1. Trading hours

• Morning session: 09:00 – 11:30
• Afternoon session: 13:00 – 14:45
• Trading is executed from Monday to Friday every week, excluding public holidays as stipulated by the Labor Code and trading holidays as prescribed by regulatory authorities.

2. Types of securities traded on the market

• Government debt instruments (including Government bonds, treasury bills and National construction bonds)
• Government-guaranteed bonds issued by policy banks
• Local government bonds

3. Listed par value and trading unit

• Par value: VND100,000
• Quotation unit: VND1

4. Types of transactions

The Hanoi Stock Exchange organizes four types of transactions, including:

• Regular transaction: A transaction is a trade executed on the trading system in which one party sells and transfers ownership of a debt instrument to another party without any commitment to repurchase the instrument.
• Repurchase agreement (Repo transaction): A repo transaction is a trade executed on the trading system in which one party sells and transfers ownership of a debt instrument to another party, with a simultaneous commitment to repurchase and regain ownership of that instrument at a predetermined date and price. A repo transaction consists of the initial selling (first transaction) and the repurchase (second transaction). In such a transaction, the seller refers to the party selling the instrument in the First transaction and the buyer refers to the party buying in the First transaction.
• Sell-Buy-Back transaction (SBB): An SBB transaction is a combined transaction executed on the trading system, consisting of two regular transactions with the same counterparty at the same time. It includes an initial selling of a debt instrument (first regular transaction) combined with a repurchase of the same debt instrument (second regular transaction) at a predetermined future date. In this transaction, the seller in the first regular transaction becomes the buyer in the second regular transaction. The price, volume and execution date of the second regular transaction must be agreed upon at the time of concluding both transactions.
• Securities borrowing and lending transaction (SBL): An SBL transaction is one in which the borrower borrows debt instruments and commits to return the borrowed securities to the lender after a specified period. SBL transactions are conducted based on agreements between the parties and are executed either on the trading system of the Stock Exchange or on the securities borrowing and lending system of the Vietnam Securities Depository and Clearing Corporation (VSDC). The involved parties are responsible for mutually agreeing on and complying with the terms related to loan volume, loaned and returned assets, collateral, borrowing interest rate and other conditions. These agreements must fully comply with applicable legal regulations and the rules of the Stock Exchange and VSDC.

5. Trading method

- The Hanoi stock exchange (HNX) applies the put-through trading method for transactions executed on its trading system.

- There are two types of put-through transaction method:

• Electronic negotiated trading: A method in which orders are displayed with certain commitments and are executed immediately upon selection by a counterparty without the need for further confirmation;
• Regular negotiated trading: A method in which the parties independently negotiate transaction terms via the system’s messaging tools or external communication channels and subsequently report the transaction details into the trading system to finalize the trade.

6. Minimum trading volume

• The minimum trading volume for debt instruments, apply to both electronic put-through trading and regular put-through trading, is one hundred (100) debt instruments per transaction.
• For repo transactions involving multiple debt instruments, the minimum trading volume for each individual debt instrument is also one hundred (100) units.
• For regular purchase and sell transactions with volumes ranging from one (1) to ninety-nine (99) debt instruments (odd-lot transactions), transactions are conducted directly between investors and regular trading members or between debt instrument trading members themselves based on agreed pricing principles.

7. Types of trading orders

- Electronic negotiated trading method:

• Market-wide electronic negotiated order: Market-wide electronic negotiated orders are firm bid and offer orders that are valid for the trading day and are publicly displayed on the trading system.
• Optional electronic negotiated order: includes the following two types of orders:
  • Request-for-Quote (RFQ) order: The RFQ order serves a promotional purpose and is used when the investor has not yet identified a counterparty for the transaction. An RFQ order may be sent to an individual member, a group of members or the entire market.
  • Firm offer/Quote order: A firm offer/quote order is used to respond to an RFQ order and carries a binding commitment. This type of order may only be directed specifically to the member who submitted the RFQ order.

- Regular negotiated trading method:

• Intraday trading report order: An intraday trading report order is used to input a transaction into the system in cases where the parties have already reached an agreement on all terms of the transaction.

- Types of orders by transaction category:

• Regular buying/selling transaction:
  • Market-wide electronic negotiated order;
  • Optional electronic negotiated order;
  • Trading report order.
• Repurchase transaction:
  • Optional electronic negotiated order;
  • Trading report order.
• Sell-Buy-Back transaction (SBB):
  • Optional electronic negotiated order;
  • Trading report order.
• Securities borrowing and lending transaction (SBL):
  • Optional electronic negotiated order;
  • Trading report order.