Knowledge
Derivatives market
A. Transaction fee of Index Futures Contract
| Types of transactions | Fee |
|---|---|
| Opening or closing a position | VND 4,000/ contract |
| Contract expiring | VND 4,000/ contract |
B. Trading fee of Government Bond Futures Contract
| Types of transactions | Fee |
|---|---|
| Opening or closing a position | VND 20,000/ contract |
C. Margin deposit/withdrawal/transfer
| Types of transactions | Fee |
|---|---|
| 1. Deposit/withdrawal | Free |
| 2. Transfer margin to bank accounts | In accordance with banks’ fee schedules |
D. Service prices payable to Hanoi Stock Exchanges
| Types of fees | Fee |
|---|---|
| Trading fee for Index Futures Contract | VND 2,700/ contract |
| Trading fee for Bond Futures Contract | VND 4,500/ contract |
Note: Service prices payable to the Stock Exchange are subject to VAT as regulated by the Exchange.
E. Service prices payabl to Viet Nam Securities Depository And Clearing Corporation (VSDC)
| Type of fees | Fee |
|---|---|
| 1. Derivative securities clearing service fee | VND 2,805 / contract |
| 2. Collateral management service fee |
0.0024% x Accumulated Equity Balance / month + VAT 10% Maximum VND 1,760,000 / month Minimum VND 110,000 / month |
The margin balance used for calculation is the end-of-day margin balance.
The deposited asset management fee is collected on the last working day of each month.
F. Income Tax
1. For Retail Clients (Local and Foreign) and Foreign Institutional Clients:
Tax rate = 0.1% × transfer price per transaction.
Transfer price per transaction = (Payment price of the futures contract × Contract multiplier × Number of contracts × Initial margin rate) / 2
In which:
- The timing for determining taxable income is either the execution time of opening/closing a position or the expiration date of the futures contract
- The initial margin rate (IM VSDC) is regulated by the VSDC and may vary from time to time. Currently, the IM VSDC is 17% for stock index futures contracts and 2.5% for government bond futures contracts.
2. For Local Institutional: corporate income tax is applied.