The Ministry of Finance recently issued Circular No. 139/2025, amending and supplementing certain provisions of Circular No. 57/2021. This update outlines the roadmap for restructuring the stock trading market, bond trading market, derivatives trading market, and other securities trading markets, as previously modified by Circular No. 69/2023. The new circular takes effect from December 30, 2025.
Circular No. 139/2025 focuses on adjusting the roadmap for reorganizing the stock trading market to ensure synchronization, stability, and alignment with practical implementation conditions within the securities market.
Previously, Circular No. 57/2021 was issued to detail Prime Minister’s Decision No. 37/2020 on the establishment and operation of the Vietnam Stock Exchange (VNX). This framework was further amended and supplemented by Circular No. 69/2023/TT-BTC, dated November 15, 2023, issued by the Minister of Finance.
Under this directive, the stock, bond, and derivatives trading markets are being restructured to specialize functions between the Hanoi Stock Exchange (HNX) and the Ho Chi Minh City Stock Exchange (HoSE).
Hanoi Stock Exchange
Under Circular No. 139/2025, the Ministry of Finance extends the deadline for transferring listed companies’ stocks from HNX to HoSE to December 31, 2026. Concurrently, HoSE is required to complete the reception of these stocks according to the specified roadmap. This deadline is one year later than that outlined in Circular No. 69/2023.
According to the Ministry of Finance, during implementation, certain timelines set forth in Circular No. 57/2021 and Circular No. 69/2023 were found to be misaligned with system capacity, technical transfer requirements, and market stability objectives.
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