VCI Legal – January 8, 2025

On 18 December 2025, the Government promulgated Decree No. 330/2025/ND-CP regulating the establishment, organization, and operation of commodity exchanges within the International Financial Centre in Vietnam (“Decree 330”). This Decree was issued to implement Resolution No. 222/2025/QH15 of the National Assembly and to establish a specialized legal framework governing commodity trading activities within the International Financial Centre.

1. Scope of regulation

Decree 330 governs matters relating to the conditions and procedures for establishment; organizational structure and operation; regulatory and supervisory mechanisms; and measures to ensure market safety for commodity exchanges operating within the International Financial Centre. Its applicable entities include commodity exchanges, clearing and settlement centres, investors, traders, organizations, and individuals participating in or otherwise related to commodity trading activities within the International Financial Centre in Vietnam. [1]

2. Scope of commodities and trading form

Decree 330 expands the range of commodities eligible for trading compared to the existing legal framework on commodity trading through exchanges. In addition to traditional commodity groups such as agricultural products, energy, metals, and industrial raw materials, the Decree allows for the consideration of trading in certain new asset classes consistent with international practice, including carbon credits and technology-based digitalized products, subject to the scope and conditions determined by competent authorities. [2]

With respect to trading form, the Decree establishes a legal basis for both spot commodity contracts and derivative contracts, thereby further completing the legal framework for hedging and investment activities in the commodity market. [3]

3. Conditions for the establishment of a commodity exchange

An enterprise applying for the establishment of a commodity exchange within the International Financial Centre must fully satisfy the conditions prescribed under Decree

330, including: [4]

(i) being a member of the International Financial Centre or an enterprise owned or controlled by such a member, with the minimum ownership ratio as stipulated;

(ii) where foreign investment is involved, the aggregate foreign ownership ratio must not exceed the permitted threshold;

(iii) maintaining a minimum charter capital of VND 1,500 billion; and

(iv) having an organizational structure, charter, and information technology systems for trading, clearing, and settlement that meet the requirements for market safety, stability, and transparency.

4. Clearing and settlement centre and risk management mechanisms

Decree 330 provides for the establishment of an independently operating clearing and settlement centre, responsible for clearing, settlement, and risk management in respect of transactions conducted on the commodity exchange. [5] This model is intended to enhance systemic risk control, ensure market safety, and align with international standards.

In the event of significant market volatility or risks that may affect economic and

financial stability, competent state authorities are empowered to apply necessary measures in accordance with the Decree, including restrictions or temporary suspension of trading, the imposition of special control regimes on information technology systems, and limitations on market participation rights of non-compliant entities. [6]

5. Conclusion

Decree 330 establishes an important legal foundation for the formation and operation of commodity exchanges within the International Financial Centre in Vietnam. The promulgation of this Decree contributes to the further development of the commodity market regulatory framework, enhances market transparency and operational safety, and supports the development of the International Financial Centre in line with international integration and globally recognized standards.

[1] Article 1 of Decree 330/2025/NĐ-CP

[2] Article 12 of Decree 330/2025/NĐ-CP

[3] Article 3.2 of Decree 330/2025/NĐ-CP

[4] Article 3.2 of Decree 330/2025/NĐ-CP

[5] Article 13 of Decree 330/2025/NĐ-CP

[6] Article 11 of Decree 330/2025/NĐ-CP

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