The Ministry of Finance proposed to regulate a number of contents on financial management mechanisms, assessment and classification of enterprises for the Vietnam Stock Exchange and the Vietnam Securities Depository and Clearing Corporation.
The Ministry of Finance said that in the securities sector, there are currently two state-owned enterprises operating, namely the Vietnam Stock Exchange (VNX) and the Vietnam Securities Depository and Clearing Corporation (VSDC), in which VNX is operating under the parent-subsidiary model and VSDC's orientation in the coming time will be to operate under the parent-subsidiary model; the parent company is a 100% state-owned enterprise, the subsidiary is an enterprise in which the parent company invests 100% of its capital.
The issuance of Decree No. 59/2021/ND-CP dated June 18, 2021, stipulating a number of specific features on the financial management mechanism and performance assessment of VNX and VSDC, has contributed to helping businesses focus on performing well the task of organizing the stock market, contributing to the performance of the stock market in recent years. In the period of 2021-2024, VNX and VSDC both operated profitably, contributed to the state budget, had stable growth in revenue, profit after tax, the average salary of managers and employees remained stable and increased.
Unit: billion VND
| VNX | VSDC | ||||||
2021 | 2022 | 2023 | 2024 | 2021 | 2022 | 2023 | 2024 | |
Charter capital | 3,000 | 3,000 | 3,000 | 3,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Revenue | 1,368.4 | 2,085.8 | 1,919.8 | 2,239.4 | 657.9 | 642.8 | 779.8 | 798.5 |
Profit after tax | 1,358.9 | 2,057.6 | 1,881.8 | 2,201.7 | 289.3 | 289.3 | 289.3 | 382.4 |
Contribution to the State budget | 1,341.3 | 2,046.4 | 1,886.5 | 2,199.5 | 359.9 | 339.7 | 452.8 | 470.3 |
On June 14, 2025, the National Assembly promulgated the Law on Management and Investment of State Capital in Enterprises No. 68/2025/QH15, effective from August 1, 2025. In particular, it has completed regulations on financial management and supervision and evaluation of the effectiveness of management and investment of state capital in enterprises. Therefore, it is necessary to amend and supplement the provisions of Decree No. 59/2021/ND-CP to be consistent with the provisions of Law No. 68/2025/QH15. At the same time, in addition to the achieved results, the implementation process of the provisions of Decree No. 59/2021/ND-CP still has some contents that need to be completed, including: (i) supplementing regulations on VSDC's subsidiaries according to the provisions of the Law amending and supplementing the Securities Law because the Securities Law 2019 does not regulate VSDC's subsidiaries; (ii) empower VNX and VSDC to be autonomous and self-responsible in investment activities like other State-owned enterprises in the context that VNX and VSDC are assigned to carry out new tasks and follow the Politburo 's policy on breakthroughs in science and technology development, innovation and national digital transformation in Resolution No. 57-NQ/TW; (iii) VNX and VSDC's management of companies in which the enterprise holds 100% of the charter capital is adjusted to improve operational efficiency and comply with management requirements after these enterprises all have subsidiaries.
Therefore, it is necessary to develop and submit to the Government for promulgation a Decree replacing Decree No. 59/2021/ND-CP.
The Ministry of Finance has drafted a Decree consisting of 03 chapters and 09 articles. In principle, the Decree is to comply with the provisions of Law No. 68/2025/QH15 and inherit the relevant provisions of Decree No. 59/2021/ND-CP, while reviewing and supplementing new regulations to suit the functions and tasks of VNX and VSDC assigned in the securities law. At the same time, VNX and VSDC are given autonomy in financial management and investment outside the enterprise in accordance with the spirit of Law No. 68/2025/QH15 and the policies of the Party and Government.
Revenue and cost management
The Ministry of Finance said that, based on the provisions on the functions and tasks of VNX and VSDC in the Securities Law 2019, Decree No. 59/2021/ND-CP (Articles 4 and 5) stipulates the revenue and expenses of these units. At the same time, it clarifies some specific revenue and expense contents such as VSDC's revenue from deposit interest arising from payment activities of dividends, principal and interest on debt instruments/bonds; expenses for establishing the Operational Risk Prevention Fund; the division between VSDC and VNX's subsidiaries of revenue from securities ownership transfer transactions not through the securities trading system.
The draft Decree basically inherits the principles of revenue and expense management and regulations on specific revenue and expenses of VNX and VSDC in Decree No. 59/2021/ND-CP. At the same time, review the regulations on functions and tasks of VNX and VSDC in the Law amending the Law on Securities and newly issued guiding documents to supplement appropriate revenue and business expenses, in the direction that VNX and VSDC manage revenue and other income in accordance with the provisions of the law on management of state capital investment in enterprises, tax laws and related laws. Specific revenue and business expenses include:
For VNX, revenue includes: (i) Revenue from business activities including revenue from member management activities; revenue from market organization activities; revenue from other business activities as prescribed by law; (ii) Revenue from service provision activities including revenue from information provision services; revenue from technology infrastructure services for the stock market; revenue from other services as prescribed by law; (iii) Revenue and income from capital investment activities in subsidiaries including the remaining after-tax profit after setting aside funds at subsidiaries, the difference between equity and charter capital of subsidiaries; revenue from financial activities and other income as prescribed by law.
For VSDC, revenue includes: (i) Revenue from business activities including revenue from registration and member management; revenue from securities registration, partial securities cancellation, adjustment of information on the number of registered securities; revenue from securities depository activities; revenue from securities transfer activities; revenue from rights exercise activities; revenue from securities ownership transfer activities outside the trading system; revenue from securities borrowing and lending activities through the VSDC system; revenue from principal and interest payments, money for repurchasing government debt instruments, national construction bonds, government-guaranteed bonds, local government bonds; revenue from clearing and settlement of securities transactions, position transfers, management of collateral assets, post-transaction error handling; revenue from registration of security measures for securities registered at VSDC; revenue from securities freezing services at the request of investors; Revenue from depository activities, payment for greenhouse gas emission quota transactions, carbon credits and revenue from other business activities as prescribed by law; (ii) Revenue from service provision activities including revenue from information provision services; other service revenue as prescribed by law; (iii) Revenue and income from capital investment activities in subsidiaries including the remaining after-tax profit after setting up funds at subsidiaries, the difference between equity and charter capital of subsidiaries; financial revenue and other income as prescribed by law; (iv) VSDC is accounted for in financial revenue for deposit interest arising from payment activities on behalf of dividends, principal, interest, money to buy back government debt instruments, national construction bonds, government-guaranteed bonds, local government bonds, other securities and exercising securities purchase rights.
Regarding expenses, VSDC is included in expenses when determining taxable income for: (i) Expenses for setting up the Operational Risk Prevention Fund according to the provisions of the securities law; (ii) Expenses for transferring back to VNX's subsidiaries the revenue from securities ownership transfer transactions not through the securities trading system.
According to the Ministry of Finance, the regulations on revenue and expenses of VNX and VSDC in the draft Decree have been reviewed to ensure consistency with the provisions of Law No. 68/2025/QH15, securities law, tax law and Circular No. 83/2024/TT-BTC dated November 26, 2024 guiding the mechanism and policies on service prices in the securities sector with state-set prices applied at VNX, VSDC and its subsidiaries.
We invite readers to read the full draft and give comments here./.
Source: https://baochinhphu.vn/co-che-quan-ly-tai-chinh-so-giao-dich-chung-khoan-viet-nam-tong-cong-ty-luu-ky-va-bu-tru-chung-khoan-viet-nam-102251127165738241.htm
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