Pursuant to the Law on Securities;

Pursuant to the Ordinance on Charges and Fees;

Pursuant to the Ordinance on Prices;

Pursuant to the Government’s Decree No. 14/2007/ND-CP of January 19, 2007, detailing implementation of a number of articles of the Law on Securities;

Pursuant to the Government’s Decree No. 57/2002/ND-CP of June 3, 2002, and Decree No. 24/2006/ND-CP of March 6, 2006, detailing the implementation of the Ordinance on Charges and Fees;

Pursuant to the Government’s Decree No. 75/2008/ND-CP, amending and supplementing a number of articles of the Government’s Decree No. 170/2003/ND-CP of December 25, 2003, detailing the implementation of a number of articles of the Ordinance on Prices;

Pursuant to the Government’s Decree No. 118/2008/ND-CP of November 27, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

The Ministry of Finance prescribes rates, the collection and remittance, management and use of charges for securities operations to be applied at the Stock Exchanges and the Vietnam Securities Depository Center as follows:

Article 1. Subjects of application

1. Charges for securities operations prescribed in this Circular shall be levied for activities related to securities operations at the Stock Exchanges and the Vietnam Securities Depository Center.

2. Institutions authorized to collect charges for securities operations prescribed in this Circular include the Ho Chi Minh City Stock Exchange, the Hanoi Stock Exchange and the Vietnam Securities Depository Center.

Article 2. Charge payers

Charge payers are institutions and individuals that perform activities related to professional operations of the securities trading market specified in the charge tariff attached to this Circular.

Article 3. Charge tariff

1. Securities charge rates to be applied at the Stock Exchanges and the Vietnam Securities Depository Center are specified in the charge tariff attached to this Circular.

2. The charge for initial listing registration shall be collected upon approval of securities listing and will not be collected in case of transfer of listing registrations between the Stock Exchanges.

3. The charge for the management of annual trading and depository membership shall be calculated for a 12 months year period, counting from the first day of the month following the month of admission of a trading or depository membership.

For example: For institution A which registers to be a trading member or depository member from February 10, 2009, the charge for the management of annual trading or depository membership shall be counted from March 1, 2009.

4. Securities companies performing online trading operations shall pay the charge for initial online connection upon the time they are admitted by the Stock Exchanges as online trading members.

5. The yearly maintenance charge shall be calculated for a 12 months year period, counting from the first day of the month following the month of network connection.

For example: For institution B which registers for online trading from February 10, 2009, the connection charge shall be counted from March 1, 2009.

6. The charge for the secondary trading of government bonds (repo trading) shall be collected only once upon identification of initial transactions.

7. The charge for listing registration specified at Point 2 of the charge tariff attached to this Circular will not be levied on government bonds.

8. The charge for securities registration specified at Point 9 of the charge tariff attached to this Circular will not be levied on government bonds.

9. Trading value in cases of securities ownership transfer specified at Point 14 of the charge tariff attached to this Circular shall be determined as follows:

- For stocks currently listed or registered for trading: The trading value is the price indicated in the transfer contract but must not be lower than the stock quotation on the date of ownership assignment effected by the Vietnamese Securities Depository Center or a price approved by a competent state agency multiplied by the number of transferred stocks. In case of donation, presentation as a gift or inheritance or no transfer price indicated in the transfer contract, the trading value is the stock quotation on the date of ownership assignment effected by the Vietnamese Securities Depository Center multiplied by the number of transferred stocks.               

- For unlisted stocks: The trading value is the stock par value multiplied by the number of transferred stocks.

- The charge for securities transfer specified at Point 14.1 of the charge tariff is applicable to both transferors and transferees.

- The charge for securities ownership assignment specified at Point 14.2 of the charge tariff is applicable only to ownership assignees.

Article 4. Charge collection, remittance, management and use

1. Securities charges prescribed in this Circular are not state budget revenues. Collecting units are obliged to pay tax under law for the collected charge amounts and may manage and use the collected charge amounts after tax payment under law.

2. Fifty percent of charge amounts collected for securities transfers as specified at Point 14.1 of the charge tariff attached to this Circular shall be divided to the Stock Exchanges.

3. Other regulations on charge collection, remittance, management and use, receipts and publicity of charge collection regulations comply with the Ministry of Finance’s Circular No. 60/2007/TT-BTC of June 14, 2007, guiding a number of articles of the Law on Tax Administration and the implementation of the Government’s Decree No. 85/2007/ND-CP of May 25, 2007, detailing implementation of a number of articles of the Law on Tax Administration, and Circular No. 157/2009/TT-BTC of August 6, 2009, amending and supplementing Circular No. 60/2007/TT-BTC.

4. Charges for securities operations shall be collected in Vietnam dong.

5. In case the charge for government bond bidding is collected in a foreign currency, such foreign-currency charge shall be converted into Vietnam dong at the inter-bank exchange rate on the last day of each issuance. The charge for trading of government bonds denominated in a foreign currency shall be calculated in Vietnam dong at the inter-bank exchange rate announced by the State Bank of Vietnam on the trading day.

6. In case the charge for agency for payment of government bond principals and interests in a foreign currency, such foreign-currency charge shall be converted into Vietnam dong at the average exchange rate in the month when principals and interests are paid.

Article 5. Implementation provisions       

1. This Circular takes effect 45 days from the date of its signing. To annul provisions on charges for securities operations of the Ministry of Finance’s Circular No. 110/2002/TT-BTC of December 12, 2002, guiding the collection, remittance, management and use of charges and fees in banking, securities and insurance sectors; Circular No. 11/2006/TT-BTC of February 21, 2006, amending and supplementing Circular No. 110/2002/TT-BTC; and the Minister of Finance’s Decision No. 1351/QD-BTC of June 13, 2008, on reduction of rates of the charge for stock or investment fund certificate trading, and the Ministry of Finance’s guidance on the charge for issuance and trading of government bonds which are contrary to this Circular.

2. Any problems arising in the course of implementation should be promptly reported to the Ministry of Finance for consideration and additional guidance.