1. Index Futures Contracts
- VN30/VN100 Index Futures Contracts are a type of futures contract with the VN30/VN100 Index as the underlying asset, simulating the expected price of the VN30/VN100 Index.
- Currently, there are 4 contract months being traded with the VN30/VN100 Index: futures contracts for the current month; futures contracts for the following month; futures contracts for the nearest quarter-end; futures contracts for the next quarter-end.
- How to read the futures contract code: there are 9 characters according to the ISIN code rules, in which:
| Security Type | Security Group | Underlying Asset Code | Expiration Year | Expiration Month | 3-character identifier |
| Derivative = 4 | Futures = 1 | I1 = Vn30 B5 = GB05 |
30 characters from 0 to W (excluding the letters I, O, and U) Example: 2019 = 0, 2020 = A |
12 characters from 1 -> C | Standard code: 000 |
Example: 41I1F4000 - VN30 Index Futures Contract for April 2025
2. VN30/VN100 Index Futures Contract
| No. | Terms | Description |
| 1 | Contract Name | VN30/VN100 Index Futures Contract |
| 2 | Contract Code | The Hanoi Stock Exchange assigns trading codes for futures contracts in accordance with the trading code structure specified by the Vietnam Stock Exchange. |
| 3 | Underlying Asset | VN30/VN100 Index |
| 4 | Contract size | 100,000 VND × VN30/VN100 index points |
| 5 | Contract multiplier | 100,000 VND |
| 6 | Expiration month | Current month, next month, last two months of the next two quarters.Example: The current month is April. The expiration months are April, May, June, and September. |
| 7 | Trading hours | Opens 15 minutes before the underlying marketClose: Same as the underlying market |
| 8 | Trading Method | Order matching method and put-through method |
| 9 | Trading unit | 01 contract |
| 10 | Reference Price | The settlement price of the previous trading day or the theoretical price |
| 11 | Price fluctuation range | +/- 7% relative to the reference price |
| 12 | Price step/Quotation unit | 0.1 index points |
| 13 | Order limit | 500 contracts/order |
| 14 | Last trading day | The third Thursday of the expiration month; if it falls on a holiday, it will be adjusted to the preceding trading day |
| 15 | Final settlement date | The business day immediately following the last trading day |
| 16 | Payment method | Cash payment |
| 17 | Daily settlement price determination method | According to VSDC regulations |
| 18 | Method for determining the final settlement price | This is the simple arithmetic average of the index over the last 30 minutes of the final trading day (including 15 minutes of continuous trading and 15 minutes of periodic closing trading), after excluding the 3 highest and 3 lowest index values of the continuous trading session. |
3. Trading time
| Time | Trading session | Order type |
| 8:45 AM – 9:00 AM | Periodic Opening Order Matching | ATO, LO Orders cannot be canceled |
| 9:00 AM – 11:30 AM | Continuous trading session in the morning | LO, MOK, MAK, MTL Orders may be canceled |
| 11:30 AM – 1:00 PM | Mid-session break | |
| 1:00 PM - 2:30 PM | Continuous trading in the afternoon session | LO, MTL, MOK, MAK Orders may be canceled |
| 2:30 PM - 2:45 PM | Periodic closing order matching | ATC, LO Orders cannot be canceled |
| 8:45 AM - 11:30 AM & 1:00 PM - 2:45 PM | Put-through trades | Put-through orders |
4. Order types
- ATO (ATC) Order: An order to buy/sell derivative securities at the opening (closing) price. ATO/ATC orders take priority over limit orders during order allocation, except when a sell LO order at the floor price or a buy LO order at the ceiling price is placed before the ATO/ATC order in terms of time.
- LO (Limit Order): a buying or selling order at a specific price or at a better price. It is given a specific price and validates until the end of trading day or until the order is cancelled.
- Market Order: a buying order at the lowest price or selling order at the highest price at the time. This order is used during continuous matching period and will be cancelled after being input if none counter
- Market Order – Limit (MTL): The order is input in case unmatched all, it will be transferred the remaining to LO
- Market Order – Match all or Kill (MOK): Order if not execute entirely, it will be canceled in the system at the time of input
- Market Order – Match and Kill (MAK): Order can be executed partially or entirely. The remaining will be canceled after matching.
5. Trading method
- Periodical Order Matching: The method is made on the basis of comparing buying orders and selling orders of stocks at a specific time.
- Continuous Order Matching: is the trading method made on the basis of comparing buying orders and selling orders immediately when they are input into the trading system. Principles to define matching price: is the price of counter orders waiting on order books.
- Put – through Order: is the trading method by which buyers and sellers set out mutual agreed trading conditions by themselves. After that, the transaction will be entered into the trading system by the securities company of the seller and the securities company of the buyer to record the results.
6. Matching Principles
- Price priority
- Buying orders at higher price take priority
- Selling orders at a lower price take priority
- Time priority: In the case that buying orders or selling orders are at the same price, the orders entering to the transaction system first will take priority in execution.
7. Cancellation/ adjustment of order in session
- Adjustment and cancellation of orders are available for orders which have not been matched or the remaining have not been matched yet.
- LO is allowed to adjust price, quantity and cancel order in trading time. The order’s priority of order after adjustment is determined as follows:
- The order’s priority is unchanged if only decreasing quantity.
- The order’s priority is recognized since adjustment order is input into the transaction system for increasing quantity and/or adjusting price.
- It is not allowed to adjust, cancel order in periodical Order Matching session.
8. Modifying or canceling put – through trades
- Put – through trades that have been established on the trading system (with the confirmation of both trading parties) may not be modified or canceled.
- During trading hours, if a derivatives trading member enters an incorrect put – through trade order for an investor, the derivatives trading member is permitted to modify or cancel the put – through trade order if the order has not yet been confirmed by the counterparty.
9. Position limit
Position limit is set to prevent an individual or organization holding a large number of contracts, maintain the stability and fairness of the market and ensure the right of investors when participating in the market
| No | Type of investor | The max number of futures contract in 01 account |
| 1 | Individual | Under 5.000 Contracts |
| 2 | Organization | Under 10.000 Contracts |
| 3 | Professional securities investors | Under 20.000 Contracts |
10. The warning threshold violates the ratio of using mortgage according to VSD
| No | Parameter content | Specified parameters |
| 1 | Warning threshold 1 (Safe) | 80% |
| 2 | Warning threshold 2 (Additional) | 90% |
| 3 | Warning threshold 3 (Handle) | 100% |
11. Tax policy for income from transfer futures contracts in the derivative market
Personal income tax = Partial transfer price * 0.1%, included:
Partial transfer price = (Settlement price of futures contract * Contract multiplier * Contract number * Initial margin ratio)/2
For example:
Index futures contract code 41I1FA000 is made with the multiplier (100.000 VND)
Initial margin ratio of futures contract is published by VSD (13%).
- At 9:00 on July 25, 2025 investor A matched the buying order 10 futures contract code 41I1FA000 with the price of 1.918 index point. Individual investor A must deposit personal income tax in buying trading: 1.918*100.000*10*13%/2*0,1% = 124.670 VND
- At 10:00 on July 25, 2025 investor A matched the selling order 10 futures contract code 41I1FA000, price matching of this futures contract decrease to 1.916 point. Individual investor A must deposit personal income tax in selling order: 1.916*100.000*10*13%/2*0,1% = 124.540 VND
