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 market1. Regarding Clearing Mechanism, Method, and Time of Settlement
a) For transactions involving listed corporate bonds, stocks, fund certificates, and secured warrants:
- VSDC performs cash clearing for each member on a general clearing basis between the amount received and the amount payable for transactions with the same trading date and settlement date, separated according to the accounts of domestic clients, foreign clients, and the custodian member itself. VSDC performs securities clearing for each security code with the same settlement date, separated according to the type of brokerage account for domestic investors, brokerage accounts for foreign investors, and the proprietary trading account of the custodian member.

- Settlement is carried out according to the results of multilateral clearing with a settlement time of T+1 for listed corporate bond transactions and T+2 for stock, fund certificate, and secured warrant transactions.

b) For debt instrument transactions: Settlement is done on a transaction-by-transaction basis with a settlement time of T+1. Settlement is made immediately when the buyer has sufficient funds and the seller has sufficient debt instruments in their account.

c) For private placement bond transactions: Settlement is done on a transaction-by-transaction basis with a settlement time of T+0. Settlement is made immediately when the buyer has sufficient funds and the seller has sufficient private placement in their account.

2. Regarding the principles of securities transaction settlement
- VSDC settles underlying securities through book-entry transfer via the depository account system of the buyer and seller custodian members, simultaneously adjusting securities ownership information in the accounts of the buying and selling investors. The settlement bank makes payments according to VSDC's instructions through the deposit account system of the custodian members opened at the settlement bank. The State Bank of Vietnam's Exchange is the settlement bank for debt instrument transactions; VCB Bank is the clearing bank for private placement transactions; BIDV Bank is the clearing bank for the remaining underlying securities.

- The settlement of underlying securities transactions is carried out according to the principle: the transfer of securities at VSDC takes place only when payment is made at the clearing bank (DVP principle - Delivery Versus Payment). The DVP settlement mechanism allows participating parties to eliminate the principal risk in the settlement process. Accordingly, the buyer is guaranteed to receive the securities upon payment, and the seller is guaranteed to receive the money upon transfer of securities.

3. The procedures for clearing and settling underlying securities transactions are specifically regulated in the following regulations:

- Regulations on clearing and settling securities transactions at VSDC issued with Decision No. 39/QD-HDTV dated April 29, 2025, of the VSDC Board of Members;

- Regulations on the registration, depository, and settlement of private  bond transactions issued with Decision No. 27/QD-HDTV dated August 10, 2023, of the VSDC Board of Members;

- Regulations on the settlement of government debt instruments, government-guaranteed bonds issued by the Policy Bank, and local government bonds issued with Decision No. 25/QD-HDTV dated April 16, 2025, of the VSDC Board of Members.

II. Clearing and settlement of derivative securities transactions
1. Regarding the clearing mechanism, method, and settlement time
a) For the settlement of profit and loss on positions:
The obligation to settle profit and loss on positions is determined on the basis of clearing between the amount payable and received on each investor's account and the account of the clearing member to determine the net payment obligation for each clearing member. 1. Payment is made via cash settlement with a settlement time of T+1.

b) For contract execution settlement:
- For index futures contracts: Settlement is based on the profit/loss settlement of the last trading day with a settlement time of T+1 (on the last settlement day, which is the business day immediately following the last trading day).

- For government bond futures contracts: Settlement is based on physical delivery (buyer pays cash, seller delivers government bonds) on the last settlement day E+3 (the 3rd business day after the last trading day).

2. The settlement of derivatives transactions is carried out as follows:

- Cash payment is made through Vietinbank.

- The physical delivery settlement (government bonds) is made on the VSDC system simultaneously with cash payment at Vietinbank according to the DVP principle. 3. The procedures for clearing and settling derivatives transactions are stipulated in the Regulations on Clearing and Settlement of Derivatives Transactions at VSDC issued together with Decision No. 26/QD-HDTV dated April 16, 2025, of the VSDC Board of Members.

III. Payment for Greenhouse Gas Emission Quota and Carbon Credit Transactions
1. Payment Method and Time: Instant payment is made per transaction with a settlement time of T+0. Instant payment per transaction is a method of settling greenhouse gas emission quota and carbon credit transactions as soon as the buyer has sufficient funds and the seller has sufficient greenhouse gas emission quotas and carbon credits in their depository account.

2. Regarding Payment for Greenhouse Gas Emission Quota and Carbon Credit Transactions
- Payment for greenhouse gas emission quota and carbon credit transactions involves transferring funds at the payment bank and transferring greenhouse gas emission quotas and carbon credits on the depository system and settling the carbon transaction on the settlement date, based on the principle of transferring greenhouse gas emission quotas and carbon credits simultaneously with payment.

- Payment is made through BIDV Bank. 2. The transfer of greenhouse gas emission quotas and carbon credits is carried out by VSDC.

3. The procedures for settling transactions of greenhouse gas emission quotas and carbon credits are stipulated in the Guidelines on the operation of depository, settlement of transactions of greenhouse gas emission quotas and carbon credits and carbon depository members at VSDC, issued together with Decision No. 17/QD-HDTV dated 29/04/2026, of the VSDC Board of Members.