The Ministry of Finance is seeking comments on the draft Circular guiding service prices in the securities sector applicable at the Vietnam Stock Exchange (SGDCK) and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation (VSDC).
Service prices in the securities sector prescribed in this Circular are not subject to value added tax according to the provisions of the Law on Value Added Tax and amendments and supplements (if any).
The draft states that for services that the Ministry of Finance does not regulate prices for, the Stock Exchange and VSDC will self-determine prices and take full responsibility for the prices of the services they provide in accordance with the actual service provision, regulations of the law on prices, the law on securities, and relevant laws.
SGDCK and VSDC must list prices, publicize prices, and comply with the provisions of the law on prices, the law on securities, and relevant guiding documents.
Before March 31 every year, the Vietnam Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, and VSDC shall send a specialized report on the results of securities services production and business of the previous year to the Ministry of Finance (State Securities Commission, Price Management Department).
Based on the proposed reports of the Vietnam Stock Exchanges and their subsidiaries, VSDC; the State Securities Commission will synthesize, review, evaluate, and if necessary, request additional reports and on-site surveys to obtain more information.
When price forming factors or domestic market prices or world market prices fluctuate and affect the production and business activities of the unit, the SDCK and VSDC are responsible for preparing price plans and sending them to the State Securities Commission for appraisal and recommendations to the Price Management Department for synthesis and reporting to the Ministry for consideration and implementation of price adjustments in accordance with regulations.
According to the draft, the price of services for listing management of stocks, corporate bonds, investment fund certificates, and debt instruments as prescribed in the Law on Public Debt Management is calculated according to the following formula:
Service price = Price level/12 months x Service price calculation period (months)
The price level is considered and decided by the Ministry of Finance in accordance with each period. In case an organization lists many securities codes on the same Stock Exchange, the price is calculated for each securities code.
Service price calculation period: In case the securities are listed and not delisted during the year, the service price calculation period is 12 months from January 1 of the price calculation year.
In case an organization registers for listing for the first time and is not delisted within the year, the time for calculating service prices for the first year will be calculated from the month following the month the Stock Exchange issues the Decision approving the listing until the end of December of that year.
