Trading Guide



1.  Overview

 

Stock exchanges 

 

Ho Chi Minh Stock Exchange
 (HSX or HOSE) 

 

Hanoi Stock Exchange
 (HNX) 

Boards 

1- Main board (HSX) 

1- Main board (HNX) 

2- “Nasdaq type” board (UpCom) 

 

Technical details 

(by regulation)

Omnibus: Not allowed (Vietnam is an ID market) 

Post trade allocation: Not allowed 

Error fixing: Not allowed unless due to broker’s fault 

Funding: 100% pre-funding required before placing trades 

Securities borrowing or lending: Not allowed 

Short selling: Not allowed 

Settlement issues: None (given pre-funding) 

Onshore margin: For local investors only 

Dual listing: Not allowed 

 

DMA: Yes, 100% (netting of trades at the broker isn’t possible) 

OMGEO: Yes 

FIX: Yes 

 

Currency 

 

Vietnam Dong (VND) only 

 

Trading days 

 

Monday – Friday (GMT+07:00)

 

Holidays 

New Year.................................................  January 1

Lunar New Year....................................... Jan-Feb (dates vary, typically lasts 5 days) 

King Hung Commemorations.................. April (1st day of the 3rd lunar month) 

Liberation Day......................................... April 30

Labour Day..............................................  May 1

National Day............................................      September 2

 

Trading hours

(and type of orders accepted) 

HSX: Equities 

- 09:00-09:15 - Open (LO/ATO/PT orders)

- 09:15-11:30 - Cont. (LO/MP/PT orders)

- 13:00-14:30 - Cont. (LO/MP/PT orders)

- 14:30-14:45 - Close (LO/ATC/PT orders)

- 14:45-15:00 - After close (PT only) 

HNX: Equities & Bonds

 

- 09:00-11:30 - Cont. (LO/PT/MP/MOK/MAK)

- 13:00-14:30 - Cont. (LO/PT/MP/MOK/MAK)

- 14:30-14:45 - Close (LO/PT/ATC)

- 14:45-15:00 - After close (PLO/PT)

 

 

 

HSX: Bonds

- Same as above, but PT orders only. 

 

 

* On the first trading day of a newly listed stock, PT orders are not allowed on any of the boards. 

 

UpCom: Equities

- 09.00-11.30 - Cont. (LO/PT)

- 13.00-15.00 - Cont. (LO/PT)

 

HNX: Bonds

- Same as above, but PT orders only,.

- Market closes at 14:15 for Goverment Bonds and 15:00 for Coporate Bonds

 

Face value

 

Equities:              010,000vnd

Bonds:                 100,000vnd

 

 

 

 


2.  Placing an order

 

 

Order types & validity 

 

 

HSX

LO: Limit order, valid for the day. 

 

PT = Put-Through aka Blocks. A direct transaction between a specific buyer and seller. 20,000 shares minimum. 

 

MP: Market order that matches with the best price until the full volume is completed. Remaining volume remains on the board as a limit order at the price of the last match +1 tick if buying and -1 tick if selling. 

 

ATO: “At The Open” - Order to trade at whatever opening price determined in the opening session. ATO orders match in priority over limit orders. All matching is done at the end of the session only. Unfilled ATO orders are automatically cancelled at the end of the session. 

 

ATC: “At The Close” - Same as ATO orders, but for the closing session. 

 

HNX

LO: Limit order, same as HSX. 

 

PT = Put-Through aka Blocks. Same as HSX, but 5,000 shares minimum. 

 

MP/MTL: Called “MTL”, it’s essentially the same as Market Price (MP) on HSX (same thing, different name). 

 

MAK: Matched and Killed: A MP/MTL order, but if the full volume cannot match, the unmatched portion is automatically cancelled. 

 

MOK: Matched or Killed: A MP/MTL order, but if the full volume cannot match the entire order is cancelled and there’s no partial match. 

 

ATC: “At The Close”, same as for HSX. 

 

PLO: Market order matching at the close price. Unfilled orders are cancelled on market close (15:00). If the stock has no closing price, PLO orders cannot be placed. 

 

UpCom 

LO: Limit order only. 

 

 

Daily price
 change limit 

 

(aka “ceiling” and “floor”; or “limit up” and “limit down”)

HSX

Equities: 

±7% of previous day’s close 

±20% on 1st day of listing 

 

Bonds: No limit 

 

 

HNX

Equities: 

±10% of previous day’s close 

±30 % on 1st day of listing 

 

Bonds: No limit 

 

UpCom

Equities: 

±15% of previous day’s VWAP 

± 40% on 1st day of listing 

 

 

Price unit
 / aka Ticks

 

(smallest price multiple one can buy/sell) 

 

Price unit if current 

price is (VND):

Equities

Bonds

HSX

HNX / UpCom

All Exchanges

≤ 10,000

10

100

None

10,000 to <49,950

50

100

None

≥ 50,000 

100

100

None

 

Exception – ETF: 10 VND on HSX; 1 VND on HNX; in all circumstances. 

Exception – PT: Ticks do not apply to PT transactions (can trade at any price within the trading band). 

 

Board lot 

 

(smallest multiple  of shares one can transact)

HSX

Equities: 100 shares 

 

(i.e. you can transact 100, 300, 700, …, shares, but not 122,2 47,389, …) 

 

HNX

Equities & Bonds: 100 shares/bonds 

 

UpCom

Equities: 100 shares
 

 

 

Exception: Does not apply to PT transactions, can trade in any natural quantity. 

 

 

Amending and cancelling orders

 

HSX

Open/Close sessions: Cannot cancel/ amend any order including those placed in a previous session. 


Cont. sessions: Unmatched portion of an order can be cancelled at any time. It’s not possible to change the quantity of an order; you can only cancel it and then enter a new one. 

 

PT session: N/A 

 

HNX / UpCom

Close / After close session: Cannot cancel/ amend any order including those placed in a previous session. 

 

Cont. sessions: Unmatched portion of an order can be cancelled at any time. It is possible to change the quantity of an order without losing your place in the queue. 

 

PT session: N/A 

 

 

Matching priority 

 

 

HSX / HNX / UpCom 

1- Price: Priority to the highest bid (if buying) and the lowest ask (if selling).

2- Time: For orders at the same price, priority is given to orders received by the exchange first.

3- Quantity: For orders at the same price and received at the same time, priority is given to orders with the highest quantity of shares.

 

Partial fill possible. 

 

 

Odd-lots

 

(shares owned in quantities below 10 on HSX and below 100 on HNX)

 

HSX

Odd lots may be sold as part of a PT transaction (min. 20,000 shares, so 21,343 shares is possible), or back to your broker if you can’t do a PT (paperwork required). 

 

HNX

Trading of odd-lots allowed in continuous sessions. 

 

UpCom

Same as HNX. 

 

Settlement 

HSX / HNX / UpCom 

Equities: T+2 (after market close)

Bonds: T+1 (after market close)

 

 

 








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