THE PRIME MINISTER
No. 366/QD-TTg
THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
Hanoi, March 11, 2014
 
DECISION
Approving the Plan on formation and development of Vietnam’s derivative securities market [1]
 
THE PRIME MINISTER
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the June 29, 2006 Securities Law and the November 24, 2010 Law Amending and Supplementing a Number of Articles of the Securities Law;
Pursuant to the November 29, 2005 Enterprise Law;
Pursuant to the Prime Minister’s Decision No. 252/QD-TTg of March 1, 2012, approving the Strategy for development of Vietnam’s securities market during 2011-2020;
Pursuant to the Prime Minister’s Decision No. 1826/QD-TTg of December 6, 2012, approving the Plan on restructuring of the securities market and insurance businesses;
At the proposal of the Minister of Finance,
DECIDES:
Article 1. To approve the Plan on formation and development of Vietnam’s derivative securities market with the following major contents:
I. VIEWPOINTS AND PRINCIPLES
1. To form and develop the derivative securities market in Vietnam in conformity with international standards and practices and the country’s actual conditions and socio-economic development orientations.
2. To develop the derivative securities market after the centralized model which operates under the State’s management, without permitting its free formation and spontaneous operation.
3. To select and standardize derivative securities traded on the stock exchanges being futures contracts and option contracts based on underlying securities which are stock exchange indices, government bonds and listed stocks. Derivative securities shall be traded on the stock exchanges under a roadmap from simple to complex products in step with the development of the securities market and its demands. To initially focus on developing the market for trading derivative securities based on stock indices, government bonds and stocks.
4. To form and develop the derivative securities market in line with the Strategy for development of Vietnam’s securities market during 2011-2020, ensuring the principles of: (i) Conformity with orientations for development of Vietnam’s securities market and restructuring of the securities market, particularly synchrony and compatibility with basic products (underlying securities), conformity with the restructuring of stock exchanges and determination of basic stock and bond markets under the strategy for development of the securities market to 2020; (ii) Gradual establishment of a reasonable structure for the securities market, assurance of sustainable development of the basic and derivative securities markets; (iii) Public, transparent, effective and safe operations of the market; (iv) Strict management and supervision to protect the interests of investors; (v) Gradual alignment with securities markets in the ASEAN region; and (vi) Intensive development of the market to improve its capacity and competitiveness against regional markets.