| THE FINANCIAL —– |
SOCIAL REPUBLIC OF VIETNAM Independence - Freedom - Happiness |
| Number: 77 / 2025 / TT-BTC | Hanoi, date 30 month 7 year 2025 |
CIRCULARS
DETAILED REGULATIONS ON SECURITIES BUSINESS SERVICES AND SECURITIES TRANSFER UNDER GOVERNMENT DECREE NO. 181/2025/ND-CP DATED JULY 1, 2025, DETAILING THE IMPLEMENTATION OF SOME ARTICLES OF THE LAW ON VALUE ADDED TAX
Based on the Securities Law No. 54/2019/QH14, as amended and supplemented by Law No. 56/2024/QH15;
Based on the Value Added Tax Law No. 48/2024/QH15;
Based on Decree No. 155/2020/ND-CP dated December 31, 2020 of the Government detailing the implementation of a number of articles of the Securities Law;
Based on Decree No. 181/2025/ND-CP dated July 1, 2025 of the Government detailing the implementation of a number of articles of the Law on Value Added Tax;
Based on Government Decree No. 29/2025/ND-CP dated February 24, 2025, regulating the functions, tasks, powers, and organizational structure of the Ministry of Finance, as amended and supplemented by Decree No. 166/2025/ND-CP;
As requested by the Chairman of the State Securities Commission;
The Minister of Finance issued a Circular detailing regulations on securities trading and securities transfer services in accordance with Decree No. 181/2025/ND-CP dated July 1, 2025 of the Government detailing the implementation of a number of articles of the Law on Value Added Tax.
Article 1. Scope
This Circular provides detailed regulations on securities trading and securities transfer services as stipulated in points c and d of Clause 4, Article 4 of Government Decree No. 181/2025/ND-CP dated July 1, 2025, detailing the implementation of several articles of the Law on Value Added Tax (hereinafter referred to as Decree No. 181/2025/ND-CP).
Article 2. Subject of application
The subjects to which this Circular applies include:
1. Taxpayers as stipulated in Article 3 of Decree No. 181/2025/ND-CP.
2. The tax administration agency as prescribed by law on tax administration.
3. Other relevant organizations and individuals.
Article 3. Securities business services as specified in point c, clause 4, Article 4 of Decree No. 181/2025/ND-CP
1. Securities brokerage at securities companies; entrusted management of securities trading accounts for individual investors, management of securities trading accounts, online securities trading services, services for lending money to customers to buy securities, services for advancing money from the sale of securities at securities companies; securities trading services, online connection services, services using terminal equipment at the Stock Exchange; securities lending and borrowing services, securities custody, clearing, settlement of securities transactions, error handling, error correction after transactions, management of margin assets, management of positions at custodian members, clearing members, Vietnam Securities Depository and Clearing Corporation and its subsidiaries; payment of principal, interest, and repurchase proceeds of government bonds, national construction bonds, government-guaranteed bonds, local government bonds, and treasury bills.
2. Securities trading at securities companies; investing, contributing capital, issuing, and offering financial products and secured warrants; market-making transactions.
3. Underwriting of securities, and services related to securities underwriting as stipulated in Clause 3, Article 86 of the Securities Law No. 54/2019/QH14 and as stated in the securities underwriting contract.
4. Securities investment consulting.
5. Managing securities investment funds.
6. Managing a securities portfolio.
Article 4. Transfer of securities as stipulated in point d, clause 4, Article 4 of Decree No. 181/2025/ND-CP
1. Securities transfers are conducted through the stock exchange's securities trading system; transfers of securities ownership are carried out outside the stock exchange's system; and securities transfers are also permitted.
2. Auction, bidding, competitive bidding, book-building.
Article 5. Enforcement
1. This Circular shall take effect from January 1, 2025.
2. During the implementation process, in case of difficulties or obstacles, agencies, organizations, and individuals are requested to promptly report them to the Ministry of Finance for resolution.