[Last updated: 1 February 2026, unless otherwise noted]

The main financial criteria for listing shares on the HOSE include:

Financial Requirements:

• Being a Joint Stock Company (JSC) with a minimum amount of paid-up charter capital of VND30 billion (approximately US$1.20 million), and concurrently, a market capitalization value of at least VND30 billion (approximately US$1.20 million) at the time of registration for listing.
• Return on equity of at least 5% in the preceding year.
• Profitable for two consecutive years prior to the year of registration for listing.
• No accumulative losses up to the year of registration for listing.

Ongoing financial requirements. In order to maintain a listing on the HOSE, the company must ensure the following financial requirements are met:

• Paid-up charter capital and owners’ equity of at least VND30 billion (approximately US$1.20 million).
• Its business and production do not suffer a loss for the last three consecutive years as indicated in the audited annual financial statements.
• Its total accumulated losses do not exceed its paid-up charter capital or the owner’s equity is not negative in the most recent audited annual financial statements prior to the time of listing review.

[Last updated: 1 February 2026, unless otherwise noted]

Operating history. The company must have traded on the Unlisted Public Company Market (UPCoM) for at least two years, unless the listing applicant is an equitized state-owned enterprise or has already conducted a public offering of its shares as at the time of the listing registration.

Distribution. At least 15% (10% if the charter capital is over VND1,000 billion (approx. US$40 million) of the company’s voting shares must be held (at all times) by at least 100 non-major shareholders (that is, shareholders owning less than 5% each of the voting shares of the company), except for equitized enterprises.

Minimum trading price. By law, each share holds a par value of VND10,000 (approximately US$0.40). As a result, in principle, the initial listing price of the share cannot be lower than such par value. Separate rules apply to any issuance below par value, which is highly regulated and only seen in subsequent share issuances and listings after IPO / initial listing.

Accounting standards. Vietnamese accounting standards (VAS). Large scale public companies are required to apply international financing reporting standards (IFRS) for preparing financial statements, per Decision 345/2020/QD-BTC.

Financial statements. The applicant is required to disclose two years' stand-alone and, if the company has subsidiaries, consolidated financial statements. All submitted financial statements must be audited by qualified auditing companies and the auditor's must provide an unqualified opinion. In the event that qualifications are included in the audit opinion, they must not adversely impact on the company's compliance with the listing conditions. The company must have an explanatory document to this effect, certified by the auditing company.

Lock-up and escrow requirements. Controlling Shareholders must undertake to hold (a) 100% of the shares they own for six months from the first date of trading of the shares and (b) 50% of such shares for the following six months, excluding shares owned by the State, held by such individual Controlling Shareholders as representatives of the State.

[Last updated: 1 February 2026, unless otherwise noted]

The indicative process and timeline for listing a foreign company on the HOSE:

Link to Chart

Within five working days from the date of issuance of the decision approving the listing of shares, the listing applicant must register the first trading day for the listed shares (the trading day must be at least six working days after the HOSE receives the written request from the listing applicant, but no later than 30 days from the date the HOSE issues the listing approval decision).

The HOSE will issue a notice of the first trading day for the approved‑for‑listing shares after receiving (i) the registered first‑trading‑day notification submitted by the listing applicant, and (ii) a written confirmation from the VSDC stating that such shares have been registered with the VSDC.

Since 11 September 2025, listing applicants may apply for IPO and listing at the same time. Accordingly, the full process from IPO to listing can be reduced from 9-12 months to no more than 6-7 months.

[Last updated: 1 February 2026, unless otherwise noted]

Listed companies must comply with the provisions on corporate governance of the Law on Enterprises and stricter regulations on corporate governance issued by the Government applicable for public companies and listed companies under Decree No. 155/2020/ND-CP dated 31 December 2020 as amended by Decree No. 245/2025/ND-CP issued by the Government dated 11 September 2025 and Circular No. 116/2020/TT-BTC issued by the Ministry of Finance on 31 December 2020.

These include:

• Appointment of a prescribed number of independent non-executive BOM members.
• Establishment of sub-committees under the BOM.
• Appointment of a person in charge of corporate governance.
• Professional qualification of the members of Auditing Committee and Board of Controllers.
• Establishment of internal regulations on corporate governance.

As long as the company remains a listed company, it must also comply with both periodic and extraordinary disclosure obligations. For periodic disclosure, the listed company must disclose its audited financial statements, annual reports, annual meeting of the GMS and corporate governance reports. Extraordinary disclosure mainly focuses on disclosure of price-sensitive information and must be made within 24 hours upon occurrence of such information.

[Last updated: 1 February 2026, unless otherwise noted]

A company seeking to list must pay both initial listing and annual fees. The initial listing fee is VND10 million (approx. US$400) (applicable to listing of shares, fund certificates). Any change to the listing registration information will incur additional fees of VND5 million (approx. US$200) in relation to each change. The annual fee ranges are based on the total listed value of the company's securities, subject to a minimum of VND15 million (approx. US$600), and a maximum of VND20 million (approx. US$800) plus 0.001% of the total listed value of the securities (up to a maximum of VND50 million (approx. US$2,000)).