Personal income tax (PIT) of 5% on the pre-tax dividend amount.
- • Stock dividends: Tax calculation method: PIT payable = Taxable income × 5% tax rate (Where taxable income is calculated as the number of received dividend/bonus shares multiplied by their par value). If the transfer price is lower than the par value, PIT on capital investment will be calculated based on the market value at the time of transfer.
Note: In addition to the PIT on capital investment above, individual investors must also pay PIT on securities transfers (0.1% of the transfer value) as per current regulations.
| Services | Fee |
|---|---|
| Stock, Fund Certificate, Covered Warrant | 0.27 VND/share, fund certificate, covered warrant/month |
| Corporate Bond, Debt Instrument Depository Fee under the Law on Public Debt Management | • For Corporate Bond: 0.18 VND/Bond/Month • For Debt instrument depository fee under the Law on Public Debt Management: 0.18 VND/Bond Code/Month. |