(*) In cases deemed necessary to stabilize the market, the State Securities Commission (SSC) may adjust the price fluctuation limits as outlined in Clause 2, Article 4 of Circular No. 120/2020/TT-BTC.

• The price fluctuation limit for shares registered for trading is determined as follows:
  • Ceiling price = Reference price + (Reference price x Price limit)
  • Floor price = Reference price – (Reference price x Price limit)
• In cases where the ceiling or floor price of shares registered for trading, as determined under the provisions of Section 3 (*), are equal to the reference price, the ceiling and floor price will be adjusted as follows:
  • Adjusted ceiling price = Reference price + 01 tick size
  • Adjusted floor price= Reference price – 01 tick size
• The ceiling and floor prices for shares registered for trading on a given trading day are calculated in accordance with regulations. The ceiling price will be rounded down and the floor price will be rounded up to the nearest tick size. If the adjusted floor price is less than or equal to 0, the floor price limit will be adjusted to the reference price
• In cases where the reference price, after calculation, is equal to the tick size (in the case of a single tick size) or the smallest tick size (in the case of multiple tick sizes), the price fluctuation limits will be recalculated as follows:
  • Adjusted ceiling price = Reference price + 01 tick size
  • Adjusted floor price= Reference price 

6.1.  For newly registered shares, the reference price on the first trading day is proposed by the registering organization.

6.2. In cases where the registering organization is a public company that has been delisted under point b, Clause 1, Article 133 of Decree No. 155/2020/ND-CP, the reference price for the first trading day will be the closing price on the last trading day on the listed market, or the reference price from the last trading day on the listed market (if no transactions occurred on that day to determine the closing price).

6.3.  For equitized enterprises with registration, custody, and trading registration on the UPCOM trading system, the reference price for the first trading day will be the average successful auction price (for public offerings through the auction method) or the price allocated to investors (for public offerings via the book-building method).

6.4.  The reference price of a security on the trading day will be the volume-weighted average price of the prices in the even-lot transactions conducted under the continuous order matching method on the most recent previous trading day.

6.5.  Prior to the ex-rights date, except for the cases specified in Section 6.7 below, the reference price will be determined based on the volume-weighted average price of the most recent trading day, adjusted for the value of dividends received or the value of accompanying rights.

6.6.  In the case of a stock split or reverse split, the reference price on the first trading day after the split will be determined based on the volume-weighted average price of the trading day preceding the split, adjusted according to the split or reverse split ratio.

6.7.  The reference price will not be adjusted in the following cases:

• When the price limit has already been widened, as prescribed in Points c and d, Clause 2, Article 18 of the Regulation on Registration and Management of Trading of Unlisted Securities, issued by the Vietnam Stock Exchange on April 18, 2025;
• When an enterprise issues additional shares at an offering price higher than the volume-weighted average price of the trading day immediately preceding the ex-rights date, after adjusting for other rights (if any);
• Private placement of shares or public offering to investors who are not existing shareholders;
• Issuance of shares under employee stock ownership plans (ESOP);
• Issuance of additional shares under a swap plan resulting from merger transactions;

The trading type is LO (Limit Order).

• LO Buy Order: A buy order for shares at a specified price or lower.
• LO Sell Order: A sell order for shares at a specified price or higher.
  

• Odd-lot transactions are executed via the continuous order-matching method and the negotiated trading method on the UPCOM trading system.
• Investors must adhere to the same amendment and cancellation rules for Limit Orders (LO) as those applied to round-lot trading.
• The odd-lot trading unit is 1 share.
• Transaction Price:
  • The price of an odd-lot order must comply with pricing rules similar to those for round-lot trading.
  • Odd-lot transactions are not used to determine the reference price or index calculation.
• Odd-lot transactions of newly registered stocks or those resuming trading after 25 consecutive trading days without round-lot matching transactions will not be entered into the UPCOM trading system until a price is established based on round-lot matching results.

9.1.  Order Matching Principles

Price Priority

• Buy orders with higher prices are given execution priority
• Sell orders with lower prices are given execution priority

Time Priority

In cases where buy or sell orders are placed at the same price, the order that is entered into the UPCOM trading system first will have execution priority.

9.2.  Principles for Determining the Continuous Matching Price

The execution price is the price of the opposite order waiting in the order book.

• Amending or canceling continuous order matching transactions is only effective for orders that have not been executed, or for the unexecuted portion of an order.
• Limit Orders (LO) are allowed to amend the price and quantity (but not both simultaneously in the same order) and can be canceled during the trading session.

The priority order of an amended order is determined as follows:

• The priority order of the order remains unchanged if only the quantity is reduced.
• The priority order of the order is recalculated from the time the amended order is entered into the UPCOM trading system in cases of increased quantity or amended price

11.1.  Executing a Negotiated Transaction

• The negotiated transaction offer order is sent to the entire market upon the investor's request.
• Negotiated transactions must comply with the price fluctuation limits for the day.
• These transactions are carried out on the principle that either the seller or buyer enters the transaction order into the system, and the other party confirms the negotiated transaction.
• Negotiated transactions are not allowed on the first trading day of securities registered for trading, or for securities that have not had any matched orders for more than 25 consecutive trading days until a price is established based on the results of continuous order matching.

11.2.  Amend and Cancel Put-Through Transactions

Negotiated transactions that have been executed on the UPCOM trading system cannot be amended or canceled.

Foreign investors must comply with Vietnamese legal regulations regarding stock trading.

The volume of shares that foreign investors are allowed to purchase is calculated based on the following principles:

12.1.  Order matching transactions:

• The volume of shares purchased by foreign investors will be deducted from the total volume they are allowed to purchase immediately after the purchase order is entered into the system.
• The volume of shares sold by foreign investors will be added to the total volume they are allowed to purchase after the securities transaction is settled.
• A foreign investor’s buy order will not be accepted by the trading system if the remaining purchase volume is less than the order volume.
• If a foreign investor’s buy order is modified to reduce the volume, the remaining purchase volume will increase by the reduced order volume immediately after the modified order is entered into the system.
• If a foreign investor’s buy order is modified to increase the volume, the remaining purchase volume will decrease by the increased order volume immediately after the modified order is entered into the system. If the remaining purchase volume is less than the increased volume, the trading system will not accept the modified order.
• If the buy order of a foreign investor is canceled by the investor or the trading system, the remaining purchase volume will increase by the canceled order volume.

12.2.  Put through transactions

• The remaining purchase volume of shares for foreign investors will be reduced immediately after the buy side of a negotiated transaction is entered into the trading system if the transaction involves a foreign investor buying and a domestic investor selling.
• If a foreign investor cancels a negotiated transaction order with a domestic investor selling, the remaining purchase volume for the foreign investor will increase immediately after the cancellation order is entered into the system.
• The remaining purchase volume for foreign investors will increase after transaction settlement if the transaction is between a foreign investor selling and a domestic investor buying.
• The remaining purchase volume for foreign investors will not change if the negotiated transaction is executed between two foreign investors.