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MINISTRY OF FINANCE
OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 136/2025/TT-BTC
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Hanoi, December 29,
2025
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CIRCULAR
AMENDMENTS TO THE CIRCULAR NO. 98/2020/TT-BTC
DATED NOVEMBER 16, 2020 OF THE MINISTER OF FINANCE PROVIDING GUIDANCE ON
OPERATIONS AND MANAGEMENT OF SECURITIES INVESTMENT FUNDS
Pursuant to the Law on
Securities No. 54/2019/QH14, amended by Law No. 56/2024/QH15;
Pursuant to the Law on
Enterprise No. 59/2020/QH14, amended by Law No. 03/2022/QH15 and Law No.
76/2025/QH15;
Pursuant to Decree No.
155/2020/ND-CP dated December 31, 2020 of the Government on elaboration of the
Law on Securities amended by Decree No. 245/2025/ND-CP;
Pursuant to Decree No.
29/2025/ND-CP dated February 24, 2025 of the Government on functions, duties,
powers, and organizational structure of the Ministry of Finance, amended by
Decree No. 166/2025/ND-CP;
At the request of the
President of the State Securities Commission;
The Minister of Finance
promulgates the Circular on amendments to the Circular No. 98/2020/TT-BTC dated
November 16, 2020 of the Minister of Finance providing guidance on operations
and management of securities investment funds.
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“30. Money market
instruments investment fund means an open-end fund investing in deposits,
certificates of deposit, Government debt instruments, Government-guaranteed
bonds, local government bonds, listed corporate bonds and corporate bonds
offered to the public, with the investment proportion in these assets
accounting for at least 80% of the net asset value.
31. Infrastructure bond
investment fund means a closed-end fund investing in bonds issued for
infrastructure development, Government debt instruments, Government-guaranteed
bonds, local government bonds, deposits and certificates of deposit, with the
investment proportion in these assets accounting for at least 65% of the net
asset value.”
Article 2. Addition of
Point dd after Point d Clause 5 Article 5
“dd) Capital and assets
of a member fund shall not be used to contribute capital to
capital-contributing members, or to purchase shares, capital contributions or
bonds issued by capital-contributing members.”
Article 3. Amendments
to Clause 2 Article 9
“2. A member fund shall
organize an annual investors’ meeting. The investors’ meeting, conditions,
procedures for convening the investors’ meeting and adoption of resolutions of
the investors’ meeting of a member fund shall comply with Clauses 1, 2, 3, 4
and 5 Article 17 and Article 18 of this Circular, except for information
disclosure obligations.”
Article 4. Amendments
to Clause 2 Article 13
“2. Within 7 working
days from the effective date of the Certificate of registration for public
offering of fund certificates, the fund management company shall disclose the
offering announcement in accordance with regulations on information disclosure
on the securities market, and concurrently submit to the State Securities
Commission the offering announcement of fund certificates in accordance with
the form specified in Appendix XI enclosed with this Circular.”
Article 5. Amendments
to a number of Clauses of Article 17
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“2. The annual
investors’ meeting of a closed-end fund shall be held within 4 months from the
end of the fiscal year. At the proposal of the fund representative board, the
annual investors’ meeting may be extended but shall not exceed 6 months from
the end of the fiscal year, and notification shall be sent to the State
Securities Commission. Where the fund charter provides, the annual investors’
meeting may be conducted in the form of written consultation.”
2. Addition of Clause
2a after Clause 2 Article 17
“2a. The organization
of the annual investors’ meeting of an open-end fund shall be governed by the
fund charter. Where the fund charter requires the organization of an annual
investors’ meeting, such meeting shall comply with the provisions of Clause 2
of this Article.”.
Article 6. Amendments
to Clause 1 Article 18
“1. An investors’
meeting shall be conducted when investors representing more than 50% of the
total voting rights attend. Forms of participation and voting include direct
participation and voting, authorized participation and voting, or remote voting
(by mail, fax, email, online conference participation, electronic voting or
other electronic forms) in accordance with the fund charter.”.
Article 7. Amendments
to Clause 6 Article 20
“6. Net asset values
specified in Clauses 4 and 5 of this Article shall be disclosed on the websites
of the Stock Exchange (for listed fund certificates) and the fund management
company. Disclosure of net asset values to investors shall be conducted no
later than the working day following the valuation date. Information on net
asset values shall comply with the form specified in Appendix XXIV enclosed
with this Circular.”.
Article 8. Amendments
to a number of Clauses of Article 21
1. Amendments to Clause
2 Article 21
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a) Prior written
approval from the fund representative board regarding the expected price range,
execution time, transaction counterparty or criteria for determining the
transaction counterparty, and the type of asset to be traded;
b) Where the actual
purchase price is higher or the actual selling price is lower than the
reference price of the price-quoting organization or the average reference
price of price-quoting organizations, or exceeds the approved price range
specified in Point a of this Clause, the fund management company shall provide
explanations for the fund representative board to make a decision.”.
2. Addition of Clause
2a after Clause 2 Article 21
“2a. The fund
management company shall obtain written approval from the fund representative
board regarding the expected price range, execution period, transaction
counterparty or criteria for determining the transaction counterparty, and the
type of asset for deposit contract and certificate of deposit transactions
executed within 3 months from the date of approval by the fund representative
board, and shall comply with Point b Clause 2 of this Article.”.
Article 9. Amendments
to Clause 6 Article 22
“6. Information,
advertising, and fund promotion materials, where referring to regulatory
agencies, shall clearly state that such agencies only certify the legality of
the fund during its establishment and operation process and do not imply any
assurance regarding the contents of information or advertising, nor the
investment objectives or investment strategies of the fund, and do not
guarantee the fund assets, fund unit value, profitability, or risk level of the
fund. Fund advertising and promotional materials shall not use the name,
emblem, image, position, reputation, or correspondence of regulatory agencies,
or officials of regulatory agencies, for fund advertising, fund promotion, or
solicitation for the purchase of fund certificates, and shall not use letters
of appreciation from investors for solicitation for the purchase of fund
certificates.”.
Article
10. Amendments to a number of points of Article 24
1. Amendments to Points
d and dd Clause 2 of Article 24
“d) Listed shares,
shares registered for trading, bonds listed on the Stock Exchange, public fund
certificates, shares offered to the public, bonds offered to the public;
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2. Amendments to Point
c Clause 4 of Article 24
“c) Investment of no
more than 20% of the total asset value of the fund in assets prescribed at
Point dd Clause 2 of this Article; investment of no more than 10% of the total
asset value of the fund in assets prescribed at Point g Clause 2 of this
Article;”.
Article
11. Addition of Article 24a after Article 24
“Article 24a. Investment
portfolio and investment activities of infrastructure bond investment funds
1. The investment portfolio
and investment activities of infrastructure bond investment funds shall comply
with the provisions of this Article.
2. The investment
portfolio of the fund shall be consistent with the investment objectives and
investment policies prescribed in the Fund Charter and disclosed in the
Prospectus.
3. The fund may invest
in the following types of corporate bonds issued for infrastructure
development:
a) Bonds listed on the
Stock Exchange, bonds offered to the public;
b) Privately-placed
corporate bonds.
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a) Being prescribed in
the Fund Charter and the Prospectus;
b) Having documents
proving that the purpose of bond issuance is infrastructure development or restructuring
of previously borrowed debts for infrastructure development of the issuing
organization itself. Documents proving infrastructure development projects
shall be public investment projects in accordance with the law on public
investment or investment projects under the public-private partnership model in
accordance with the law on investment under the public-private partnership
model.
5. In addition to the
assets prescribed in Clause 3 of this Article, the fund is permitted to invest
in the following types of assets:
a) Deposits at
commercial banks in accordance with banking law;
b) Money market
instruments including valuable papers and negotiable instruments in accordance
with law;
c) Government debt
instruments, Government-guaranteed bonds, and local government bonds;
d) Listed shares,
shares registered for trading, bonds listed on the Stock Exchange, public fund
certificates, shares offered to the public, bonds offered to the public;
dd) Privately-placed
corporate bonds of issuing organizations operating in accordance with
Vietnamese law, shares of joint stock companies (excluding the types of shares prescribed at
Point d Clause 5 of this Article), capital contributions in limited liability
companies;”.
e) Rights arising in
connection with securities held by the fund;
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6. The fund management
company shall only deposit money and invest in money market instruments
prescribed at Points a and b Clause 5 of this Article with credit institutions
approved by the fund representative board.
7. The investment
structure of the fund when investing in assets prescribed in Clauses 3 and 5 of
this Article shall ensure the following investment limits:
a) Investment of at
least 65% of the net asset value of the fund in assets prescribed in Clause 3
of this Article and in assets prescribed at Points a, b, and c Clause 5 of this
Article;
b) No investment in
securities of one issuing organization exceeding 10% of the total outstanding
securities of that organization, except for Government debt instruments;
c) No investment
exceeding 20% of the total asset value of the fund in outstanding securities
and assets (if any) prescribed at Points a and b Clause 5 of this Article of
one issuing organization, except for Government debt instruments;
d) No investment
exceeding 20% of the total asset value of the fund in assets prescribed at
Point b Clause 3 and at Point dd Clause 5 of this Article; no investment exceeding
10% of the total asset value of the fund in assets prescribed at Point g Clause
5 of this Article;
dd) No investment
exceeding 30% of the total asset value of the fund in assets prescribed in
Clause 3 and at Points a, b, d, and dd Clause 5 of this Article issued by
companies within the same group of companies that has ownership relationships
in the following cases: parent company and subsidiary; companies owning more
than 35% of shares or capital contributions of each other; a group of
subsidiaries having the same parent company;
e) No investment in
fund certificates of the fund itself;
g) Investment is only
permitted in public fund certificates and public securities investment
companies managed by another fund management company and shall ensure the following
limits:
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- No investment
exceeding 20% of the total outstanding fund certificates of one public fund or
outstanding shares of one public securities investment company;
- No investment
exceeding 30% of the total asset value of the fund in public fund certificates
and shares of public securities investment companies.
8. The investment
structure of the fund is permitted to exceed the investment limits prescribed
at Points b, c, d, dd, and g Clause 7 of this Article only due to the following
reasons:
a) Market price
fluctuations of assets in the investment portfolio of the fund;
b) Performance of payments
of the fund in accordance with law;
c) Division,
separation, consolidation, or merger activities of issuing organizations;
d) The fund has been
newly licensed for establishment or due to capital increase, fund
consolidation, or fund merger, with the operating period not exceeding 6 months
from the date of issuance of the Certificate of fund establishment registration
or the amended Certificate of fund establishment registration;
dd) The fund is in the
dissolution period.
9. The fund management
company has the obligation to report, disclose information, and readjust the
investment structure of the fund in accordance with Clauses 6, 7, and 8 Article
24 of this Circular.
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Article
12. Amendments to Clause 6 Article 30
“6. Prior to the
allocation of transaction results of fund certificates, where the distributing
agent detects transaction errors due to confusion or mistakes during the
process of aggregating information, receiving orders, transmitting orders, or
entering orders into the system, the distributing agent shall notify the fund
management company and relevant service-providing organizations and request
correction of transaction errors. After the above-mentioned time limit, the
distributing agent shall be responsible before investors for transaction
errors.”.
Article
13. Amendments to a number of points and clauses of Article 31
1. Amendments to Point
a Clause 1 of Article 31
“a) Purchase orders of
investors shall be accompanied by confirmation that the investor has completed
payment into the fund account, or confirmation by the custodian bank to the
fund management company, distributing agent, or relevant service-providing
organization that full payment for the purchase of fund certificates by the
investor or nominee agent has been received. Confirmation of completion of
payment shall be made in writing, by electronic mail, or through access via the
electronic information system of the custodian bank approved by the fund
management company;”.
2. Amendments to Clause
4 Article 31
“4. Where purchase
orders for fund certificates and payment for such purchase orders are carried
out by individuals or organizations other than the investor, the order form and
payment confirmation shall clearly state the name, fund certificate trading
account number, sub-account number or personal identification number or
Passport or other lawful personal identification, or enterprise registration
certificate number, and the payment value of the investor.”.
Article
14. Amendments to Point d Clause 1 of Article 32
“d) Proceeds from the
sale of fund certificates shall be transferred by the fund to the registered
bank account of the investor or nominee agent, or to the bank account
designated by the investor, or to the securities trading account of the
investor designated by the investor.”.
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1. Amendment to the
title of Article 33
“Article 33. Partial
redemption, suspension of transactions of open-end fund certificates, liquidity
buffer level”.
2. Addition of Clause
1a before Clause 1 of Article 33
“1a. Where prescribed
in the Fund Charter and the Prospectus, the fund management company is
permitted to apply methods for liquidity management of open-end funds,
including partial fulfillment of investor orders, suspension of fund
certificate transactions, and application of a liquidity buffer level.”.
3. Amendments to Point
a Clause 1 of Article 33
“a) The total value of
sell orders (including sell orders from conversion activities) minus the total
value of buy orders (including buy orders from conversion activities) on a fund
certificate trading day is equal to or greater than 5% of the net asset value
of the fund;”.
4. Addition of Point d
after Point c Clause 4 of Article 33
“d) The fund management
company restructures the investment portfolio of the index fund in order to
reduce the tracking error compared with the reference index in cases where the
tracking error has exceeded the maximum deviation level prescribed in the Fund
Charter.”.
5. Amendments to Clause
6 Article 33
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6. Addition of Clause 9
after Clause 8 Article 33
“9. The liquidity
buffer level is the level applied to investors when selling open-end fund
certificates under conditions where the liquidity of the open-end fund declines
due to force majeure events. Application of the liquidity buffer level shall
meet the following principles:
a) The fund management
company shall develop a policy on application of the liquidity buffer level for
each fund, which shall at a minimum include provisions on cases for application
of the liquidity buffer level, the maximum liquidity buffer level, impacts of
application of the liquidity buffer level on investors, and cases for cessation
of application of the liquidity buffer level. This policy shall be approved by
the General meeting of investors and updated in the Prospectus. Application of
the liquidity buffer level in each specific case shall be decided by the
General meeting of investors or assigned to the fund representative board in
accordance with the policy on application of the liquidity buffer level. All
amounts collected from the liquidity buffer level shall be included in the
income of the fund.
b) The liquidity buffer
level shall be calculated as a percentage of the net asset value per fund
certificate on the fund certificate trading day. The maximum liquidity buffer
level shall be prescribed in the Fund Charter and the Prospectus. The specific
liquidity buffer level shall be prescribed in the Prospectus or disclosed on
the website of the fund management company or the distributing agent.
c) The time of
application of the liquidity buffer level shall be 1 working day from the date
on which the fund management company discloses information on the website of
the State Securities Commission and its own website, and notifies distributing
agents and relevant service-providing organizations of the application of the
liquidity buffer level. Disclosed and notified information shall include
reasons for application of the liquidity buffer level, the time of application,
the specific liquidity buffer level, and principles for determining the payment
value to investors when the liquidity buffer level is applied.
d) The fund management
company shall cease application of the liquidity buffer level and
simultaneously disclose information on the website of the State Securities
Commission and its own website, and notify distributing agents and relevant
service-providing organizations of cessation of application of the liquidity
buffer level within 24 hours from the time when the event causing liquidity
decline of the fund ends.
dd) The distributing
agent shall be responsible for providing information to investors on
application and cessation of application of the liquidity buffer level
immediately after receiving notification from the fund management company.”.
Article
16. Amendments to a number of Clauses of Article 34
1. Amendments to Clause
3 Article 34
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2. Amendments to Clause
4 Article 34
“4. Redemption service
fees, issuance service fees, and conversion service fees may be prescribed at
different levels based on the holding period of fund certificates, investment
objectives, or investment value. Maximum service fee levels shall be prescribed
in the Fund Charter and the Prospectus. Specific service fee levels shall be
prescribed in the Prospectus, the Summary Prospectus, or disclosed on the
website of the fund management company or the distributing agent.”.
3. Amendments to Clause
5 Article 34
“5. Increases in
service fee levels shall only be implemented when service fee levels after
increase do not exceed the maximum levels prescribed in the Fund Charter and
the Prospectus. The time of application of increased service fee levels shall
be at the earliest 30 days from the date on which the fund management company
discloses the new service fee levels on its website.”.
Article
17. Amendment to the title of Article 35; amendments to a number of points and
clauses of Article 35
1. Amendment to the
title of Article 35
“Article 35. Investment
portfolio and investment limits of open-end funds”.
2. Amendments to Points
d and dd Clause 2 of Article 35
“d) Listed shares,
shares registered for trading, bonds listed on the Stock Exchange, public fund
certificates, shares offered to the public, bonds offered to the public;
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3. Addition of Point h
after Point g Clause 2 of Article 35
“h) Covered warrants
listed on the Stock Exchange and settled in cash.”.
4. Amendments to Point
c Clause 3 of Article 35 and addition of Points d and dd after Point c Clause 3
of Article 35
“c) For privately
placed corporate bonds issued by listed organizations with payment guarantees
or early redemption commitments, documents evidencing payment guarantees or
documents on redemption commitments by issuing organizations shall be required;
d) For privately placed
corporate bonds issued by listed organizations where the bonds or issuing
organizations are credit-rated, the most recent credit rating report, updated
credit rating report, documents on the duration of performance of the credit
rating contract, and the credit rating level of the credit rating organization
shall be required. Credit rating organizations shall not be related persons of
the issuing organization, the fund management company, or the custodian bank;
dd) Investment in
privately placed corporate bonds shall be carried out in accordance with a risk
management process developed by the fund management company, approved by the
fund representative board prior to application, and provided to the custodian
bank for supervision of compliance. The process shall at a minimum include
criteria for selection of privately placed corporate bonds, criteria for
selection of issuing organizations, methods for risk assessment and
measurement, and methods for risk management.”.
5. Addition of Clauses
3a and 3b after Clause 3 of Article 35
“3a. In cases where
privately placed corporate bonds or issuing organizations thereof no longer
meet the credit rating level prescribed at Point dd Clause 2 of this Article or
where credit rating is terminated, the fund management company shall sell such
bonds within 3 months from the date of issuance of the updated credit rating
results or from the date of termination of credit rating, except for bonds with
remaining maturity of 12 months or less.
3b. Investment in
derivatives prescribed at Point e Clause 2 of this Article shall ensure
compliance with the following provisions:
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b) The commitment value
of derivative contracts used for risk hedging does not exceed 50% of the total
value of the securities portfolio belonging to the underlying assets of the
fund;
c) Investment in
derivatives shall be carried out in accordance with procedures for use of
derivatives for risk hedging developed by the fund management company, approved
by the fund representative board prior to application, and provided to the custodian
bank for supervision of compliance. The procedures shall prescribe quantitative
methods for determining correlation coefficients of volatility risk between the
securities portfolio belonging to the underlying assets of the fund and the
underlying assets of the derivatives; correlation coefficients shall be
determined prior to investment in derivatives.”.
6. Amendments to Points
d, dd, and e Clause 4 of Article 35
“d) No investment
exceeding 30% of the total asset value of the fund in assets prescribed at
Points a, b, d, dd, e, and h Clause 2 of this Article issued by companies
within the same group of companies that has ownership relationships in the
following cases: parent company and subsidiary; companies owning more than 35%
of shares or capital contributions of each other; a group of subsidiaries
having the same parent company. Investment in derivatives shall be calculated
based on the commitment value of contracts determined in accordance with
Appendix XIV promulgated together with this Circular; investment in covered
warrants shall be calculated based on the total investment value of the fund in
covered warrants of the warrant issuer;
dd) No investment
exceeding 20% of the total asset value of the fund in assets prescribed at
Point dd Clause 2 of this Article, of which no investment exceeding 5% of the
total asset value of the fund in privately placed shares of listed organizations
or organizations registered for trading subject to transfer restrictions of 3
years or more. Where privately placed corporate bonds or issuing organizations
thereof no longer meet the credit rating level prescribed at Point dd Clause 2
of this Article or credit rating is terminated but have not yet been sold, the
fund shall not invest more than 20% of the total asset value of the fund in
assets prescribed at Point dd Clause 2 of this Article and in privately placed
corporate bonds no longer meeting the prescribed credit rating level or whose
credit rating has been terminated but not yet sold;
e) The total value of
large investment items in the investment portfolio of the fund shall not exceed
40% of the total asset value of the fund, except for bond funds. Large
investment items of the fund are investments in asset types prescribed at
Points b, d, dd, g, and h Clause 2 of this Article (excluding certificates of
deposit) issued by the same organization with total value accounting for 5% or
more of the total asset value of the fund;”.
7. Addition of Point m
after Point l Clause 4 of Article 35
“m) No investment
exceeding 5% of the total outstanding covered warrants of one covered warrant
code.”.
Article
18. Addition of Article 35a after Article 35
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1. Investment
portfolios and investment activities of index funds shall comply with
provisions of this Article.
2. Investment
portfolios of funds shall be consistent with investment objectives and
investment policies prescribed in the Fund Charter and disclosed in the
Prospectus.
3. Funds are permitted
to invest in the following asset types:
a) The basket of component
securities of the reference index.
b) Assets prescribed at
Points a, b, c, d, e, and g Clause 2 Article 35 of this Circular. Investment in
derivatives shall only be for risk hedging purposes and reduction of tracking
error compared with the reference index. Investment in derivatives shall be
calculated based on the commitment value of contracts determined in accordance
with Appendix XIV promulgated together with this Circular.
4. The fund management
company shall only deposit funds and invest in money market instruments
prescribed at Points a and b Clause 2 Article 35 of this Circular of credit
institutions included in the list approved by the fund representative board.
5. The investment
structure of funds shall comply with provisions of Clause 3 Article 45 of this
Circular.
6. The investment
structure of funds is permitted to exceed investment restrictions prescribed at
Points a, b, c, and dd Clause 3 Article 45 of this Circular only due to the
following reasons:
a) Market price
fluctuations of assets in the investment portfolio of the fund;
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c) Division,
separation, consolidation, or merger activities of issuing organizations;
d) The fund has been
newly licensed for establishment or due to fund consolidation or fund merger,
with the operating period not exceeding 6 months from the date of issuance of
the Certificate of fund establishment registration or the amended Certificate
of fund establishment registration;
dd) The fund is in the
dissolution period.
7. The fund management
company has the obligation to report, disclose information, and readjust the
investment structure of the fund in accordance with Clauses 6, 7, and 8 Article
24 of this Circular.
8. Borrowing and
lending activities, repurchase transactions, margin transactions, and short
selling of the fund shall comply with Article 25 of this Circular.
9. Index funds shall
make indirect overseas investments in accordance with Clause 9 Article 24 of
this Circular.
10. The tracking error
against the reference index means the deviation between the net asset value per
fund certificate and the reference index. The deviation between the net asset
value per fund certificate and the reference index shall be determined in
accordance with Appendix XIX promulgated together with this Circular. At least
2 times per month, the fund management company shall disclose information on
its website on the tracking error against the reference index.
11. The maximum
tracking error against the reference index shall be prescribed in the Fund
Charter, disclosed in the Prospectus, and shall not exceed the maximum tracking
error against the reference index as prescribed by the Stock Exchange
applicable to ETF funds. The fund management company shall ensure that the
tracking error against the reference index does not exceed the maximum tracking
error prescribed in the Fund Charter.
12. Where the tracking
error against the reference index exceeds 80% of the maximum tracking error
prescribed in the Fund Charter, the fund management company shall be
responsible for reporting to the State Securities Commission within 24 hours
from the occurrence. Within 3 months from the date of occurrence, the fund
management company shall be responsible for readjusting the investment
portfolio of the fund, ensuring that the tracking error does not exceed 80% of
the maximum tracking error.
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Article
19. Addition of Article 35b after Article 35a
“Article 35b. Investment
portfolios and investment activities of money market instrument investment funds
shall comply with provisions of this Article.
1. Investment
portfolios and investment activities of money market instrument investment
funds shall comply with provisions of this Article.
2. The investment
portfolio of the fund shall be consistent with the investment objectives and
investment policies prescribed in the Fund Charter and disclosed in the
Prospectus.
3. Funds are permitted
to invest in the following asset types:
a) Deposits at
commercial banks in accordance with banking law;
b) Certificates of
deposit of credit institutions;
c) Government debt
instruments, Government-guaranteed bonds, and local government bonds;
d) Corporate bonds
listed on the Stock Exchange and corporate bonds offered to the public;
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e) Rights arising in
connection with securities held by the fund.
4. The fund management
company shall only place deposits and invest in money market instruments
prescribed at Points a and b Clause 3 of this Article of credit institutions
included in the list approved by the fund representative board.
5. The investment
structure of a money market fund shall ensure:
a) Investment of at
least 80% of the total net asset value of the fund in assets prescribed at
Point a (including cash in payment accounts), Points b, c, and d Clause 3 of
this Article with remaining term or maturity of 12 months or less, except
deposits and Government debt instruments;
b) Investment of at
least 10% of the total net asset value of the fund in cash in payment accounts,
deposits, and certificates of deposit;
c) No investment in
securities of one issuer exceeding 10% of the total outstanding securities of
that issuer, except Government debt instruments;
d) No investment
exceeding 20% of the total asset value of the fund in outstanding securities
and assets (if any) prescribed at Points a and b Clause 3 of this Article of
one issuer, except Government debt instruments;
dd) No investment
exceeding 30% of the total asset value of the fund in assets prescribed at
Points a, b, and d Clause 3 of this Article issued by companies within the same
group of companies that has ownership relationships in the following cases: parent
company and subsidiary; companies owning more than 35% of shares or capital
contributions of each other; a group of subsidiaries having the same parent
company;
e) No investment in
fund certificates of the same fund;
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- No investment in more
than 10% of the total outstanding fund certificates of one money market
instrument investment fund;
- No investment
exceeding 20% of the total asset value of the fund in fund certificates of one
money market instrument investment fund;
- No investment
exceeding 30% of the total asset value of the fund in fund certificates of
money market instrument investment funds.
h) No investment
exceeding 10% of the total asset value of the fund in assets prescribed at
Point d Clause 3 of this Article.
6. The investment
structure of the fund is permitted to exceed investment limits prescribed at
Points c, d, dd, g, and h Clause 5 of this Article only due to the following
reasons:
a) Market price
fluctuations of assets in the investment portfolio of the fund;
b) Performance of
payments of the fund in accordance with law, including performance of
investors’ trading orders;
c) Division,
separation, consolidation, or merger activities of issuing organizations;
d) The fund has been
newly licensed for establishment or due to fund split, fund consolidation, or
fund merger, with the operating period not exceeding 6 months from the date of
issuance of the Certificate of fund establishment registration or the amended
Certificate of fund establishment registration;
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7. The fund management
company shall have the obligation to report, disclose information, and readjust
the investment structure of the fund in accordance with Clauses 6, 7, and 8
Article 24 of this Circular.
8. Borrowing and
lending activities, repurchase transactions, margin transactions, and short
selling of the fund shall comply with Article 25 of this Circular.
9. Money market
instrument investment funds shall make indirect overseas investments in
accordance with Clause 9 Article 24 of this Circular.
10. The investment
structure of the fund shall ensure that the weighted average life of assets in
the investment portfolio of the fund is not more than 240 days and the weighted
average maturity of assets in the investment portfolio of the fund is not more
than 120 days. Weighted average life and weighted average maturity shall be
determined in accordance with Appendix XXX promulgated together with this
Circular. On a weekly basis, the fund management company shall disclose
information on its website on the weighted average life and weighted average
maturity.
11. Weighted average
life and weighted average maturity are permitted to exceed the number of days
prescribed in Clause 10 of this Article only due to the reasons prescribed at
Points a, b, c, and dd Clause 6 of this Article. Within 1 month from the date
on which weighted average life or weighted average maturity exceeds the
prescribed number of days due to the reasons prescribed at Points a, b, and c
Clause 6 of this Article, the fund management company shall readjust the
investment portfolio structure to comply with Clause 10 of this Article.
12. Where weighted
average life or weighted average maturity exceeds the number of days prescribed
in Clause 10 of this Article due to non-compliance by the fund management
company with laws or the Fund Charter, the fund management company shall
readjust the investment portfolio within 15 days from the date on which
weighted average life or weighted average maturity exceeds the prescribed
number of days. The fund management company shall compensate the fund for
damages (if any) and bear all costs arising in connection with the readjustment
of the investment portfolio. Any profits arising shall be fully accounted for
the fund.
13. The fund management
company shall notify the State Securities Commission and disclose information
on the website of the State Securities Commission and the fund management
company on the weighted average life or weighted average maturity exceeding the
prescribed number of days, the reasons, and the time of occurrence or detection
within 24 hours from the occurrence or detection. Within 5 working days from
the date of completion of readjustment of the investment portfolio, the fund
management company shall disclose information on the website of the State
Securities Commission and the fund management company, and concurrently notify
the State Securities Commission of the exceedance, the reasons, the time of
occurrence or detection, the extent of damages and compensation to the fund (if
any) or profits generated for the fund (if any), remedial measures,
implementation timeline, and remedial results.”.
Article
20. Addition of Point c after Point b Clause 3 of Article 37
“c) Fees paid to
organizations managing and operating the reference index (applicable only to
index funds).”.
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1. Amendments to Points
a, c, and dd Clause 3 of Article 43
“a) Prior to the
creation-redemption session or at the end of the day immediately preceding the
creation-redemption trading day, the fund management company shall be
responsible for notifying the authorized participant (AP), the Vietnam
Securities Depository and Clearing Corporation, and disclosing on its website
and the website of the Stock Exchange the basket of component securities for
creation-redemption in exchange for 1 lot of ETF fund certificates. Information
shall include component security codes, weights, and quantities of each component
security code in such basket. The basket of component securities stated above
shall be determined based on end-of-day prices on the trading day immediately
preceding the creation-redemption trading day of fund certificates;”
c) Before the order
book closing time, if errors are detected due to confusion or mistakes in the
course of order placement, information consolidation, order receipt, order
transfer, or order entry into the system, the distribution agent and the fund
member shall notify the fund management company, the custodian bank, and the
Vietnam Securities Depository and Clearing Corporation, and request correction
of transaction errors in accordance with the procedures and guidance of the
Vietnam Securities Depository and Clearing Corporation. After the time limit
specified above, the distribution agent and the fund member shall be
responsible to investors for transaction errors made by themselves;
dd) Within 3 working
days from the creation-redemption transaction but no later than the next fund
certificate trading day, the Vietnam Securities Depository and Clearing
Corporation and the custodian bank shall complete the transfer of the basket of
component securities from the depository account of the investor or the fund member
to the depository account of the ETF or vice versa, and at the same time
register and deposit the ETF fund certificates into the account of the investor
or the fund member; receive the cash payments specified in Clause 4 of this
Article; the fund management company or the transfer agent service provider has
the responsibility to confirm completion of the transaction and confirm
ownership for the fund member and the investor.
Within 3 working days
from the creation-redemption transaction, the custodian bank shall complete the
refund of the cash payments to the fund member and the investor specified in
Clause 4 of this Article upon the lawful request of the fund management
company.”.
2. Amendments to Clause
4 Article 43
“4. The basket of
component securities is the primary means of settlement in creation/redemption
transactions between the fund and the fund member or the investor, except for
the following cases:
a) Where creation/redemption
in the basket of component securities for ETF fund certificate lots, the value
of the basket of component securities is lower than the net asset value of the
ETF fund certificate lots. The resulting difference shall be additionally paid
in cash by the fund member or the investor into the cash account of the ETF
opened at the custodian bank before or on the settlement date. The cash payment
includes payment for odd lots of component securities; payment for component
securities that are subject to transfer restrictions for the fund member or the
investor; dividends and coupon interests of component securities; payment for
component securities additionally purchased for the creation/redemption
transaction resulting in the investor owning 25% or more of the voting shares
of an organization where the investor has not completed the public tender offer
procedures; payment for component securities held for the creation/redemption
transaction resulting in the investor owning shares issued by the investor
itself where the investor has not completed the treasury share transaction procedures;
and other cash payments as prescribed in the fund charter, consistent with
relevant laws;
b) Where creation/redemption
in ETF fund certificate lots for the basket of component securities, the value
of the ETF fund certificate lots received by the fund management company from
the fund member or the investor is higher than the value of the basket of
component securities. This difference shall be refunded by the fund management
company and the custodian bank by ETF fund certificates into the securities
depository accounts of the investor or the fund member on the settlement date,
or in cash in accordance with the fund charter.
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The information
includes the component securities codes and the cash amount payable per
component security. The basket of component securities above is determined
based on end-of-day prices on the trading day immediately preceding the
creation-redemption transaction.”.
3. Amendments to Clause
11 Article 43
“11. The maximum
issuance service fee and the maximum redemption service fee applicable to fund
members shall be prescribed in the Fund Charter and the Prospectus. The
specific service fee levels are prescribed in the fund member participation
agreement. Adjustments to the service fee levels are made based on agreement
between the fund management company and fund members but must not exceed the maximum
service fee levels prescribed in the Fund Charter and the Prospectus.”.
4. Amendments to Clause
12 Article 43
“12. The maximum
issuance service fee and the maximum redemption service fee applicable to
investors shall be prescribed in the Fund Charter and the Prospectus. The
specific service fee levels are prescribed in the Prospectus, the Short-form
Prospectus, or disclosed on the websites of the fund management company and the
distribution agent. Any increase in service fee levels may only be made where
the increased service fee level does not exceed the maximum service fee level
prescribed in the Fund Charter and the Prospectus. The earliest effective time
of the newly increased service fee levels is 30 days after the date on which
the fund management company discloses the newly increased service fee levels on
the company’s website.”.
Article
22. Amendments to Point e Clause 3 Article 45
“e) Not invest in real
estate;”.
Article
23. Amendments to a number of points of Article 74
1. Amendments to Point
e Clause 1 Article 74
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2. Amendments to Point
g Clause 2 Article 74
“g) Attend meetings of
the investors’ meeting of securities investment funds and the general meeting
of shareholders of securities investment companies, but without voting rights;
provide full information at meetings of the investors’ meeting of securities
investment funds, the general meeting of shareholders of securities investment
companies, meetings of the fund representative board, and the board of
directors of securities investment companies.”.
Article
24. Amendments to a number of Clauses of Article 76
1. Amendments to Clause
1 Article 76
“1. Distribution agents
of closed-end funds, open-end funds, and public securities investment companies
are securities companies, custodian banks, commercial banks, insurance
enterprises, and other economic organizations that have obtained a certificate
of registration for distribution of public fund certificates and shares of
public securities investment companies, and have entered into distribution
agreements for fund certificates of closed-end funds and open-end funds, and
shares of public securities investment companies with a fund management
company.”.
2. Amendments to Clause
3 Article 76
“3. A distribution
agent that is not a securities company, a fund management company, an insurance
enterprise, a commercial bank, or a custodian bank must not act as a nominee;
it shall segregate the distribution of fund certificates from other products at
distribution locations and on programs, applications, and websites used for
distributing fund certificates as notified to the State Securities Commission
of Vietnam (SSC); it may only use information on the certificate of
registration for distribution of public fund certificates at the distribution
location and on the programs, applications, and websites used for distributing
fund certificates as notified to the SSC, or provide information to investors
upon investors’ request.”.
3. Amendments to Clause
4 Article 76
“4. The fund management
company has the responsibility to assess facilities prior to selecting
distribution agents and distribution locations for providing services to
investors. Where a distribution agent distributes fund certificates online, the
facilities assessment report shall list all programs, applications, and
websites used for distribution and the assessment contents showing that such
distribution agents meet the requirements under Clause 11 Article 78 of this
Circular. The facilities assessment report of the distribution agent and
distribution location shall be kept at the head office of the fund management
company and provided to competent regulatory agencies upon request.”.
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“4a. A fund certificate
distribution agreement shall at a minimum include provisions on the scope of
distribution operations, and the rights and responsibilities of the parties to
the agreement, including the distribution agent’s responsibility to comply with
law. The fund management company shall regularly supervise the distribution
agent and is responsible for ensuring that the distribution of fund
certificates by the distribution agent complies with the terms of the
distribution agreement.”.
5. Amendments to Clause
7 Article 76
“7. Within 5 working
days from the date of any change to or addition of fund certificate
distribution locations, any change of address of a distribution location, or
any change to or addition of fund certificate distribution staff, the
distribution agent shall notify the State Securities Commission of Vietnam
(SSC), enclosed with documents on technical facilities and personnel related to
the distribution location. The distribution agent shall notify the SSC in
accordance with the laws on electronic transactions in the securities market
before conducting distribution in the online environment.”.
6. Amendments to Clause
10 Article 76
“10. The fund
management company may only carry out distribution operations of public fund
certificates and shares of public securities investment companies managed by
itself. In this case, the fund management company shall report to the SSC,
update information in the Prospectus, and comply with regulations on
distribution agents. At the same time, the fund management company shall ensure
that fund certificate distribution staff do not concurrently work in asset
management, investment analysis, or internal control divisions.”.
Article
25. Amendments to Point e Clause 1 Article 77
“e) Consolidate and
retain detailed information on investors and investors’ transactions in
accordance with the laws on enterprise. Provide such information to the fund
management company, relevant service providers, and the SSC upon their
request.”.
Article
26. Amendments to a number of Clauses of Article 78
1. Amendments to Clause
6 Article 78
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The distribution agent
shall not request, demand, or receive, in its personal name or in the name of
any organization, from the fund management company any remuneration, profit, or
benefit for soliciting investors to purchase fund certificates, other than the
service fee levels disclosed in the Prospectuses and in the distribution
agreements entered into with the fund management company.”.
2. Amendments to Clause
7 Article 78
“7. The distribution
agent shall not distribute fund certificates at distribution locations or in
the online environment through programs, applications, or websites unless it
has notified the SSC.”.
3. Addition of Clauses
9, 10, 11, and 12 after Clause 8 Article 78
“9. The distribution
agent shall bear full responsibility for the operations of fund certificate
distribution locations, programs, applications, websites, and fund certificate
distribution staff when distributing fund certificates to investors in accordance
with law.
10. The means for a
distribution agent to distribute fund certificates to investors in the online
environment are programs, applications, and websites.
11. When distributing
fund certificates to investors in the online environment, the distribution
agent shall ensure that:
a) It complies with
regulations on electronic transactions in the securities market;
b) It has measures,
forms, and technologies to ensure information security and compliance with
technical standards for providing information in the online environment in
accordance with the Law on Electronic Transactions, the Law on Cyberinformation
Security, the Law on Securities, the Law on Anti-Money Laundering, and other
relevant laws; it ensures the system operates continuously and smoothly;
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d) It issues and
updates operational procedures for distribution of fund certificates in the
online environment, including procedures for information verification, investor
identification, fund certificate distribution procedures, procedures to prevent
investors’ late trading conduct, and a code of professional ethics for fund
certificate distribution staff;
dd) It ensures that
investors open fund certificate trading accounts and place orders directly via
the programs, applications, or websites of the distribution agent itself;
e) It complies with
distribution operations prescribed in Clause 1 Article 77 of this Circular, and
Clauses 5 and 6 of this Article.
g) The interface of the
program, application, or website is designed to ensure the provision of
information prescribed in Clause 2 of this Article to investors. Information
and documents provided to investors on the program, application, or website
shall comply with Clauses 1, 3, and 4 of this Article;
h) It ensures that
investors confirm having read and understood the Fund Charter, the Prospectus,
and documents related to the fund’s operations, and that investors are informed
of the Fund Charter and the Prospectus as amended; it ensures that investors
confirm having read and agreed to the online transaction terms, and that
investors are able to recognize risks that may arise when conducting
transactions in the online environment upon opening a fund certificate trading
account.
12. The fund management
company shall update the Prospectus and publish on its website the list of
distribution agents and the programs, applications, and websites (if any) of
distribution agents, and make updates whenever there is any change to the list
of distribution agents or the programs, applications, and websites (if any) of
distribution agents.”.
Article
27. Amendments to a number of Clauses of Article 79
1. Addition of Clause
6a after Clause 6 Article 79
“6a. The distribution
agent shall submit to the State Securities Commission of Vietnam quarterly and
annual periodic reports on its operational status in accordance with the form
prescribed in Appendix XXXI issued together with this Circular, and shall
comply with the reporting regime prescribed in Clauses 7, 8, 9, 10, and 11
Article 79 of this Circular.”.
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“9. The fund management
company and the privately placed securities investment company that manages
their own capital (hereinafter referred to as the reporting entities) shall
submit periodic reports to the State Securities Commission of Vietnam in the
form of electronic documents via the database system of the State Securities
Commission of Vietnam. In case the reporting entities are unable to submit
reports via the database system of the State Securities Commission of Vietnam
due to force majeure circumstances, including network or server failures, inability
to use digital certificates, or other force majeure reasons, the reporting
entities shall notify the State Securities Commission of Vietnam, clearly
stating the reasons, and submit the reports via the email system or in paper
form. Immediately after the force majeure situation has been remedied, the
reporting entities shall fully submit reports on the database system of the
State Securities Commission of Vietnam.”.
3. Amendments to Clause
11 Article 79
“11. The fund
management company and the securities investment company shall report to the
State Securities Commission of Vietnam within 48 hours from the time of receipt
of the reporting request prescribed in Clause 10 of this Article.”.
Article
28. Annulment and replacement of certain provisions
1. Annulment of Point e
Clause 2 Article 19 and Clause 10 Article 35.
2. Replace the phrase
referring to identity document numbers (“số Giấy chứng minh nhân dân hoặc thẻ
Căn cước công dân/số Giấy chứng minh nhân dân hoặc Căn cước công dân/số Giấy
chứng minh thư nhân dân hoặc thẻ Căn cước công dân/số Giấy chứng minh thư nhân
dân hoặc Căn cước công dân/số chứng minh nhân dân hoặc thẻ Căn cước công dân/Số
Giấy CMND/CCCD”) with the term “personal identification number” (“số định danh
cá nhân”) in Point c, Clause 1, Article 15; Clause 4, Article 16; Point d,
Clause 4, Article 29; Clause 4, Article 58 of Circular No. 98/2020/TT-BTC dated
16 November 2020 of the Minister of Finance guiding the operation and
management of securities investment funds, as well as in Appendix I, Appendix
II, Appendix VII, Appendix VIII, Appendix X, Appendix XII, Part A of Appendix
XV, Appendix XXII and Appendix XXVI promulgated together with Circular No.
98/2020/TT-BTC. Replace the term “people’s identity card” (“giấy chứng minh thư
nhân dân”) with “identity card/electronic identity card/identity certificate” (“thẻ
căn cước/căn cước điện tử/giấy chứng nhận căn cước”) in Part B of Appendix XV
promulgated together with Circular No. 98/2020/TT-BTC.
3. Replacement of Appendices
III, IV, XIII, XIV, and XVI issued together with Circular No. 98/2020/TT-BTC
dated November 16, 2020 of the Minister of Finance guiding the operation and
management of securities investment funds with Appendices III, IV, XIII, XIV,
and XVI issued together with this Circular.
4. Addition of
Appendices XXIX, XXX, and XXXI issued together with this Circular.
Article
29. Entry into force
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2. The State Securities
Commission of Vietnam, Stock Exchanges, the Vietnam Securities Depository and
Clearing Corporation, securities investment fund management companies, custodian
banks, custodian banks, and other organizations and individuals related to the
operation of securities investment funds and securities investment companies
shall implement this Circular.
Article
30. Transitional provisions
For member funds that
are contributing capital to capital-contributing members, holding shares,
capital contributions, or bonds of capital-contributing members, the fund
management company shall complete the divestment of the member fund from the
capital-contributing member within a maximum period of 2 years from the date
this Circular comes into force./.
PP.
MINISTER
DEPUTY MINISTER
Nguyen Duc Chi
Appendix III
FORM OF PROSPECTUS OF SECURITIES INVESTMENT
FUND
(Issued
together with Circular No. 136/2025/TT-BTC dated December 29, 2025 of the
Minister of Finance)
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(Cover
page)
The State Securities
Commission of Vietnam’s issuance of the Certificate of registration for
public offering of these fund certificates only means that the registration
for public offering of these fund certificates has been conducted in
accordance with relevant laws, and does not imply any guarantee as to the
contents of the Prospectus nor the objectives or investment strategies of the
Fund.
PROSPECTUS
OF SECURITIES INVESTMENT FUND
1. Name of the Fund;
number of the Certificate of registration for public offering of fund
certificates:
2. Type of Fund:
3. Date of registration
of the Prospectus with the State Securities Commission of Vietnam:
4. Validity period of
the Prospectus:
5. Title of the
Prospectus:
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“The securities
investment fund described in this Prospectus is a fund established in
accordance with the Law on Securities No. 54/2019/QH14 adopted by the National
Assembly of the Socialist Republic of Vietnam on November 26, 2019, and guiding
documents. This Prospectus was registered with the State Securities Commission
of Vietnam on …”
7. Full name, title, and
contact address of the person in charge of information disclosure:
8. Place where the
Prospectus, periodic operation reports, and financial statements are provided,
and the form of provision of such documents (head office, company branches,
website, etc.):
TABLE
OF CONTENTS
Persons primarily
responsible for the contents of the Prospectus
Terms and definitions
Investment
opportunities
Information on the fund
management company
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Information on other
related organizations
Information on the
investment fund
General information on
the fund
Summary of the Fund
Charter
Investment objectives,
policies, and restrictions
Characteristics of
investment fund certificates
Trading mechanism for
fund certificates
Principles for
determination of trading prices
Service fees
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Investors’ general
meeting
Fund representatives
board
Fund management company
Custodian bank
Risks of the Fund
Initial offering and
subsequent trading
Operational status of
the fund
Financial statements
Service fees and
performance-based incentives
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Forecast of the fund’s
operating results
Conflicts of interest
Reporting regime
Contact address for
investor inquiries
Commitments
Attached appendices
CONTENTS
OF THE PROSPECTUS
I. PERSONS PRIMARILY
RESPONSIBLE FOR THE CONTENTS OF THE PROSPECTUS
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Mr./Ms.: ………………………………………………
Position: President of the Board of Directors/Board of Members
Mr./Ms.: ………………………………………………
Position: General Director (Director)
Mr./Ms.: ………………………………………………
Position: Chief Accountant
We hereby certify that
the information and data contained in this Prospectus are consistent with the
facts to the best of our knowledge, or have been reasonably investigated and
collected.
2. Custodian bank
Legal representative: Mr./Ms.:
…………………………
Position:
This Prospectus forms
part of the application for public offering registration prepared by (name of
the fund management company) after obtaining confirmation from (name of the
custodian bank). We certify that the analysis, assessment, and wording used in
this Prospectus have been carried out in a reasonable and prudent manner based
on information and data provided by (names of relevant organizations).
II. TERMS AND DEFINITIONS
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III. INVESTMENT
OPPORTUNITIES
1. Overview of the
Vietnamese economy
2. Vietnam’s financial
market and investment opportunities
IV. INFORMATION ON THE
FUND MANAGEMENT COMPANY
1. General information
on the fund management company
Company name:
License for
establishment and operation of securities business No.: Enterprise registration
certificate No.:
Head office address:
Phone number: Fax:
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Operating duration (if
any):
Charter capital:
Shareholders/capital-contributing
members of the fund management company:
- Introduction of
shareholders/capital-contributing members at the time of establishment:
- Introduction of
shareholders/capital-contributing members holding 5% or more of charter
capital:
Introduction to the
Board of Directors/Board of Members (structure and brief information on
members);
Introduction to the
Executive Management of the fund management company (structure and brief
information on members);
Introduction to the
Investment Council (brief information on members).
2. Information on the
operational status of the fund management company
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- Funds currently
managed by the company (providing detailed lists, fund names, types of funds,
etc.);
- Requirements: clearly
state the sources and timing of provision of the above information; clearly
state that information on past operations of the fund management company does
not imply any guarantee of the future performance of the fund management
company;
- The Prospectus must
not provide information for private purposes or in a manner that exaggerates
achievements or conceals failures regarding information on operational status,
past and current management experience of the fund management company, or past
and current operational status of other funds managed by the fund management
company.
V. CUSTODIAN BANK
Bank name:
Establishment license
number:
Certificate of
registration for custodial activities No.:
Head office address:
Phone number: Fax:
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Main fields of
operation:
VI. REAL ESTATE
MANAGEMENT ORGANIZATION (applicable to real estate investment funds)
Full name:
Abbreviated name:
Enterprise registration
certificate or License for establishment and operation:
Head office address:
Phone number: Fax:
Operating duration (if
any):
Experience of the real
estate management organization in the management, operation and commercial
utilization of real estate in accordance with the investment objectives of the
securities investment fund.
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Full name:
Abbreviated name:
Enterprise
establishment license or Enterprise registration certificate:
Head office address:
Phone number: Fax:
Operating duration (if
any):
Experience of the
company in activities for valuation of real estate value.
VIII. AUDIT COMPANY
Company name:
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Head office address:
Phone number: Fax:
Operating duration (if
any):
IX. FUND CERTIFICATE
DISTRIBUTION AGENTS
The list of selected
fund certificate distribution agents includes:
Name:
Head office address:
Certificate of
registration for distribution agent activities No.:
Fund certificate
distribution locations:
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(authorized services
include: fund administration services, transfer agent services, and other
services in accordance with law)
- Name of the
authorized organization:
- Head office address:
- License for
establishment and operation of enterprise or Enterprise registration
certificate No.:
- Operating duration:
- Main fields of
operation:
- Scope of authorized
services (list clauses in the contract):
- Fees payable
………………………………………… payment method
XI. INFORMATION ON THE
INVESTMENT FUND
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1.1 Name and contact
address of the Fund
1.2 Certificate of
registration for public offering
1.3 Certificate of
registration for fund establishment
1.4 Nature and
operating duration of the Fund (if any)
2. Fund Charter in the
initial offering and updated Fund Charter in subsequent Prospectus disclosures
(if any changes)
Summary of the Fund
Charter with the following key information:
2.1 General provisions
2.2 Provisions on
objectives, policies, and restrictions
- Investment objectives
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- Permitted investment
assets
- Investment structure
- Investment
restrictions
- Borrowing, lending,
repurchase transactions, margin transactions
- Investment selection
methods
- Principles and
methods for determination of net asset value
2.3 Characteristics of
investment fund certificates
- Investors
- Capital contribution
conditions and payment conditions applicable to investors contributing capital
to ETF funds (for ETF funds)
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- Register of ownership
of fund certificates
- Voting rights of
investors
- Cases of division,
separation, consolidation, merger, contract finalization, dissolution of the
fund and investors’ rights in cases of contract finalization and dissolution of
the fund
2.4 Trading mechanism
for fund certificates (applicable to open-ended funds and ETF funds)
- Procedures for
receipt of sell orders and conditions for execution of sell orders
- Procedures for
receipt of buy orders and conditions for execution of buy orders
- Procedures for
receipt of conversion orders and conditions for execution of conversion orders
- Cases of suspension
of fund certificate trading and partial execution of trading orders
2.5 Principles for
determination of trading prices per fund unit (applicable to open-ended funds
and ETF funds)
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- Forms of disclosure
of information on trading prices, disclosure venues, and disclosure frequency
- Information on
service fee levels: issuance service fees, redemption service fees, conversion
service fees
2.6 Information on
service fees payable by the fund
- Fund management
service fees
- Supervisory service
fees
- Other costs in
accordance with law
- Types of service fees
and costs accounted into the fund; types of service fees and costs payable by
investors
2.7 Profit distribution
and tax policies
- Methods for
determination and distribution of fund profits
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2.8 Investors’ meeting
- Annual and
extraordinary investors’ meetings
- Powers and duties of
the investors’ meeting
- Procedures for
convening and conducting the investors’ meeting
- Decisions of the
investors’ meeting
2.9 Fund representative
board
- Organization of the
fund representative board (list of members of the fund representative board)
- Criteria for
selection of members of the fund representative board
- Powers and duties of
the fund representative board
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- Operating procedures
of the fund representative board
- Removal, dismissal,
and supplementation of members of the fund representative board
- Authorized
representatives of members of the fund representative board
- Minutes of meetings
of the fund representative board
2.10 Criteria for
selection, powers, and obligations of the fund management company
- Criteria for
selection of the fund management company
- Responsibilities and
powers of the fund management company
- Termination of rights
and obligations in respect of the fund management company
- Operational
restrictions applicable to the fund management company
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- Criteria for
selection of the custodian bank
- Responsibilities and
powers of the custodian bank
- Termination of rights
and obligations in respect of the custodian bank
2.12 Audit, accounting,
and reporting regime
3. Risks associated
with investment in the Fund
3.1 Market risk
3.2 Interest rate risk
3.3 Inflation risk
3.4 Liquidity risk
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3.6 Credit risk
3.7 Conflict of
interest risk
3.8 Risks associated
with specific investment products (depending on the types of assets in which
the fund plans to invest)
3.9 Idiosyncratic risk
3.10 Other risks.
4. Other investment
information
XII. INITIAL OFFERING AND
SUBSEQUENT TRADING OF FUND CERTIFICATES
1. Legal basis
2. Initial offering
plan
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- Fund type:
- Operating duration of
the Fund:
- Investment
objectives/strategies:
- Sectors and
industries proposed for investment:
- Investment products
proposed:
- Investment risk
control procedures:
- Investment structure:
- Number/number of lots
of fund units proposed for offering (or maximum and minimum numbers of fund
units/number of lots proposed for offering):
- Offering period in
the initial offering and extension of the offering period of fund certificates:
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- Offering price:
- Issuance service fee:
- Currency unit:
- Minimum subscription
quantity:
- Method for allocation
of fund certificates in the initial offering: (Total initial investment amount
- Initial issuance service fee (x%)):
- Par value:
- Time limit for
confirmation of investors’ transactions:
- Payment methods and
forms:
- Expected nearest
trading date after completion of the initial offering:
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- Parties related to
the offering:
- Criteria and
conditions applicable to investors contributing capital for fund establishment:
3. Trading of fund
certificates/lots of fund certificates in subsequent transactions (applicable to
open-ended funds and ETFs)
- Trading time after
the initial offering:
- Trading date:
- Selling price:
- Redemption price:
- Redemption service
fee:
- Issuance service fee:
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- Minimum subscription
quantity for purchase/sale transactions:
- Order book closing
time:
- Time limit for
transaction confirmation:
- Time limit for
payment to investors:
- Trading frequency of
the fund:
- Trading method:
- Cancellation of
trading orders:
- Fund conversion
transactions:
- Suspension of
trading:
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4. Method for
determination of net asset value
4.1 Frequency of
determination of net asset value
4.2 Method for
determination of net asset value
4.3 Disclosure of net
asset value
5. Listing and
delisting of fund certificates (applicable to closed-end funds, real estate
investment funds, and ETFs)
6. Guidance for investment
in the investment fund
XIII. OPERATIONAL
STATUS OF THE FUND
1. Financial statements
(updated annually)
2. Status of issuance
and redemption of fund certificates (updated annually)
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a) Fund management
fees, fund administration fees, transfer agent service fees
b) Supervisory service
fees and custody service fees
c) Real estate
management service fees (applicable to real estate funds)
d) Real estate
valuation service fees (applicable to real estate funds)
dd) Other types of
service fees (audit service fees, tax advisory fees, valuation fees, etc.)
e) Other information.
4. Performance
indicators
4.1 Operating expense
ratio of the fund
4.2 Portfolio turnover
rate of the fund
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Clearly state the
method for calculation of the Fund’s income items and the plan and method for
distribution of profits of the Fund to investors.
6. Forecast of the
fund’s operating results
The Prospectus may
include forecasts and estimates regarding the general economic situation, the
securities market, economic development trends, etc.; however, it must clearly
state that such forecasts and estimates do not imply any guarantee of the
Fund’s future operating results. The Prospectus must clearly state the bases
for making such forecasts.
7. Time and place for
provision of the Fund’s operating reports
XIV. CONFLICTS OF INTEREST
(State
the principles for resolution of potential conflicts of interest.)
XV. INFORMATION
DISCLOSURE TO INVESTORS AND REPORTING REGIME
Clearly state the
obligations of the fund management company and the custodian bank in providing
the Prospectus, financial statements, and monthly, quarterly, and annual
operating reports to investors of the Fund.
XVI. CONTACT
INFORMATION FOR INVESTOR INQUIRIES
Clearly state address
and phone number enabling investors to contact the fund management company to
resolve inquiries related to the Fund.
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The fund management
company undertakes full responsibility for the accuracy and truthfulness of the
information contents and the attached documents in this Prospectus.
XVIII. ATTACHED
APPENDICES
1. Appendix on
procedures and guidelines for registration of trading of fund certificates
2. Subscription/redemption
application form for fund certificates
3. Addresses where the
Prospectus is available
4. Draft charter of the
investment fund
5. Other appendices
AUTHORIZED
REPRESENTATIVE OF THE CUSTODIAN BANK
(Signature,
full name, and seal)
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LEGAL
REPRESENTATIVE OF THE UNDERWRITING ORGANIZATION (IF ANY)
(Signature,
full name, and seal)
GENERAL
DIRECTOR (DIRECTOR) OF THE FUND MANAGEMENT COMPANY
(Signature,
full name, and seal)
Appendix IV
PROSPECTUS FORM FOR A SECURITIES INVESTMENT
COMPANY
(Issued
together with Circular No. 136/2025/TT-BTC dated December 29, 2025 of the
Minister of Finance)
(cover
page)
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PROSPECTUS
OF SECURITIES INVESTMENT COMPANY
1. Name of the
securities investment company, Certificate of registration for public offering
of shares of the securities investment company:
2. Type of securities
investment company:
3. Date of registration
of the Prospectus with the State Securities Commission of Vietnam:
4. Validity period of
the Prospectus:
5. Title of the
Prospectus:
6. Disclosure
statement:
“The securities
investment company … described in this Prospectus is a securities investment
company established under the Law on Securities No. 54/2019/QH14 passed by the
National Assembly of the Socialist Republic of Vietnam on November 26, 2019 and
its guiding documents. This Prospectus was registered with the State Securities
Commission of Vietnam on …”
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8. Place where the
Prospectus, periodic operation reports, and financial statements are provided,
and the form of provision of such documents (head office, company branches,
website, etc.):
SECURITIES
INVESTMENT COMPANY: ...
PUBLIC
OFFERING OF SHARES
(Certificate
of registration for public offering of shares No. … issued by the President of
the State Securities Commission on …)
LEAD UNDERWRITER:
(or ISSUING AGENT)
Company: ……..
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CO-UNDERWRITERS (if
any):
Company: ……..
Company: ……..
This Prospectus and
supplementary documents shall be made available at: … from date: …
TABLE
OF CONTENTS
Risk factors affecting
the offering share price
Persons primarily
responsible for the contents of the Prospectus
Concepts
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Summary information on
the fund management company
Information on the
custodian bank
Offered shares
Purpose of the offering
Plan for use of
proceeds from the offering
Parties related to the
offering
APPENDIX
CONTENTS
OF THE PROSPECTUS
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1. Fund management
company
Mr./Ms.: …………………. Position:
President of the Board of Directors/Board of Members
Mr./Ms.: …………………. Position:
General Director (Director)
Mr./Ms.: …………………. Position:
Chief Accountant (Chief Financial Officer)
Mr./Ms.: …………………. Position:
Head of the Supervisory Board
We ensure that the
information and data contained in this Prospectus are accurate and truthful and
undertake responsibility for the truthfulness and accuracy of such information
and data in accordance with the facts known to us or reasonably investigated
and collected.
2. Custodian bank
Legal representative: Mr./Ms.:
…………………. Position:
This Prospectus forms
part of the application for public offering registration prepared by (name
of the fund management company) after obtaining confirmation from (name
of the custodian bank). We ensure that the analysis, assessment, and
wording selection in this Prospectus have been conducted reasonably and
prudently based on the information and data provided by (names of relevant
organizations).
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(This section defines
terms, abbreviations, or expressions that are difficult to understand or may
cause misunderstanding as used in the Prospectus.)
III. INVESTMENT
OPPORTUNITIES
1. Overview of the
Vietnamese economy
2. Vietnam’s financial
market and investment opportunities
IV. INFORMATION ON THE
FUND MANAGEMENT COMPANY
1. General information
on the fund management company
Full name:
Abbreviated name:
License for
establishment and operation of securities business No.:
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Head office address:
Phone number: Fax:
Addresses of branches
and representative offices (if any):
Operating duration (if
any):
Charter capital:
Shareholders/capital-contributing
members/owner of the fund management company:
- Introduction of
shareholders/capital-contributing members at establishment;
- Introduction of
shareholders/capital-contributing members holding 5% or more of charter
capital;
- Introduction to the
Board of Directors/Board of Members (structure and brief information on
members);
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- Introduction of the
Investment Council (summary information of members).
Asset management
experience of the fund management company.
Experience, expertise,
reputation, and capacity of employees of the fund management company holding
fund manager positions and performing asset management for the securities
investment company.
2. Information on the
operational status of the fund management company
- Summary of the
operational status of the fund management company (business performance,
financial status, etc.) over the most recent 5 years as of the date of
inclusion in the Prospectus;
- Funds and securities
investment companies currently managed by the company (provide detailed lists);
- Requirements: clearly
state the sources and timing of provision of the above information; clearly
state that information on past operations of the fund management company does
not imply any guarantee of its future operating capacity;
- The Prospectus must
not provide information for private purposes or in a manner that exaggerates
achievements or conceals failures regarding information on operational status,
past and current management experience of the fund management company, or past
and current operational status of other funds managed by the fund management
company.
V. CUSTODIAN BANK
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Abbreviated name:
License for
establishment and operation No.:
Certificate of
registration for securities depository operations No.:
Head office address:
Phone number: Fax:
Operating duration (if
any):
Experience of personnel
assigned to supervise the asset management activities of the proposed fund; the
asset custody department for the proposed fund.
VI. REAL ESTATE
MANAGEMENT ORGANIZATION (applicable to real estate securities investment companies)
Full name:
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Enterprise
establishment license or Enterprise registration certificate:
Head office address:
Phone number: Fax:
Operating duration (if
any):
Experience of the real
estate management organization in management, operation and commercial
utilization of real estate in a manner consistent with the investment
objectives of the securities investment company.
VII. VALUATION
ENTERPRISE (applicable
to real estate securities investment companies)
Full name:
Abbreviated name:
Enterprise
establishment license or Enterprise registration certificate:
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Phone number: Fax:
Operating duration (if
any):
Experience of the
company in activities for valuation of real estate value.
VIII. AUDIT COMPANY
Company name:
Enterprise
establishment license or Enterprise registration certificate:
Head office address:
Phone number: Fax:
Operating duration (if
any):
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The list of selected
share distribution agents includes:
Name of distribution
agent:
Head office address:
Certificate of
registration for distribution agent operations No.:
Share distribution
locations:
X. AUTHORIZED
ORGANIZATION
Authorized
organization:
- Organization name:
- Head office address:
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- Operating duration:
- Main fields of
operation:
- Scope of authorized
services (list clauses in the contract):
- Fees payable
………………………………………… payment method
XI. INFORMATION ON THE
SECURITIES INVESTMENT COMPANY
1. General information
on the securities investment company
1.1 Name and contact
address of the securities investment company
1.2 Certificate of
registration for public offering
1.3 License for
establishment and operation of the securities investment company
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2. Regulations on
investment objectives, investment strategies, investment methods and
procedures, investment restrictions, and risk factors of the securities
investment company
2.1 Investment objectives
of the securities investment company
2.2 Investment
strategies of the securities investment company
2.3 Investment methods
and procedures of the securities investment company
2.4 Investment
restrictions of the securities investment company
2.5 Risks associated
with investment in the securities investment company
- Market risk
- Interest rate risk
- Inflation risk
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- Legal risk
- Credit risk
- Conflict of interest
risk
- Risks related to
specific investment products (depending on the types of assets in which the
securities investment company intends to invest)
- Idiosyncratic risk
- Other risks.
3. The Charter of the
securities investment company applicable to the initial public offering and the
Charter of the securities investment company updated in subsequent Prospectus
disclosures (if amended)
Summary of the Charter
of the securities investment company, including the following principal
contents:
3.1 General provisions
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- Investment objectives
- Investment strategies
- Permitted investment
assets
- Investment structure
- Investment
restrictions
- Borrowing, lending,
repurchase transactions, margin transactions
- Investment selection
methods
- Principles and
methods for determination of net asset value
3.3. Characteristics of
the securities investment company
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- Rights and
obligations of shareholders
- Shareholder register
- Voting rights of
shareholders
- Cases of
consolidation, merger, liquidation, dissolution of the securities investment
company, and the rights of shareholders in the event of liquidation or
dissolution
3.4. Information on
service fees payable by the securities investment company
- Fund management
service fees
- Supervisory service
fees
- Real estate management
service fees (applicable to real estate securities investment companies)
- Real estate valuation
service fees (applicable to real estate securities investment companies)
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- Categories of service
fees and expenses accounted for by the securities investment company;
categories of service fees and expenses payable by shareholders
3.5 Profit distribution
and tax policies
- Methods for
determining and distributing profits of the securities investment company
- Tax policies: taxes
applicable to the securities investment company; income tax applicable to
shareholders (payment methods: withholding at source or self-payment by
shareholders)
3.6. General meeting of
shareholders
- Annual and
extraordinary general meetings of shareholders
- Powers and duties of
the general meeting of shareholders
- Procedures for
convening and conducting the general meeting of shareholders
- Resolutions of the
general meeting of shareholders
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- Organization of the
Board of Directors (list)
- Criteria for
selection of members of the Board of Directors
- Powers and duties of
the Board of Directors
- Chairperson of the
Board of Directors
- Operating procedures
of the Chairperson of the Board of Directors
- Suspension, dismissal,
and removal of members of the Board of Directors
- Representatives of
members of the Board of Directors
- Minutes of meetings
of the Board of Directors
3.8. Criteria for
selection, powers, and responsibilities of the fund management company
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- Responsibilities and
powers of the fund management company
- Termination of rights
and obligations in respect of the fund management company
- Operational
restrictions applicable to the fund management company
3.9 Criteria for
selection, powers, and responsibilities of the custodian bank
- Criteria for
selection of the custodian bank
- Responsibilities and
powers of the custodian bank
- Termination of rights
and obligations in respect of the custodian bank
3.10 Audit, accounting,
and reporting regime
4. Other
investment-related information
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1. Legal basis
2. Initial offering
plan
- Name of the
securities investment company:
- Duration of the
securities investment company:
- Investment objectives/strategies:
- Intended investment
sectors and industries:
- Investment risk
control procedures:
- Investment structure:
- Number of shares
proposed to be offered (or the maximum and minimum number of shares proposed to
be offered):
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- Par value:
- Offering price:
- Minimum subscription
quantity:
- Method of initial
share allocation:
- Initial offering
service fee (x%):
- Time limit for
transaction confirmation by shareholders:
- Payment methods and
forms:
- Expected nearest
trading date after completion of the initial offering:
- Offering locations
and distribution agents:
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3. Method for
determination of net asset value
3.1. Timing for
determination of net asset value
3.2 Method for
determination of net asset value
3.3 Disclosure of net
asset value
4. Information guiding
participation in investment in the securities investment company
XI. OPERATIONAL STATUS
OF THE SECURITIES INVESTMENT COMPANY
1. Financial statements
(updated annually)
2. Service fees and
performance-based incentives
2.1. Initial offering
service fees
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2.3. Supervisory
service fees and custody service fees
2.4. Real estate
management service fees (applicable to real estate securities investment
companies)
2.5. Other service fees
(audit service fees, tax consultancy fees, valuation fees, etc.)
2.6. Other information
3. Performance
indicators
3.1. Operating expense
ratio of the securities investment company
3.2. Portfolio turnover
rate of the securities investment company
4. Method for
calculating income and the profit distribution plan of the securities
investment company
Clearly state the
methods for calculating the income items of the securities investment company;
the plan and methods for distributing profits of the securities investment
company to shareholders.
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The Prospectus may
include forecasts and estimates regarding the general economic situation, the
securities market, economic development trends, etc.; however, it must clearly
state that such forecasts and estimates do not imply any guarantee of the
Fund’s future operating results. The Prospectus must clearly state the bases
for making such forecasts.
6. Time and place for
provision of operating reports of the securities investment company
XII. CONFLICTS OF
INTEREST
(State the principles
for resolving potential conflicts of interest.)
XIII. INFORMATION
DISCLOSURE TO SHAREHOLDERS, REPORTING REGIME
Clearly state the
obligations of the fund management company and the custodian bank in providing
the Prospectus, financial statements, and monthly, quarterly, and annual
operating reports to the shareholders of the securities investment company.
XIV. CONTACT FOR
RESPONDING TO SHAREHOLDERS’ INQUIRIES
Clearly state the
address and phone number enabling shareholders to contact the fund management
company for responses to inquiries related to the securities investment
company.
XV. UNDERTAKING
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1. Appendix on
procedures and guidelines for registration to purchase shares
2. Share purchase
application form
3. Addresses where the
Prospectus is available
4. Other appendices (if
any)
AUTHORIZED
REPRESENTATIVE OF THE CUSTODIAN BANK
(Signature,
full name, and seal)
PRESIDENT
OF THE BOARD OF DIRECTORS/PRESIDENT OF THE MEMBERS’ COUNCIL/PRESIDENT OF THE
FUND MANAGEMENT COMPANY
(Signature,
full name, and seal)
AUTHORIZED
REPRESENTATIVE OF THE ORGANIZATION PROVIDING CONSULTANCY SERVICES FOR THE
PUBLIC OFFERING REGISTRATION DOSSIER (IF ANY)
(Signature,
full name, and seal)
GENERAL
DIRECTOR (DIRECTOR) OF THE FUND MANAGEMENT COMPANY
(Signature,
full name, and seal)
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Appendix XIII
INFORMATION DISCLOSURE FORM
(Attached
to Circular No. 136/2025/TT-BTC dated December 29, 2025 of the Minister of
Finance)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
---------------
[Location].......,
[date]..................
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PERSONAL
INFORMATION FORM
1. Full name:
2. Date of birth:
3. Nationality (all
current nationalities for foreigners):
4. Personal
identification number (for Vietnamese citizens) or passport number, date
of issuance, place of issuance (for foreigners):
5. Contact address (permanent):
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7. Professional
qualifications:
8. Occupation:
9. Education and
professional training background (clearly state the name of the institution;
course name; study period; degree name (list degrees and training programs
relevant to the standards and conditions of the elected or appointed
position)):
Duration
Training
institution
Field
of study
Program
Degree
name
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10. Employment history
(details of previous occupations, titles, and positions held):
Time
(month/year)
Workplace
Title/Position
Responsibilities
Position
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11. Position and duties
at the fund representative board / Board of Directors of the securities
investment company:
12. Current positions
at other organizations:
13. Declarant’s
relatives (spouse, father, adoptive father, mother, adoptive mother, children,
adopted children, siblings, etc.)
Full
name
Relationship
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Personal
identification number (for Vietnamese citizens) / Passport number, date of
issuance, place of issuance (for foreigners)
Address
Occupation,
workplace
Position
Spouse
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Father
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Children
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Siblings
…
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After studying the Fund
Charter/Charter of the securities investment company and relevant legal
regulations, I hereby undertake:
For members of the fund
representative board / members of the Board of Directors of the securities
investment company
- To satisfy the
conditions applicable to members of the fund representative board / members of
the Board of Directors as stipulated in the Fund Charter / Charter of the
securities investment company and relevant legal regulations;
- To comply with the
provisions of the Fund Charter/Charter of the securities investment company and
relevant legal regulations;
- To take full
responsibility for the truthfulness and accuracy of the enclosed documents (if
any).
For independent members
of the fund representative board/independent members of the Board of Directors
of the securities investment company
- To satisfy the
conditions applicable to independent members of the fund representative
board/Board of Directors as stipulated in the Fund Charter/Charter of the
securities investment company and relevant legal regulations;
- To comply with the
provisions of the Fund Charter/Charter of the securities investment company and
relevant legal regulations;
- To take full
responsibility for the truthfulness and accuracy of the enclosed documents (if
any).
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DECLARANT
(Signature,
full name)
Appendix XIV
METHODS FOR VALUATION OF ASSETS
(Attached
to Circular No. 136/2025/TT-BTC dated December 29, 2025 of the Minister of
Finance)
A - Asset valuation
No.
Type of assets
Valuation principles for
market transactions
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1
Cash (VND)
Cash balance as of the day immediately preceding the
valuation date.
2
Foreign currencies
Value converted into VND at the prevailing exchange rate
quoted by credit institutions licensed to conduct foreign exchange business
as of the day immediately preceding the valuation date.
3
Term deposits
Deposit principal plus accrued but unpaid interest
calculated up to the day immediately preceding the valuation date.
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Treasury bills, negotiable certificates of deposit and
other money market instruments
Purchase price plus accrued interest calculated up to the
day immediately preceding the valuation date.
5
Non-interest-bearing instruments, including bills, bonds,
valuable papers and other non-interest-bearing instruments
Average quoted price on the Stock Exchange trading system;
where no quoted price is available, the price shall be determined using a
discounted cash flow model based on the winning bid interest rate or another
interest rate prescribed by the fund representative board/Board of Directors
of the securities investment company, and the holding period of the
instrument.
Bonds
6
Listed bonds; privately issued corporate bonds registered
for trading on the Stock Exchange
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- Where there has been no trading for more than 15 days up
to the valuation date, or where market prices fluctuate significantly with
the fluctuation level and pricing method specified in the Fund Charter, the
price shall be one of the following:
+ Purchase price plus accrued interest; or
+ Par value plus accrued interest;
+ Price determined in accordance with a method approved by
the fund representative board/Board of Directors of the securities investment
company.
7
Unlisted bonds
- Quoted price (if any) on quotation systems plus accrued
interest calculated up to the day immediately preceding the valuation date;
or
- Purchase price plus accrued interest; or
- Par value plus accrued interest; or
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Shares
8
Shares listed on the Stock Exchange; privately placed
shares of listed organizations; additional public offerings of listed
organizations
- Closing price (or other denomination as prescribed by the
internal rules of the Stock Exchange) of the most recent trading day prior to
the valuation date;
- Where there has
been no trading for more than 15 days up to the valuation date, the price
shall be one of the following:
+ Book value; or
+ Purchase price; or
+ Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
9
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- Closing price (or
other denomination as prescribed by the internal rules of the Stock Exchange)
of the most recent trading day prior to the valuation date;
- Where there has
been no trading for more than 15 days up to the valuation date, the price
shall be one of the following:
+ Book value; or
+ Purchase price; or
+ Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
10
Shares subject to
trading suspension, delisting, or deregistration for reasons other than a
change of Stock Exchange
One of the following
prices:
- Book value; or
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- Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
11
Shares delisted or
deregistered due to a change of Stock Exchange
- Closing price (or
other denomination as prescribed by the internal rules of the Stock Exchange)
of the most recent trading day prior to the valuation date;
- Where there has
been no trading for more than 15 days up to the valuation date, the price
shall be one of the following:
+ Book value; or
+ Purchase price; or
+ Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
12
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One of the following
prices:
- 80% of the
liquidation value of such shares as of the date of the most recent balance
sheet prior to the valuation date; or
- Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
13
Equity interests and
other contributed capital
Market price being
the average price of successfully executed transactions on the most recent
trading day prior to the valuation date as provided by quotation
organizations. Where no quotation is available, the price shall be one of the
following:
+ Book value; or
+ Purchase
price/capital contribution value; or
+ Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
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14
Listed public fund
certificates
- Closing price, or
another denomination in accordance with the internal rules of the Stock
Exchange, as of the most recent trading day prior to the valuation date;
- Where there has
been no trading for more than 15 days up to the valuation date, the price
shall be determined as one of the following:
+ Net asset value per
fund certificate disclosed on the website of the State Securities Commission
of Vietnam or the Stock Exchange or the fund management company as of the
date closest to,
but prior to, the
valuation date; or
+ Purchase price; or
+ Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
15
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Net asset value per
fund certificate disclosed as of the date closest to, but prior to, the
valuation date.
16
Public fund
certificates delisted due to a change of Stock Exchange
One of the following
prices:
- Net asset value per
fund certificate disclosed as of the date closest to, but prior to, the
valuation date; or
- Purchase price; or
- Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
Derivatives
securities
17
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Closing price, or
another denomination in accordance with the internal rules of the Stock
Exchange, as of the most recent trading day prior to the valuation date. Where
no closing price of the Stock Exchange is available as prescribed above, the
price shall be determined based on the end-of-day settlement price or final
settlement price (in case of maturity) provided by the Vietnam Securities
Depository and
Clearing Corporation
to derivatives clearing members and published by the Vietnam Securities
Depository and Clearing Corporation on its website as of the most recent
trading day prior to the valuation date.
18
Listed derivatives
securities with no trading for more than 15 days up to the valuation date
Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
Covered warrants
19
Covered warrants
listed on the Stock Exchange
- Closing price, or
another denomination in accordance with the internal rules of the Stock
Exchange, as of the most recent trading day prior to the valuation date;
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+ Book value; or
+ Purchase price; or
+ Price determined in
accordance with a method approved by the fund representative board/Board of
Directors of the securities investment company.
Other assets
20
Subscription rights
The price of a
subscription right is the positive difference between the market price of the
share as of the most recent trading day prior to the valuation date and the
exercise price, multiplied by the exercise ratio.
21
Real estate
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22
Other permitted
investment assets
Market price being
the average price of successfully executed transactions on the most recent
trading day prior to the valuation date as provided by quotation
organizations. Where no quotation is available, the price shall be determined
in accordance with a theoretical model approved by the fund representative
board/Board of Directors of the securities investment company.
Notes:
- Accrued interest
means interest calculated from the most recent interest payment date up to the
day immediately preceding the valuation date;
- Book value of a share
is determined based on the most recent audited or reviewed financial
statements;
- Liquidation value of a
share is determined as the equity value of the issuer divided by the total
number of outstanding shares;
- Valuation
organizations may select quotation systems (Reuters/Bloomberg/Vietnam Bond
Market Association, …) for reference;
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B - Commitment value
from derivatives contracts
1. Commitment value
(global exposure) means the monetary value to which the fund/securities
investment company is obligated to perform under a contract. The commitment
value is determined based on the market value of the underlying asset,
settlement risk, market volatility, and the time required to liquidate the
position.
2. When calculating the
commitment value, the fund management company may apply:
- The principle of
netting offsetting derivatives positions (opposite directions) on the same
underlying security, for example, a long call option position on security XYZ
offsets (reduces) the commitment value arising from a short call option
position on security XYZ;
- The principle of
netting offsetting derivatives positions and spot positions of the same
security, for example, a long (holding) position in security XYZ offsets
(reduces) the commitment value arising from a short call option position on
security XYZ;
- Other principles in
accordance with international practices, ensuring risk management.
No.
Type
of assets
Commitment
value
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Equity options (long
put, short put, short call)
Market value of the
option position¹ adjusted by the option delta coefficient = Number of
contracts × number of shares per contract × current market price of the share
× delta coefficient²
2.
Bond options (long
put, short put, short call)
Market value of the
option position³ adjusted by the option delta coefficient = Number of
contracts × par value × current market price of the bond × delta coefficient
3.
Index futures
contracts
Market value of the
futures position = Number of contracts × value per index point × current
index level
4.
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Market value of the
futures position = Number of contracts × notional contract value × market
value of the cheapest-to-deliver bond
5.
Other contracts
In accordance with
the model selected by the fund management company, agreed with the custodian
bank, and approved by the fund representative board/Board of Directors of the
securities investment company
__________________________
¹ If the fund holds a
long position, the market value may be adjusted upward by the option premium
paid.
² Delta coefficient is
the first derivative of the option price with respect to the price of the
underlying security. In simple cases, the delta coefficient may be deemed to be
1. In complex option cases, the delta coefficient shall be determined by the
fund management company and the custodian bank after approval by the fund
representative board.
³ If the fund holds a
long position, the market value may be adjusted upward by the option premium
paid.
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ORDER FORM
(Attached
to Circular No. 136/2025/TT-BTC dated December 29, 2025 of the Minister of
Finance)
To:
Distribution agent (name of distribution agent)
1
Investor section
Investor’s full name:
Account number:
Personal
identification number:
Place and date of
issuance:
Account type: Investor
□ Distribution agent □
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Fund
Investment
amount
For
distribution agent use
In
figures
In
words
Order
number
Voucher
number
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Fund
Quantity
of fund certificates registered for sale
For
distribution agent use
In
figures
In
words
Order
number
Voucher
number
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Order type: FUND
SWITCHING
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Fund
Quantity
of fund certificates registered for switching
For
distribution agent use
In
figures
In
words
Order
number
Voucher
number
...
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Fund
Investment
amount
For
distribution agent use
In
figures
In
words
Order
number
Voucher
number
...
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Order type/request: CANCELLATION
OF SELL ORDER
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Quantity
of fund certificates registered for sale
For
distribution agent use
In
figures
In
words
Order
number
Voucher
number
...
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Order type/request: CANCELLATION
OF FUND SWITCHING ORDER
From fund (name of
the fund) to fund (name of the target fund)
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Quantity
of fund certificates registered for switching
For
distribution agent use
In
figures
In
words
Order
number
Voucher
number
...
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Order type/request: PERIODIC
INVESTMENT
Fund
Periodic
investment amount
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In
figures
In
words
Order
number
Voucher
number
...
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Payment method
Cash □ Bank transfer
□
Investor’s contact
address (by mail):
Mobile phone: Email:
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Account manager:
Investor
(Signature,
full name)
Employee
of the distribution agent
(Signature,
full name)
[Date]..................
[Date]..................
Other information as
prescribed by the fund management company
Attached agreements
and authorizations
2
For distribution
agent use
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Receiving staff
Supervisory staff
Appendix XXIX
CREDIT RATING LEVELS FOR PRIVATELY PLACED
CORPORATE BONDS OR ISSUERS OF PRIVATELY PLACED CORPORATE BONDS
(Attached
to Circular No. 136/2025/TT-BTC dated December 29, 2025 of the Minister of
Finance)
No.
Name
of credit rating organization
Credit
rating level
Meaning
of the credit rating level for bonds or bond issuers
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Moody’s Ratings
Aaa
Highest capacity to
meet financial commitments and lowest risk of default.
Aa1
Very high capacity to
meet financial commitments and very low risk of default.
Aa2
Aa3
A1
Upper-medium capacity
to meet financial commitments and low risk of default.
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A3
Baa1
Moderate credit risk
and may have speculative characteristics.
Baa2
Baa3
Ba1
Speculative elements
and substantial credit risk.
2
S&P Global
Ratings
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Highest capacity to
meet financial commitments.
AA+
Very high capacity to
meet financial commitments.
AA
AA-
A+
Strong capacity to
meet financial commitments but may be affected by changing economic
conditions and circumstances.
A
A-
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Adequate capacity to
meet financial commitments but more susceptible to adverse economic
conditions.
BBB
BBB-
BB+
Less vulnerable in
the short term but faces major ongoing uncertainties due to adverse business,
financial, or economic conditions.
3
Fitch Ratings
AAA
Lowest risk of
default and extremely high credit quality.
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AA
AA-
Very low risk of
default and very high credit quality.
A+
Low risk of default
and high credit quality; however, may be affected by adverse economic
conditions.
A
A-
BBB+
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BBB
BBB-
BB+
Vulnerable to
elevated default risk, particularly in the event of adverse changes in
business or economic conditions over time, although there is still business
or financial flexibility to support the fulfillment of financial commitments.
4
FiinRatings Joint
Stock Company
AAA
Highest capacity to
meet financial obligations.
AA+
...
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AA
AA-
5
Vietnam Investment
Credit Rating Joint Stock Company
AAA
Highest level of
creditworthiness compared with other domestic entities and transactions.
AA+
Very high level of
creditworthiness compared with other domestic entities and transactions.
AA
...
...
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6
Saigon Phat Thinh
Ratings Joint Stock Company
vnAAA
Very high capacity to
meet financial commitments.
vnAA+
High capacity to
fulfill financial commitments.
vnAA
vnAA−
7
...
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AAA
Lowest risk of
default and extremely high credit quality.
AA+
Very low risk of
default and very high credit quality.
AA
AA-
8
Thien Minh Credit
Rating Joint Stock Company
AAA
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Very high capacity to
meet financial obligations (for issuers).
AA+
Very high capacity to
meet financial obligations (for bonds);
High capacity to meet
financial obligations (for issuers).
AA
AA-
9
Other credit rating
enterprises licensed by the Ministry of Finance as eligible for business
operations
Credit rating levels
corresponding to very strong or stronger capacity to meet financial
obligations, or very high or higher creditworthiness compared with other
domestic entities and transactions, or high or higher capacity to fulfill
financial commitments, or very low to lowest risk of default with very high
or higher credit quality, or very high to highest (for bonds)/high to very
high (for issuers) capacity to meet financial obligations.
...
...
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Appendix XXX
WEIGHTED AVERAGE LIFE AND WEIGHTED AVERAGE
MATURITY
(Attached
to Circular No. 136/2025/TT-BTC dated December 29, 2025 of the Minister of
Finance)
1. Weighted Average
Life (WAL)
Weighted Average Life
means the weighted average of the remaining time until the final maturity date
of all assets in the fund’s investment portfolio, weighted by the proportion of
each asset in the total portfolio value.
In particular:
Ci: value of
asset i;
: total value of the fund’s asset
portfolio.
The value of asset i
and the total portfolio value are determined in accordance with the principles
set out in Appendix XIV attached to Circular No. 136/2025/TT-BTC dated December
29, 2025 of the Minister of Finance amending and supplementing certain
provisions of Circular No. 98/2020/TT-BTC dated November 16, 2020 guiding the
operation and management of securities investment funds.
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n: number of
assets/securities in the fund.
Notes: In the case of
mandatory early redemption of bonds at the request of investors, the remaining
time of the portion of bonds redeemed early shall be calculated up to the
redemption date in accordance with the issuer’s redemption plan.
2. Weighted Average
Maturity (WAM)
Weighted Average
Maturity means the weighted average of the remaining time until the final
maturity date, or the remaining time until the next interest rate reset date
for floating-rate assets (whichever is shorter), of all assets in the fund’s
investment portfolio, weighted by the proportion of each asset in the total
portfolio value.
In particular:
Wi: value of asset i;
: total value of the fund’s asset
portfolio.
The value of asset i
and the total portfolio value are determined in accordance with the principles
set out in Appendix XIV attached to Circular No. 136/2025/TT-BTC dated December
29, 2025 of the Minister of Finance amending and supplementing certain
provisions of Circular No. 98/2020/TT-BTC dated November 16, 2020 guiding the
operation and management of securities investment funds.
...
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n: number of
assets/securities in the fund.
Notes: In the case of
mandatory early redemption of bonds at the request of investors, the remaining
time of the portion of bonds redeemed early shall be calculated up to the
redemption date in accordance with the issuer’s plan, or up to the next
interest rate reset date if the bond is a floating-rate bond, whichever is
shorter./.
Appendix XXXI
REPORT OF THE DISTRIBUTION AGENT
(Attached
to Circular No. 136/2025/TT-BTC dated December 29, 2025 of the Minister of
Finance)
NAME OF DISTRIBUTION
AGENT
-------
THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
---------------
No. ........................
.........., [Location].......,
[date]..................
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REPORT
Performance
of the distribution agent
(quarterly, annual)
To:
State Securities Commission of Viet Nam
I. Assessment of the
maintenance of conditions for registration as a distribution agent
1. Information on the
head office of the distribution agent; distribution locations and staff at such
locations; programs, applications, and websites used to distribute fund
certificates via online platforms (if any).
2. Information on the
issuance and amendment of procedures and rules related to the distribution of
fund certificates by the distribution agent.
II. Performance of the
distribution agent
1. List of securities
investment funds distributed (fund name, fund management company name).
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No.
Indicator
Reporting
period
Previous
reporting period
Cumulative
from the beginning of the year to the reporting period
1
Number of fund
certificate trading accounts opened during the period
...
...
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2
Total number of fund
certificate trading accounts, including:
2.1
Number of accounts of
domestic institutional investors
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2.2
Number of accounts of
domestic individual investors
2.3
Number of accounts of
foreign investors
...
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3
Total number of accounts
holding fund certificates at the end of the period, including:
3.1
Number of accounts
holding fund certificates at the end of the period of domestic institutional
investors
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3.2
Number of accounts
holding fund certificates at the end of the period of domestic individual
investors
3.3
Number of accounts
holding fund certificates at the end of the period of foreign investors
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4
Total value of fund
certificates held by investors at the end of the period, including:
4.1
Value of fund certificates
held by domestic institutional investors
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4.2
Value of fund
certificates held by domestic individual investors
4.3
Value of fund
certificates held by foreign investors
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5
Total value of fund
certificates issued during the period, including:
5.1
Total value of fund
certificates issued during the period to domestic institutional investors
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5.2
Total value of fund
certificates issued during the period to domestic individual investors
5.3
Total value of fund
certificates issued during the period to foreign investors
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6
Total value of fund
certificates redeemed during the period, including:
6.1
Total value of fund
certificates redeemed during the period from domestic institutional investors
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6.2
Total value of fund
certificates redeemed during the period from domestic individual investors
6.3
Total value of fund
certificates redeemed during the period from foreign investors
...
...
...
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Notes: Activated fund
certificate trading accounts are accounts that have been activated, ensure
compliance with know-your-customer regulations, and are ready to conduct fund
certificate transactions. Indicators in Section 4 of the table are calculated
based on NAV per fund certificate at the last day of the reporting period.
Indicators in Sections 5 and 6 of the table are calculated based on the par
value of fund certificates. The column “Cumulative from the beginning of the
year to the reporting period” is only applicable to the indicators in Sections
1, 5, and 6 of the table.
3. Status of fund
certificate transactions at the distribution agent during the annual reporting
period (classified by fund)
No.
Indicator
Reporting
period
Previous
reporting period
Cumulative
from the beginning of the year to the reporting period
1
...
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2
Total number of fund
certificate trading accounts, including:
2.1
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2.2
Number of accounts of
domestic individuals
2.3
...
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3
Total number of
accounts holding fund certificates at the end of the period, including:
3.1
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3.2
Number of accounts
holding fund certificates at the end of the period of domestic individuals
3.3
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4
Total value of fund
certificates held by investors at the end of the period, including:
4.1
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4.2
Value of fund
certificates held by domestic individuals
4.3
...
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5
Total value of fund
certificates issued during the period, including:
5.1
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5.2
Total value of fund
certificates issued during the period to domestic individual investors
5.3
...
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6
Total value of fund
certificates redeemed during the period, including:
6.1
...
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6.2
Total value of fund
certificates redeemed during the period from domestic individual investors
6.3
...
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...
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Notes: Activated fund
certificate trading accounts are accounts that have been activated, ensure
compliance with know-your-customer regulations, and are ready to conduct fund
certificate transactions. Indicators in Section 4 of the table are calculated
based on NAV per fund certificate at the last day of the reporting period.
Indicators in Sections 5 and 6 of the table are calculated based on the par
value of fund certificates. The column “Cumulative from the beginning of the
year to the reporting period” is only applicable to the indicators in Sections 1,
5, and 6 of the table.
4. Risk status
No.
Indicator
Reporting
period
Previous
reporting period
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1
Operational risk
1.1
Total duration (in
hours) of incidents causing disruption to the provision of distribution
agency services for more than 2 hours during the reporting period
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1.2
Total number of
transactions related to incidents during the reporting period
1.3
Total value of
transactions related to incidents during the reporting period
...
...
...
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2
Fraud and
impersonation risk
2.1
Total number of
transactions related to detected fraud and impersonation risks during the
reporting period
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...
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2.2
Total value of
transactions related to detected fraud and impersonation risks during the reporting
period
III. Assessment of the
performance of distribution agency activities
- Assessment of the
performance of distribution agency activities during the reporting period.
- Assessment of risk
status and the handling of detected incidents.
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AUTHORIZED
REPRESENTATIVE OF THE DISTRIBUTION AGENT
(Signature,
full name, and seal)