Hanoi Stock Exchange

What Hanoi Stock Exchange does

The Hanoi Stock Exchange (Sở Giao dịch Chứng khoán Hà Nội, HNX) is one of Vietnam's two licensed securities exchanges, established in 2005 and operating as a state-owned market infrastructure entity under the supervision of the State Securities Commission of Vietnam. Headquartered at 02 Phan Chu Trinh, Hoan Kiem District, Hanoi, HNX runs an electronic trading platform with real-time market data, clearing and settlement infrastructure, and market surveillance capabilities. Its product suite spans five verticals: (1) listed equities on the HNX main board (301 companies) and the UPCoM unlisted public company market (825+ registered companies); (2) government bonds, where HNX conducts State Treasury auctions and operates secondary trading with outright, repo, and bond lending; (3) corporate bonds (listed and privately placed); (4) derivatives including VN30 and VN100 index futures and 5- and 10-year government bond futures; and (5) a newly launched domestic carbon exchange for emission quotas and carbon credits, opened on 2026-06-29.

HNX earns revenue through three core streams: transaction fees on securities traded on its platforms, listing and registration fees from issuers, and recurring subscription fees for market data and information services. The exchange distributes services through a member network of 24 derivatives brokers and 12 primary plus 70+ secondary bond market members, complemented by direct retail access via the banggia.hnx.vn online trading dashboard and dedicated auction infrastructure for the State Treasury. Its customer base segments into listed/registered companies seeking capital raising and disclosure-compliant trading venues, securities firms requiring trading and clearing infrastructure, domestic and foreign investors, and the Vietnamese government (Kho Bạc Nhà Nước) for sovereign bond issuance.

As a regulated monopoly within its assigned product lines, HNX competes structurally with the Ho Chi Minh City Stock Exchange (HOSE) for capital markets activity but holds exclusive jurisdiction over bonds, derivatives, UPCoM, and the new carbon exchange. Pricing is administered under fee structures set by Vietnamese regulators and is not publicly disclosed; the company does not publish revenue figures and operates as a public-interest market infrastructure entity rather than a profit-maximizing commercial firm.

Name

Hanoi Stock Exchange

Legal name

Sở Giao dịch Chứng khoán Hà Nội

Website

https://hnx.vn

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Vietnamese state-owned securities exchange operating the HNX main board, UPCoM market, government and corporate bond trading, derivatives futures, and the newly launched domestic carbon exchange, serving member securities firms, listed companies, investors, and the State Treasury.

Ownership category

akta.pro rank

Product category

Securities Exchange / Stock Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Multi-Asset Electronic Trading Platforms (FSAFANAH)

akta.pro secondary industries

Government Bond (Sovereign) Trading Platforms (FSAFACAA), Electronic Bond Trading Networks (Dealer-to-Client / All-to-All) (FSAFACAE), Auction & Allocation Platforms for Compliance Schemes (Allowance auctions, allocation/transfer systems) (EUABAAAJ)

Keywords

• Securities exchange operations
• Equity trading platform
• Government bond trading
• Derivatives market
• Carbon credit exchange

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading Fees: Transaction fees collected from securities trading on the exchange
2. Listing Fees: Fees charged to companies for listing securities on the exchange
3. Information Services: Market data and information services provided to investors and market participants

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

HNX operates a regulated multi-asset securities exchange in Vietnam, providing electronic trading, clearing, and settlement infrastructure for listed equities, UPCoM-registered companies, government bonds, corporate bonds, and derivatives (VN30, VN100, and government bond futures). In 2026 it expanded into carbon credit and emission quota trading via the domestic carbon exchange, complemented by market data services, an online trading dashboard, and bond auction services for the State Treasury.

Product overview

The Hanoi Stock Exchange (HNX) operates as a multi-product financial market platform comprising five core product lines: (1) Listed Stocks and UPCoM for equity trading with comprehensive market indices, (2) Government Bonds and Corporate Bonds for fixed income trading with bond indices and yield curve analysis, (3) Derivatives including VN30, VN100, and government bond futures contracts, (4) Carbon Products for the newly launched domestic carbon credit exchange, and (5) Information Services providing market data and company disclosures. The exchange is complemented by an online trading dashboard (banggia.hnx.vn) and bond auction services, creating an integrated ecosystem for securities trading, market surveillance, and investor services across Vietnam's capital markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Listed Stocks (Cổ phiếu Niêm yết) Equity securities listed and traded on the Hanoi Stock Exchange main board, with real-time trading, market indices, and market surveillance. As of mid-2026, 301 companies are listed with combined market capitalization over 487 thousand billion VND.
• UPCoM (Unlisted Public Company Market) Regulated market for publicly registered companies that have not yet met listing requirements, offering trading in shares of quasi-public companies with disclosure obligations. Hosts 825+ registered companies with market capitalization of 1,320 thousand billion VND at end of June 2026.
• Government Bonds (Trái phiếu Chính phủ) Government bond trading including outright purchases/sales, repos (buy-sell back and sell-buy back), and bond lending transactions, with bond indices and yield curve analysis. 182,561 billion VND was mobilized through HNX government bond auctions in H1 2026.
• Corporate Bonds (Trái phiếu Doanh nghiệp) Corporate bond trading including listed and privately placed bonds, with market-making and auction services for primary issuance.
• Derivatives (Chứng khoán Phái sinh) Futures contracts including VN30 Index futures, VN100 Index futures, 5-year Government Bond futures, and 10-year Government Bond futures, with real-time trading and clearing services. Average daily trading volume of 168,964 VN30 futures contracts and 33,393 billion VND average daily value in June 2026.
• Carbon Products (Sản phẩm Các-bon) Carbon credit trading including emission quotas (hạn ngạch phát thải) and carbon credits (tín chỉ các-bon) for the domestic carbon market, aligned with Vietnam's net-zero commitment by 2050.
• Information Services (Dịch vụ cung cấp thông tin) Market data services including real-time and delayed quotes, historical data, company disclosures, trading statistics, and annual reports for listed companies.
• Bond Auction (Đấu giá trái phiếu) Government bond auction services organized by HNX on behalf of the State Treasury, including auction schedules, results, and yield information.

Quantifiable outcome

• 182,561 billion VND mobilized through government bond auctions in H1 2026
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Vietnam Securities Depository and Clearing (VSDC)coreStrategic or Co-development Partner · 22 June 2026Partnership for clearing and settlement operations for the carbon trading platform. VSDC serves as the depository for carbon credits and emission quotas traded on the exchange.
• Vietnam Stock Exchange (VNX)coreStrategic or Co-development Partner · 22 June 2026Coordinated partnership for operating Vietnam's domestic carbon exchange. VNX and HNX collaborate on market infrastructure development.
• Bank for Investment and Development of Vietnam (BIDV)minorStrategic or Co-development Partner · 22 June 2026Banking partner for settlement and payment services in carbon trading operations.
• Ministry of Agriculture and Environment (Climate Change Bureau)coreStrategic or Co-development Partner · 22 June 2026Regulatory partnership for carbon market operations. The ministry oversees the national registry for emission quotas and carbon credits, with HNX operating the trading platform.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ho Chi Minh City Stock Exchange (HOSE): Vietnam's other primary securities exchange, operating the main board for large-cap equities and competing directly with HNX for listings, trading volume, and issuer mindshare in Vietnam.
• Vietnam Stock Exchange (VNX): Coordinated partner/peer entity in Vietnam's exchange ecosystem, collaborating with HNX on carbon market infrastructure while representing the broader VNX consolidated exchange brand.

Broad incumbents

• Singapore Exchange (SGX): Regional multi-asset exchange operator running equities, derivatives, fixed income, and commodity products across ASEAN—directly comparable in scope to HNX's diversified platform and a benchmark for product expansion.
• Japan Exchange Group (JPX): Operator of TSE and Osaka Exchange, running equities, derivatives, and commodities across Asia—a mature benchmark for how multi-asset Asian exchanges evolve in scale and product breadth.
• Hong Kong Exchanges and Clearing (HKEX): Asian multi-asset exchange operator spanning equities, derivatives, fixed income, and commodities—a benchmark for how regional exchanges monetize clearing, listing, and data products.
• National Stock Exchange of India (NSE): India's largest multi-asset exchange operating equities, derivatives, and debt markets—a benchmark for emerging-market exchanges that scaled derivatives and added new asset classes to drive revenue growth.

Regional players

• Bursa Malaysia: Multi-asset Malaysian exchange operator running equities, derivatives, and Islamic securities, comparable as an ASEAN multi-product platform competing for cross-border listings and trading flow.
• Stock Exchange of Thailand (SET): Thailand's primary securities exchange operating equities, derivatives (via TFEX), and bond markets—a regional multi-asset peer with a similar emerging-market profile and state-linked oversight.
• Indonesia Stock Exchange (IDX): Indonesia's primary securities exchange offering equities, bonds, and derivatives—an emerging-market peer with comparable regulatory structure and multi-product ambition.
• Philippine Stock Exchange (PSE): The Philippines' primary securities exchange operating equities and fixed-income products—an emerging ASEAN peer with similar market-development stage and regulatory environment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Hanoi_Exchange
• Facebookfacebook.com/HanoiStockExchange2005

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hanoi Stock Exchange