1. Trading hours

1.1. Board lot trading

1.2 Odd-lot trading

1.3 Board lot/ Odd-lot put-through trading

2. Trading orders

a. Limit Order (LO): A buy or sell order placed at a determined price or better.

An LO shall be effective as from the time it is entered into the HNX trading system until the close of the trading day or until the rescission of the order. The LO order can be modified (price and quantity) and cancelled the untraded part.

b. Market Order (MP): An MP Order is an order to buy a stock at the lowest available price or an order to sell a stock at the highest available price. The characteristics of an MP order.

- An MP order is applied only to continuous trading session.

- An MP order does not determine the price at the time of being put into the trading system.

- An MP order will be cancelled if there is no corresponding order at the time of being entered into the trading system.

- The price of an MP order is the best price of corresponding order at the time of being recorded into the order book.

MP orders include:

- Market to Limit (MTL) order is an MP order that is partially filled at the current best market price will be converted into an LO order. In case the remainder of the order converted into an LO order.

+ MTL Buy order will become an LO Buy order with the price higher than the last traded price by one tick size. If the last traded price is the ceiling (upper limit) price, the LO price will also be the ceiling price.

+ MTL Sell order will become an LO Sell order with the price lower than the last traded price by one tick size. If the MTL price is the floor (lower limit) price, the LO price will also be the floor price.

+ Market Fill or Kill (MOK) order is an order to buy or sell a security that must be executed immediately in its entirety; otherwise, the entire order is cancelled; no partial fulfillments are allowed.

+ Market Fill and Kill (MAK) is an order to buy or sell a security that can be filled fully or partially. The remainder of the order is cancelled immediately after the order is filled.

c. At the Close (ATC) Order is a buy or sell order that is recorded in the trading system with its order price determined according to the following principles

- If there are only ATC orders in the order book:

+ The price is set at the reference price if the order book contains only ATC Buy orders or only ATC Sell orders or if the total Buy volume equals the total Sell volume.

+ The price is set at one tick size above the reference price if the total Buy volume exceeds the total Sell volume. If this calculated price exceeds the ceiling price (upper limit), it is adjusted to the ceiling price.

+ The price is set at one tick below the reference price if the total Sell volume exceeds the total Buy volume. If this calculated price is below the floor price, it is adjusted to the floor price.

- If there are only limit orders (LO) in the order book:

+ The price of an ATC Buy order is determined as the highest of the following three prices: The highest Buy price plus one tick (capped at the ceiling price if it exceeds the ceiling), the highest opposing Sell price, and the reference price.

+ The price of an ATC Sell order is determined as the lowest of the following three prices: The lowest Sell price minus one tick size (if this price is lower than the floor price, it is the floor price), the lowest opposing Buy price, and the reference price.

- ATC orders are not given priority over earlier-placed LO Buy orders at the ceiling price or LO Sell orders at the floor price when orders are matched.

After the ATC price discovery period, any untraded ATC orders or the remaining part of partially traded ATC orders are automatically invalidated.

d. After-hour order (PLO Order as assigned by the FPTS system) is an order entered into the system to wait for a certain trading time. A PLO order has the following features:

- A PLO order is only put into the system in the after-hour session: From 14:45 to 15:00.

- The executed price is the closing price of the board lot trading.

- In case there is no available traded price of the board lot trading, PLO orders will not be sent into the Stock Exchange’s system.

- A PLO order cannot be modified or canceled.

e. Price of ATC orders is displayed in the following principles

- If there are only untraded ATC Buy/Sell orders: The displayed price of ATC orders is the projected traded price. If no projected traded price is available, the displayed price will be the last traded price, or the reference price if the last traded price is unavailable.

- If there are untraded LO Buy/Sell orders:

+ The displayed price of a ATC Buy order is the highest bid price plus one tick size (if this calculated price exceeds the ceiling price, the displayed price is the ceiling price).

+ The displayed price of a ATO/ATC Sell order is the lowest ask price minus one tick (if this calculated price is below the floor price, the displayed price is the floor price).

3. Principles of order matching

- Price priority: Precedence is given to orders with better prices (Buy orders of higher prices and Sell orders of lower prices).

- Time priority

+ Where multiple Sell or Buy orders are of the same price, the order that is first entered into the trading system shall take precedence

+ During the continuous trading session, if a Buy order and a Sell order satisfy price parameters (Buy price ≥ Sell price), the executed price is the price of the order that was entered into the system first.

4. Order matching methods

4.1 Periodic call auction (PCA)

This is a trading method executed by the trading system on the basis of matching securities buying and selling orders at a specific time. The principles of determining the executed price are as follows:

a) The executed price at which the maximum trading volume is reached and all Buy orders with higher prices and Sell orders with lower prices than the selected price must be fully exercised.

b) In case there are many price levels satisfying Condition (a), the selected price is the price at which the orders of one party must be fully exercised, the orders of the counter party must be exercised fully or partially.

c) In case there are many price levels satisfying Condition (b), the selected price is the price that is the same or close to the last traded price according to order matching method.

d) In case there is no price satisfying Condition (b), the selected price is the price that satisfies Condition (a) and coincides with or is close to the last traded price according to order matching method.

4.2 Continuous trading

This is a trading method in which Buy and Sell orders are matched immediately as they are entered into the trading system. Price matching principle: The traded price is the price of the counterparty order already available in the order book.

5. Put-through trading

- Put-through trading is performed on the principle that the buyer and seller enter their orders into the system and the counterparty confirms the negotiated transaction.

- Put-through trading is not allowed on the first trading date of newly listed stocks, closed-end fund certificates and covered warrants, or for securities that have been suspended from trading for 25 or more consecutive trading days, until a price is established through the matching of standard board-lot orders.

6. Order modification/cancellation

6.1 Order-matching trading

- The cancellation or modification of an order in the order-matching trading session is only effective for the unexecuted order or the unexecuted portion of the order.

- In the continuous trading session, an LO order can be modified its price and quantity but cannot modified both its price and quantity at the same time. It can be canceled during the trading time. The order of priority of such modified order is determined as follows.

+ Precedence is unchanged if the quantity is reduced.

+ Precedence is applied since the order is entered into the system if the quantity is increased and/or the price is changed.

- During ATC sessions: LO and ATC orders cannot be canceled or modified during these sessions, including LO orders carried over from continuous trading sessions.

- During after-hours trading session: PLO orders cannot be canceled or modified.

6.2 Put-through trading

Confirmed negotiated transactions cannot be canceled or modified during trading hours.

7. Trading unit and tick size

a. Trading unit

- Board-lot trading: A multiple of 100 share units, a quote unit for continuous trading

- Odd-lot trading: A multiple of 1 share unit

- Put-through board-lot trading: The trading unit is 01 share, the minimum quantity is 5,000 share units

- Put-through odd-lot trading: The trading unit is 01 share, the maximum quantity is 99 share units

Tick size

8. Trading band (collar)

- Trading band for a stock in a regular trading day is 10% to the either side of the reference price of share/fund certificate

- Trading band of ±30% is applied to the following cases:

+ The first trading date of a newly-listed stock, closed-end fund certificate and ETF certificate

+ The resumed trading date of a stock, closed-end fund certificate and ETF certificate suspended for trading in 25 or more consecutive trading days.

+ On the ex-rights date when dividends/bonuses are paid in treasury shares to existing shareholders;

+ When the cash dividend amount is greater than or equal to the closing price of the trading day preceding the ex-rights date;

+ The resumed trading date of a stock after its issuer is split.

+ Ex-rights date for the conversion of convertible bonds for existing shareholders.

9. Ceiling price and floor price determination

• Ceiling price = Reference price * (100% + Trading band)
• Floor price = Reference price * (100% - Trading band)

- Where the ceiling price (upper limit) or the floor price (lower limit) is equal to the reference price, the ceiling price and the floor price will be adjusted as follows

• Adjusted ceiling price = Reference price + a tick size of price.
• Adjusted floor price = Reference price -a tick size of price

- Where the above adjusted ceiling price and floor is less than or equal to zero, the floor price will be the reference price.

- Where the adjusted reference price is equal to a tick size, the ceiling price will be determined as follows

• Adjusted ceiling price = Reference price + a tick size of price
• Adjusted floor price = Reference price

10. Reference price

- The reference price of a stock and ETF fund certificate is the closing price from the last trading day.

- The reference price of a newly listed stock, closed-end fund certificate and ETF certificate on their first trading date is proposed by the listing organization, the fund management company and the listing advisory organization (if applicable). If the reference price cannot be determined for three consecutive trading days from the first trading day, the listing organization, fund management company and advisory organization must re-determine such reference price.

- On the ex-rights date (e.g., dividend or rights distribution), the reference price is the closing price from the last trading date, adjusted for the value of dividends or rights distributed, except in the following cases:

+ The issuer offers new shares or fund certificates at a price equal to or higher than the adjusted closing price of the last trading date immediately preceding the ex-rights date (if applicable)

+ The issuer pays cash dividend with a value equal to or greater than the closing price on the day immediately preceding the ex-rights date.

+ The issue pays dividends or bonuses in treasury shares to existing shareholders.

- For a security suspended from trading for more than 25 sessions, the reference price upon resumption of trading is determined by the HNX after the State Securities Commission of Vietnam (SSC) approves.

11. Foreign trading

a) Order-matching trading

- The Buy volume of shares and closed-end fund certificates of foreign investors will result in a decrease in the foreign ownership room (currently purchasable volume) immediately after the Buy order is entered into the system.

- The Sell volume of shares and closed-end fund certificates of foreign investors will result in an increase in the current foreign room after the settlement of the transaction is made.

- A Buy order of shares and closed-end fund certificates placed by a foreign investor will not be accepted by the system if the current foreign room is less than the order quantity.

- If a Buy order is amended to reduce the quantity, the current foreign room will increase by the reduced quantity immediately after the amended order is entered into the system.

- If a Buy order is amended to increase the volume, the current foreign room will decrease by the increased quantity immediately after the amended order is entered into the system. If the current room is less than the increased quantity, the system will reject the modified order.

- If a Buy order is canceled by the investor or by the system, the current room will increase by the canceled amount.

b) Put-through trading

- The current foreign room will decrease immediately after the put-through order between a foreign buyer and a domestic seller is entered into the system.

- If a foreign investor cancels a put-through Buy order with a domestic seller, the current foreign room will increase immediately after the cancellation order is entered into the system.

- The current foreign room will increase after the settlement if the transaction between a foreign seller and a domestic buyer is made.

- The current foreign room will remain unchanged if the put-through transaction is between two foreign investors.

12. Special trading

- Purchases and sales of treasury stocks and market-making transactions of member companies must be complied with the Circular 120/2020/TT-BTC of the Ministry of Finance.

- Transactions performed by majority shareholders, inside shareholders and related persons must be complied with the Law on Securities and the Circular 96/2000/TT-BTC of the Ministry of Finance.

1. Trading hours

1.1 Order-matching trading

1.2 Put-through trading

2. Trading orders

Limit Order (LO): A buy or sell order placed at a determined price or better.

An LO shall be effective as from the time it is entered into the trading system until the close of the trading day or until the rescission of the order.

3. Principles of order matching

- Price priority: Precedence is given to orders with better prices (Buy orders of higher prices and Sell orders of lower prices).

- Time priority

+ Where multiple Sell or Buy orders are of the same price, the order that is first entered into the trading system shall take precedence

+ During the continuous trading session, if a Buy order and a Sell order satisfy price parameters (Buy price ≥ Sell price), the executed price is the price of the order that was entered into the system first.

4. Order matching method

- Continuous order matching: This is a trading method in which Buy and Sell orders are matched immediately as they are entered into the trading system.

- Periodic call auction: This is a trading method executed by the trading system on the basis of matching securities buying and selling orders at a specific time

5. Put-through trading

A trading method whereby the buyer and the seller mutually agree on the terms of the transaction, and the transaction details are entered into the trading registration system for confirmation.

- Put-through trading is performed on the principle that the buyer and seller enter their orders into the system and the counterparty confirms the negotiated transaction.

6. Order modification/cancellation

6.1 Order-matching trading

- The cancellation or modification of an order in the order-matching trading session is only effective for the unexecuted order or the unexecuted portion of the order.

- In the continuous trading session, investors can modify its price and quantity of an order but cannot modify both its price and quantity at the same time, and they can cancel their order during the trading time. The order of priority of such modified order is determined as follows.

+ Precedence is unchanged if the quantity is reduced.

+ Precedence is applied since the order is entered into the system if the quantity is increased and/or the price is changed.

- During ATC sessions: Orders cannot be canceled or modified.

6.1 Put-through trading

- Confirmed negotiated transactions cannot be canceled or modified during trading hours

7. Trading unit and tick size

Trading unit

- Order-matching trading: A multiple of 1 bond

- Put-through trading: A multiple of 1 bond

Tick size

- The tick size of bond trading price is 1 VND

8. Reference price and trading band (collar)

Reference price

- The reference price is the closing price of the last trading day.

Trading band

No trading band is applied to bond trading.

1. Trading hours

- Orders are valid throughout trading hours. Orders untraded, partially traded or not cancelled in the morning session are valid in the afternoon session

2. Trading orders

- Limit Order (LO):

+ An order to buy a stock at a determined price or a lower price than the determined price.

+ An order to sell a stock at a determined price or a higher price than the determined price.

- An LO shall be effective as from the time it is entered into the HNX trading system until the close of the trading day or until the rescission of the order

3. Principles of order matching

- Price priority: Precedence is given to orders with better prices (Buy orders of higher prices and Sell orders of lower prices).

- Time priority: Where multiple Sell or Buy orders are of the same price, the order that is first entered into the UPCOM system shall take precedence

- The traded price in the continuous trading session is the price of the counterparty order already available in the order book

4. Trading methods

4.1 Order-matching

This is a trading method in which Buy and Sell orders are matched immediately as they are entered into the trading system. Price matching principle: The traded price is the price of the counterparty order already available in the order book.

4.2 Put-through trading

- Put-through trading is performed on the principle that the buyer and seller enter their orders into the system and the counterparty confirms the negotiated transaction.

- Put-through trading is not allowed on the first trading date of newly listed stocks, closed-end fund certificates and covered warrants, or for securities that have been suspended from trading for 25 or more consecutive trading days, until a price is established through the matching of standard board-lot orders.

5. Order modification/cancellation

5.1 Order-matching

- The cancellation or modification of an order in the order-matching trading session is only effective for the unexecuted order or the unexecuted portion of the order.

- Investors can modify its price and quantity of an order but cannot modify both its price and quantity at the same time, and they can cancel their order during the trading time. The order of priority of such modified order is determined as follows.

+ Precedence is unchanged if the quantity is reduced.

+ Precedence is applied since the order is entered into the system if the quantity is increased and/or the price is changed.

5.2 Put-through trading

Confirmed negotiated transactions cannot be canceled or modified during trading hours.

6. Trading unit and tick size

Trading unit

Tick size: 

Order-matching trading:100 VND

Put-through trading: 1 VND

7. Trading band (collar)

- Trading band for a stock in a regular trading day is 15% to the either side of the reference price of share/fund certificate

- Trading band of ±40% is applied to the following cases:

+ The first trading date of a newly-listed stock until the preference price is determined at the continuous order-matching trading.

+ The resumed trading date of a stock suspended for trading in 25 or more consecutive trading days. until the preference price is determined at the continuous order-matching trading

+ The resumed trading date of a stock after its issuer is split.

+ On the ex-rights date in the following cases: Pay dividends/bonuses in treasury shares to existing shareholders; pay the cash dividend amount is greater than or equal to the closing price of the trading day preceding the ex-rights date; issue convertible bonds for existing shareholders.

8. Ceiling price and floor price determination

• Ceiling price = Reference price * (100% + Trading band)
• Floor price = Reference price * (100% - Trading band)

- Where the ceiling price (upper limit) or the floor price (lower limit) is equal to the reference price, the ceiling price and the floor price will be adjusted as follows

• Adjusted ceiling price = Reference price + a tick size of price.
• Adjusted floor price = Reference price - a tick size of price

- Where the above adjusted ceiling price and floor is less than or equal to zero, the floor price will be the reference price.

- Where the adjusted reference price is equal to a tick size, the ceiling price will be determined as follows

• Adjusted ceiling price = Reference price + a tick size of price
• Adjusted floor price = Reference price

9. Reference price

Under normal conditions (excluding the special cases listed below), the reference price of a listed stock is the volume-weighted average price (VWAP) of board-lot matched orders executed under the continuous order-matching method on the last trading date with orders traded in the continuous order matching session.

- The reference price of a newly listed stock on the first trading date is proposed by the trading-registering organization.

- In case the trading-registering organization is a public company that was delisted from a listed stock exchange, the reference price on the first trading date is the closing price (or the reference price if the closing price is unavailable) of the last trading date on the listed stock exchange.

- For equitized enterprises that register, deposit and list their shares on the UPCOM system, the reference price on the first trading date is the average successful auction price (for auction-based offerings) or the distribution price to investors (for book-building offerings).

- In the case of stock splits or reverse splits, the reference price on the first trading date after the adjustment is the volume-weighted average price of the trading date before the split or reverse split, adjusted for the split ratio

- On ex-rights dates, the reference price is the volume-weighted average price of the last trading date, adjusted for the value of dividends or associated rights, except in the following cases:

+ When the price brand is expanded to 40%;

+ When new shares are issued at a price higher than the adjusted volume-weighted average price of the trading date preceding the ex-right dates after other rights are adjusted (if any)

+ In private placements or offerings to investors other than existing shareholders;

+ In treasury share offerings to existing shareholders;

+ Other issuance cases that do not affect existing shareholders' rights.

10. Foreign trading

a) Order-matching trading

- The Buy volume of shares and closed-end fund certificates of foreign investors will result in a decrease in the foreign ownership room (currently purchasable volume) immediately after the Buy order is entered into the system.

- The Sell volume of shares and closed-end fund certificates of foreign investors will result in an increase in the current foreign room after the settlement of the transaction is made.

- A Buy order of shares and closed-end fund certificates placed by a foreign investor will not be accepted by the system if the current foreign room is less than the order quantity.

- If a Buy order is amended to reduce the quantity, the current foreign room will increase by the reduced quantity immediately after the amended order is entered into the system.

- If a Buy order is amended to increase the volume, the current foreign room will decrease by the increased quantity immediately after the amended order is entered into the system. If the current room is less than the increased quantity, the system will reject the modified order.

- If a Buy order is canceled by the investor or by the system, the current foreign room will increase by the canceled amount.

b) Put-through trading

- The current foreign room will decrease immediately after the put-through order between a foreign buyer and a domestic seller is entered into the system.

- If a foreign investor cancels a put-through Buy order with a domestic seller, the current foreign room will increase immediately after the cancellation order is entered into the system.

- The current foreign room will increase after the settlement if the transaction between a foreign seller and a domestic buyer is made.

- The current foreign room will remain unchanged if the put-through transaction is between two foreign investors.

11. Special trading

- Purchases and sales of treasury stocks and market-making transactions of member companies must be complied with the Circular 120/2020/TT-BTC of the Ministry of Finance.

- Transactions performed by majority shareholders, inside shareholders and related persons must be complied with the Law on Securities and the Circular 96/2000/TT-BTC of the Ministry of Finance.