Efforts for upgrading target: Roadmap for CCP implementation in Q1/2027

With the goal of deploying a central counterparty (CCP) clearing system for the underlying securities market in the first quarter of 2027, the State Securities Commission has just announced a plan to deploy a central counterparty clearing mechanism for the underlying securities market.

In particular, three major tasks will be focused on in the coming time, including: completing the legal framework, preparing to establish a subsidiary of the Vietnam Securities Depository and Clearing Corporation (VSDC) specializing in performing the CCP function, and preparing to deploy the CCP mechanism for the underlying stock market.

Regarding the completion of the legal framework, according to the roadmap, in the first and second quarters of 2026, the State Securities Commission will coordinate with VSDC to issue a Circular replacing Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance , guiding the registration, depository, and payment of securities transactions.

From now on, from the third quarter of 2025 to the fourth quarter of 2026, the Department of Accounting and Auditing Management will coordinate with the State Securities Commission and VSDC to issue a Circular replacing Circular No. 89/2019/TT-BTC dated December 26, 2019 of the Minister of Finance, providing accounting guidance applicable to VSDC to guide accounting for transactions arising when implementing the CCP mechanism.

Regarding the establishment of VSDC's subsidiary, in the second half of 2025, two tasks will be focused on, including approving the Project to establish Vietnam Securities Clearing Company Limited and the investment plan to supplement charter capital for VSDC, to be submitted to competent authorities for consideration and decision.

From the fourth quarter of 2025 to the first quarter of 2026, the issuance of the Decision amending and supplementing Decision No. 26/2022/QD-TTg dated December 16, 2022 of the Prime Minister on the establishment, organization and operation of VSDC, together with the Decision amending and supplementing Decision No. 1275/QD-BTC dated June 14, 2023 of the Minister of Finance on the Charter of organization and operation of VSDC, is expected to be implemented.

By the end of the first quarter of 2026, VSDC plans to issue a Decision to establish Vietnam Securities Clearing Company Limited, and at the same time issue the Charter, financial regulations, internal regulations and professional regulations of the company.

In 2026, VSDC and market members will take steps to prepare for the implementation of the CCP mechanism for the underlying securities market, with the goal of officially putting it into operation by the first quarter of 2027 at the latest. The tasks to be implemented include: granting clearing membership certificates, training, coaching and testing the system with members, and reviewing and preparing technical infrastructure to ensure readiness for the implementation of the CCP mechanism.

The implementation of the CCP mechanism is expected to be an important step to help the Vietnamese stock market move closer to the upgrading criteria of international rating organizations. At the workshop "Raising investor awareness towards upgrading the stock market" held on the morning of July 17, Vice Chairman of the State Securities Commission Bui Hoang Hai said that Vietnam has met most of the upgrading criteria of FTSE Russell. However, whether or not it is officially upgraded depends largely on the assessment and practical experience of foreign investors.

In recent times, the State Securities Commission has maintained a regular exchange mechanism with foreign investors. Mr. Hai said that foreign investors have positively evaluated the reforms. For example, the application of the NPF (Non-Prefunding) mechanism for foreign investors has significantly increased the number of transactions, with hundreds of thousands of transactions requiring no deposit. Of which, transactions under the NPF mechanism account for more than 50% of foreign purchase orders at present.

Regarding the mechanism for handling failed transactions, out of hundreds of thousands of transactions that NPF has made, only a few failed and all were handled properly. Therefore, according to the representative of the State Securities Commission , the expectation of being upgraded to a market is completely reasonable.

Source: https://baodautu.vn/no-luc-cho-muc-tieu-nang-hang-len-lo-trinh-trien-khai-ccp-vao-quy-i2027-d334097.html