1. Trading time:
Trading from Monday to Friday weekly, except for holidays regulated by Labor Law and trading days off as regulated by the management agency.

  • Morning Session: from 09:00 am to 11:30 am
  • Afternoon Session: from 01:00 pm to 02:45 pm
  • The time for put- through and reporting of transactions that have not yet reached the transaction date into the debt instrument trading system is extended to 5:00 p.m.

Transaction time at PHS and time for reporting results into HNX's system may change based on HNX's regulations.

2. Debt instruments listed products include:

  • Government bonds with nominal term of more than one (01) year issued by the State Treasury;
  • Treasury bills issued by the State Treasury with a nominal term not exceeded 52 weeks;
  • Government guaranteed bonds;
  • Municipal bonds.

3. General regulation:

3.1 Type of trading:

  • Outright trading is a trading on a trading system in which one party sells and transfers ownership of a debt instrument to another party and does not include a commitment to buy back the debt instrument.
  • Repos trading is a trading on a trading system in which one party sells and transfers ownership of a debt instrument to another party and commits to repurchase and take back ownership of that debt instrument after a specified time at a specified price. Repos trading includes a sell trading (1st Trading) and a buyback trading (2nd Trading). In a repos trading, the seller is understood as the seller in the 1st Trading, and the buyer is understood as the buyer in the 1st Trading.
  • Sell-buyback (SBB) trading is a trading on a trading system that combines two outright trading at the same time with the same trading partner, including a debt instrument sell trading (1st outright Trading) combines a buyback trading of the same debt instrument (2nd outright Trading) at a specified time in the future. In which, the seller in the 1st outright trading is the buyer in the 2nd outright trading; and the price, volume, and execution time of the 2nd outright trading must be determined in advance at the time of conclusion of both
  • Securities borrowing and lending (SBL) trading is a trading in which the borrower performs a debt instrument and commits to repay the borrowed debt instrument to the lender after a specified time. Only a securities company that is a market-making member can perform this trading.

3.2. Other Regulation

Buy and sell the same kind of bond

The buying and selling one same type of bond in one trading session of investor is only allowed to be made in accordance with the regulation of the Ministry of Finance and only when this trading arises the transfer of ownership rights to the traded bonds.

Equivalent debt instruments can be replaced

a) Equivalent debt instruments that can be replaced are used in repurchase transactions, borrowing and lending transactions, and combined sale and repurchase transactions.

b) The equivalent debt instrument that can be replaced must have the same issuer as the original debt instrument used in the transaction.

c) Only 01 (one) equivalent debt instrument code can be used to replace part or all of the volume of 01 (one) original debt instrument code in the transaction.

d) The transaction unit applicable to equivalent replaceable debt instruments is 01 (one) debt instrument.

e) The parties in the transaction agree with each other on the use of equivalent replaceable debt instruments at the latest on the second transaction date of the repurchase agreement, securities borrowing and lending and sell-buyback transaction. Agreement contents on equivalent replaceable debt instruments include:

  • The remaining term of the equivalent debt instrument can be replaced;
  • Minimum listed volume of equivalent replaceable debt instruments;
  • Method for determining conversion coefficient;
  • Penalty interest when using equivalent replaceable debt instruments;
  • Rounding up lots of equivalent replaceable debt instruments.

3.3 Trading forms:
. Electronic put-through

Electronic put-through form includes the following type of order:

a. Market electronic put-through order:

  • Market electronic put-through order is a advertising buy/sell order which is committed to be effective on the day it is offered public in the system.
  • Market electronic put-through order is only applicable to outright trading.

b) Selective electronic put-through order: includes the following two types of order:

  • Quotation request order: having advertising is used when the investor has not yet identified a counterparty in the trading. Quotation request order can be sent to one member, a group of members or the entire market. In case the customer does not specifically request, quotation request order will be sent to the entire market.
  • Buy/sell order with commitment: Buy/sell order with commitment is used to offer in correspondence with quotation request order. Buy/sell order with commitment is only sent to definite member who send quotation request order.

3.3.2. Common put-through

a) Common put-through includes trading report order. The report order is used to enter the trading into the system in case the trading has been fully agreed upon by the parties on the conditions of the trading.

b) Trading results must be reported and entered into the trading system within 01 working day from the date on which the parties agree on the trading. Information reported into the system includes: time of trading conclusion, time of contract signing, trading execution time (time of debt instrument transfer and trading payment) and other relevant information.

c) The time from the date of entering the results of outright trading into the system to the date of trading execution must not exceed three (03) working days.

3.4 Validity time of orders

a) The order is valid from the time it is entered into the system until the end of the trading period or until the order is cancelled.

b) For put-through orders executed less than the trading day, the order is valid until the end of the trading day or until the order is cancelled.


Conditions / Limits / Values

Trading method

Put-through trading

Type of trading

Outright trading (Outright)

Repos trading (Repos)

Sell-buy back trading (SBB)

Securities borrowing and lending trading (SBL)

Trading form

Common put-through

Electronic put-through


Order time

+ PHS system: from 9:00 am to 02:45 pm
+ HNX system:
- Morning from: 9:00 am – 11:30 am
- Afternoon from: 01:00 pm – 02:45 pm

Par value

The par value of a debt instrument listed on the Stock Exchange is one hundred thousand (100,000) dong or a multiple of one hundred thousand (100,000) dong.

Trading unit

One (1) debt instrument

Price fluctuation amplitude

No specified

Quoted unit

+ Quoted unit of the regulated is one (01) dong.

+ Units of the execute price calculated by the system are rounded to the nearest dong.

Minimum trading volume

+ The minimum debt instrument trading volume applicable to the electronic put-through and common put-through is one hundred (100) debt instruments.

+ For sell-buy back trading with many debt instruments, the minimum trading volume of each debt instrument code is one hundred (100) debt instruments.

+ For outright trading with volume from one (01) to ninety-nine (99) debt instruments (odd lot trading) are executed directly between investors and common trading members or between members trade debt instruments with each other according to the principle of price agreement.

Payment method

Multilateral Clearing T+1

Amend/ Cancel order during

trading time

+ It is allowed to amend or cancel an unexecuted put-through order as the request of the investor or in case the trading representative enters the wrong order compared to the original order.
+ The amending or cancellation of unexecuted put-through orders must comply with the process of amending and canceling unexecuted put-through orders specified in the Debt Instrument Trading Process issued by the Stock Exchange.

Amend the executed put- through order

+ Debt instrument transactions that have been matched on the system are not allowed to be canceled, except for transactions specified in Clause 2, Article 18 of Circular 30/2019/TT-BTC.

+ Debt instrument transactions matched on the system are allowed to be corrected when the following conditions are met:

a) Obtain the consent of the counterparties participating in the transaction;

b) There is a reasonable reason for correction

c) Approved by the Stock Exchange;

d) Comply with the procedure of correcting executed trading orders as specified in the Debt Instrument Trading Procedure issued by the Stock Exchange.

  1. Procedure of PHS:

Step 1: Check cash and stock balance before placing order to avoid invalid order.

  • For buying order, customer must have enough money.
  • For selling order, customer must have enough stock.

Step 2: Customers proceed to place trading order.

Fill in order slip: using order form of PHS. Information must be filled in accurately and sufficiently, including:

- Order slip: choose buy/sell/cancel/amend (Noted: for cancel/amend order, specify the No. of the original order)

- Trading type:

+ Outright trading

+ Repos trading

+ SBB trading

+ SBL trading

- Date, month, year: placing order date

- Personal information: Full name; trading account number; signed with full name under the signature.

- Order type: Select one of the following order types:

+ Electronic put-through

+ Common put-through

- Bond/ Bill trading information:

+ For Outright trading: Bond / Bill code, volume, quote price, execute price, total amount (actual price * volume)

+ For Repos trading: For Repos trading: Government bond / Bill, volume, quote price, term

of repo trading, start date of repo trading, risk hedge rate, interest rate, coupon rate.

- Partner information:

+ Same member: Customer name, trading account number.

+ Different member: Company name, partnership member code.

- Order cancellation: the above information and order number belong to the original order.

- Order amending: the above information is the information that requires amending.

Transfer order slip to PHS trading staff at the counter from 9:00 am to 2:30 pm base

on customer’s demand.

Step 3: Trading staff will receive and check the order validity.

  • If customer’s order slip is invalid (lack of information, incorrect information, or insufficient money/ stock), trading staff will inform customer the invalid content by directly informing customer at the counter or via telephone and request customer to provide another order slips.
  • If customer’s order slip is valid, trading staff will place order as regulation.

Step 4: Receive matching result

Update matching result time: 9:00 am – 2:45 pm.

Receiving trading result method: directly, via telephone.

Amend, cancel put-through order

Customers are allowed to amend or cancel orders that have not executed. Customers can

only amend or cancel matched orders with:

  • The mutual agreement from all parties
  • Reasonable reason
  • The approval of HNX.

For any question during the trading process, please directly contact to us at:

Securities Service Division - Phu Hung Securities Corporation

Address: 21st Floor, Phu My Hung Tower, 08 Hoang Van Thai, Tan Phu Ward, District 7, HCMC

Phone: (84-28) 5 413 5479

Fax: (84-28) 5 413 5472


Customer Service: 1900 2523 58


Note: Above content are just quote of some main contents of the Regulations on trading in government debt instruments, government-guaranteed bonds issued by policy banks and local government bonds, but not all of Regulations. Contact us for more detailed regulations. In case the Vietnam Stock Exchange or the Hanoi Stock Exchange have an announcement about amendments/supplements to the trading regulations, PHS will try to update the amended content as quickly as possible. In case PHS does not promptly update, the amended/supplemented contents will take effect and replace the current contents stated here.