• VIE GVT, VIE SEC proposed circular detailing securities trading and securities transfer services under decree no. 181/2025/ND-CP re Law on value added tax (VAT).
• Follows VIE GVT July 2025 issued decree 181/2025/ND-CP on VAT.

Highlight of Proposal

• The circular provides regulations on securities trading business and securities transfers as specified in points c and d, clause 4, article 4 of decree no. 181/2025/ND-CP.
• It applies to taxpayers as defined in article 3 of the decree, tax administration authorities, and other relevant organizations as well as individuals.
• Defines securities trading businesses which include securities brokerage services, proprietary trading, underwriting services, securities investment advisory services, securities investment fund management and portfolio management services.
• Defines securities transfers which include transfers conducted through the trading system of the stock exchange, off-exchange ownership transfers, securities transfers.
• Plus intraday trading, short selling; and mandatory buy-in transactions, auctions, bidding, competitive offerings, and book building.

Effectiveness

• VIE SEC welcomes feedback from public but did not mention consultation end date.