Clearing and settlement are final steps for completing securities trading process. For the purpose of clearing and settlement of securities transactions, all data of trading results are sent to Vietnam Securities Depository and Clearing Corporation (VSDC) by stock exchanges at the close of trading sessions. Cash clearing is executed by VSDC for each member on the basis of netting between the amount receivable and the amount payable for transactions having the same trading date on stock exchanges and having the same settlement date, segregated by domestic investor account, foreign investor account and house account of members.
I. Clearing and settlement of cash market
VSDC applies clearing and settlement methods as follows:
- For transactions of corporate bonds: VSDC carries out settlement according to the result of multilateral netting with T+1 settlement cycle.
- For transactions of shares and fund certificates: VSDC carries out settlement according to the result of multilateral netting with T+2 settlement cycle.
- For transactions of Government bonds: VSDC carries out settlement via trade-by-trade method with T+1 settlement cycle.
Principles for settlement of securities transactions:
- VSDC makes securities settlement in the form of book-entry transfer via the system of depository accounts of selling and buying members and simultaneously adjusts ownership information on depository accounts of buying and selling investors. The settlement bank (Bank for Investment and Development of Vietnam) makes cash payment via the system of cash accounts opened by depository members at the settlement bank based on the cash clearing result sent by VSDC.
- Settlement for securities transactions is made in compliance with the following principle: securities delivery at VSDC and cash transfer at the settlement bank shall be surely and simultaneously carried out (DVP principle - Delivery Versus Payment). Accordingly, settlement risks born by trading participants will be mitigated as buyers and sellers must have sufficient money to fulfil settlement obligations.
Processes and procedures of securities clearing and settlement are specified in the Guideline on Securities Clearing and Settlement issued with Decision no. 15/QĐ-HĐTV dated 10/8/2023  by the CEO of VSDC.





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II. Clearing and settlement of derivatives transactions
VSDC applies clearing and settlement methods as follows:
- For Index futures: VSDC shall make daily settlement on T+1 and final settlement on the final settlement date (the business day after the last trading day)
- For Government bond futures: VSDC shall make daily settlement on T+1 and final settlement with physical delivery on the final settlement date (the third business day after the last trading day)
Principle of derivatives settlement:
- For Index futures: VSDC shall define settlement obligations of position loss and profit for each account and clear by CM. Cash settlement is made by the Settlement Bank (Vietnam Joint Stock Commercial Bank for Industry and Trade)
- For Government bond futures: VSDC shall define cash/securities settlement obligations for each account and clear by CM. Cash and securities settlement is made by the Settlement Bank (Vietnam Joint Stock Commercial Bank for Industry and Trade) and VSDC respectively.
Processes of clearing and settlement are specified in

Procedures of transactions clearing and settlement are specified in



Procedures of clearing and settlement are promulated in:



Decision no. 12/QĐ-HĐTV issued on 10/08/2023 on promulgating the Guideline on derivatives clearing and settlement at VSDC.