The Law on Value-Added Tax No. 48/2024/QH15 and Decree No. 181/2025/ND-CP still stipulate that securities trading services and capital transfer activities (including securities transfers) are subject to value-added tax exemption.
However, pursuant to Circular No. 77/2025/TT-BTC detailing securities trading services and securities transfer activities under Decree No. 181/2025/ND-CP dated 01 July 2025 of the Government detailing the implementation of a number of articles of the Law on Value-Added Tax (“Circular 77”), recently issued by the Ministry of Finance on 30 July 2025, the scope of services and business activities of these two groups has been adjusted towards expansion compared to previous regulations.
Specifically, the Circular supplements and clarifies a number of new securities trading services such as: securities trading services, online connectivity services, end-user terminal equipment services at the Stock Exchange; services for payment of principal, interest, and repurchase amounts for Government bonds, “National Construction” bonds, Government-guaranteed bonds, local government bonds, treasury bills; advisory services for dossiers and procedures associated with securities underwriting services.
At the same time, securities transfer activities exempt from VAT will apply not only to transactions on the exchange but also to off-exchange transactions in accordance with the provisions of securities law.
Accordingly, Circular 77 specifies securities trading services and securities transfer activities exempt from value-added tax as follows:
1. Securities trading services:
- Securities brokerage at securities companies; entrusted management of individual investors’ securities trading accounts, management of securities trading accounts, online securities trading services, margin lending services, advance payment services for securities sales at securities companies; securities trading services, online connectivity services, end-user terminal equipment services at the Stock Exchange; securities lending and borrowing services, securities depository services, clearing and settlement of securities transactions, error handling and correction after transactions, margin asset management, position management at depository members, clearing members, the Vietnam Securities Depository and Clearing Corporation and its subsidiaries; payment of principal, interest, and repurchase amounts for Government bonds, “National Construction” bonds, Government-guaranteed bonds, local government bonds, treasury bills.
- Proprietary trading at securities companies; investment, capital contribution, issuance, offering of financial products, covered warrants; market-making transactions.
- Securities underwriting and activities associated with securities underwriting such as: advisory services for securities offering dossiers, implementation of pre-offering procedures; custody, payment, and transfer agency services; advisory on restructuring, mergers, consolidations, reorganizations, mergers and acquisitions; corporate governance advisory, corporate strategic advisory; advisory on securities offering, listing, registration for trading; advisory on enterprise equitization.
- Securities investment advisory.
- Securities investment fund management.
- Securities portfolio management.
2. Securities transfer activities:
- Securities transfers conducted via the trading system of the Stock Exchange.
- Off-exchange securities ownership transfers.
- Securities transfers between accounts.
- Auctions, bidding, competitive offerings, book building.
Circular 77 takes effect from 30 July 2025.
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