Vietnam Securities Depository and Clearing Corporation

What Vietnam Securities Depository and Clearing Corporation does

Vietnam Securities Depository and Clearing Corporation (VSDC) is Vietnam's statutory central securities depository and clearing house, operating as a state-owned enterprise under the supervision of the Ministry of Finance (Bộ Tài Chính) and the State Securities Commission. Established in 2005 as Vietnam Securities Depository (VSD) and restructured in 2018, the entity was formally renamed VSDC and re-chartered under Decision 1275/QD-BTC dated June 14, 2023. VSDC provides the back-office infrastructure that underpins Vietnam's securities markets across HOSE, HNX, UpCom, the derivatives market, and the newly established carbon exchange, processing registration, custody, clearing, settlement, and corporate actions for all listed securities.

The core technology stack comprises electronic systems for securities registration and ownership tracking, central counterparty clearing and settlement, electronic voting (E-voting) under the 2014 Enterprise Law, securities borrowing and lending, transfer agency and fund administration for open-end funds and ETFs (Circular 98/2020/TT-BTC), foreign investor trading code management, and carbon market custody and settlement (Decree 29/2026/ND-CP). The organization maintains ISO 9001:2015 certification and operates through headquarters in Hanoi and a regional branch in Ho Chi Minh City, serving over 13.43 million investor accounts (13.38M domestic + 52,170 foreign) and 53,791 foreign investor trading codes as of mid-2026.

VSDC's business model is transaction-fee based across nine service lines. Core depository, clearing, and settlement fees are state-determined under Ministry of Finance Decision 1541/QD-BTC (April 29, 2025), while value-added services (E-voting, transfer agency) use self-determined fee schedules approved by VSDC's board. Tiered pricing exists for fund services (12M VND/month for funds trading >2 sessions/week; 10M VND/month for ≤2 sessions/week). GTM is institutional and regulatory-driven rather than commercial: VSDC operates as monopoly infrastructure serving listed issuers, securities companies (depository members), commercial banks (settlement banks), fund management companies, and foreign investors through standardized member agreements and a national member network.

Name

Vietnam Securities Depository and Clearing Corporation

Legal name

Tổng công ty Lưu ký và Bù trừ chứng khoán Việt Nam

Website

https://vsd.vn

Company type

Private

Founded year

2005

Operating status

Operating

Short description

VSDC is Vietnam's state-owned central securities depository and clearing house, providing monopoly registration, custody, clearing, settlement, e-voting, and transfer-agency infrastructure for all securities traded on HOSE, HNX, UpCom, and the new carbon exchange, serving listed issuers, member securities firms, settlement banks, fund managers, and foreign investors across 13.4M+ investor accounts.

Ownership category

akta.pro rank

Product category

Central Securities Depository and Clearing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231), Finance and Insurance (52)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

International CSDs (ICSDs) (FSAFAGAB)

akta.pro secondary industry

Central Securities Depository (CSD) & ICSD SFT Services (FSACAIAL)

Keywords

• Central securities depository
• Clearing and settlement
• Securities custody services
• Corporate actions processing
• Fund administration services

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Revenue model

1. Securities Registration Services: Fees charged for securities registration, securities code issuance, and registration of securities pledge arrangements.
2. Securities Custody Services: Fees for safe custody, transfer, and ownership recording of securities.
3. Clearing and Settlement Services: Fees for central counterparty clearing and settlement of securities transactions.
4. Rights Exercise Services: Fees for processing corporate actions including dividend payments, rights issues, and shareholder meetings.
5. Electronic Voting (E-Voting) Services: Fees for electronic voting services as regulated under the 2014 Enterprise Law.
6. Fund Services Agency: Transfer agency and fund administration services for open-end funds and ETFs per Circular 98/2020/TT-BTC.
7. Foreign Investor Code Services: Fees for issuance and management of securities trading codes for foreign investors.
8. Securities Lending Services: Fees for securities borrowing and lending to support securities settlement.
9. Carbon Market Depository and Settlement: Fees for custody and settlement of carbon quotas and carbon credits.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

VSDC is Vietnam's central securities depository and clearing house providing back-office market infrastructure including securities registration, custody, central counterparty clearing and settlement, corporate actions processing, electronic voting, fund transfer agency, foreign investor trading code issuance, securities lending and borrowing, collateral registration, and carbon market depository and settlement services. The organization serves listed companies, securities companies, commercial banks, and fund management companies across Vietnam's spot, derivatives, and emerging carbon markets.

Product overview

VSDC operates as Vietnam's central securities depository and clearing house, offering a unified platform of back-office infrastructure services for the national capital markets. The core product portfolio consists of securities registration, custody, clearing and settlement, rights exercise, e-voting, securities code issuance, fund services (transfer agent for open-end funds and ETFs), foreign investor trading code issuance, securities lending and borrowing, collateral registration, and a newly established carbon market depository and clearing service. These services are delivered through VSDC's proprietary systems to issuers, trading members, clearing members, fund management companies, and investors across Vietnam's spot, derivatives, and carbon markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Securities Registration

Quantifiable outcome

• Over 13.4 million investor accounts managed
• +2 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

13 partnerships are on record, tiered core and minor.

• HSC (Ho Chi Minh City Securities Corporation)coreTechnology or Integration · 29 June 2025VSDC approved HSC's participation in the carbon market depository and settlement system per announcement dated 29/06/2026.
• OCBS (OCEA Securities)coreTechnology or Integration · 29 June 2025VSDC approved OCBS's participation in the carbon market depository and settlement system per announcement dated 29/06/2026.
• MBS (MB Securities)coreTechnology or Integration · 25 June 2025VSDC approved MBS's participation in the carbon market depository and settlement system per announcement dated 25/06/2026.
• VPS (VPS Securities)coreTechnology or Integration · 18 June 2025VSDC approved VPS's participation in the carbon market depository and settlement system per announcement dated 18/06/2026.
• IBS (Vietinbank Securities)coreTechnology or Integration · 17 June 2025VSDC approved IBS's participation in the carbon market depository and settlement system per announcement dated 17/06/2026.
• Ministry of Finance (Bộ Tài Chính)coreStrategic or Co-development PartnerVSDC operates under the regulatory oversight and governance of the Ministry of Finance. The Ministry issues regulations governing VSDC's operations, service fees, and organizational structure. Key regulatory instruments include Decree 59/2021/ND-CP on special financial management mechanisms.
• State Securities Commission (Ủy ban Chứng khoán Nhà nước)coreStrategic or Co-development PartnerThe SSC oversees securities market regulation and VSDC's compliance with securities laws. VSDC implements SSC regulations on depository, clearing, and settlement operations.
• Ho Chi Minh Stock Exchange (HOSE)coreStrategic or Co-development PartnerHOSE is Vietnam's main stock exchange. VSDC provides depository and clearing services for securities traded on HOSE including stocks, covered warrants, and ETFs.
• Hanoi Stock Exchange (HNX)coreStrategic or Co-development PartnerHNX operates the Hanoi exchange and UpCom trading system. VSDC provides depository and clearing services for securities traded on HNX including government bonds, municipal bonds, and UpCom-listed securities.
• Securities Depository Members (Securities Companies)coreChannel Partner/ Reseller/ DistributorSecurities companies serve as depository members providing custody services to investors. VSDC maintains a network of active and former members including major players in the Vietnamese securities market.
• Settlement BankscoreChannel Partner/ Reseller/ DistributorCommercial banks serve as settlement banks providing payment services for securities transaction settlement. Listed on VSDC's website as approved settlement member banks.
• Asian CSD Committee (ACG)minorStrategic or Co-development PartnerVSDC participates in regional cooperation through the Asian CSD Committee - CCDC working group on cross-border securities services.
• National Competiveness CenterminorOthersListed as a related organization on VSDC's website footer indicating institutional cooperation on market development matters.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Euroclear: International CSD (ICSD) providing cross-border settlement, safekeeping, and asset servicing for securities across 50+ markets. Peer to VSDC in central depository role, though Euroclear operates internationally rather than in a single domestic market.
• China Securities Depository and Clearing Corporation (CSDC): China's national CSD providing securities registration, depository, clearing, and settlement across Shanghai, Shenzhen, and Beijing exchanges. Comparable to VSDC by model and monopoly mandate, though far larger in scale.
• Central Depository (CDP) Singapore: Singapore's central securities depository operated by Singapore Exchange, providing clearing, settlement, and depository services. Peer to VSDC in ASEAN capital market infrastructure.
• Hong Kong Securities Clearing Company (HKSCC): Hong Kong's central clearing and settlement provider, operating as a subsidiary of HKEX. Comparable to VSDC as a regional CSD/CCP with cross-border linkages.
• Depository Trust & Clearing Corporation (DTCC): The U.S. central securities depository and clearing house, providing CSD, CCP, and settlement services for U.S. equities, fixed income, and derivatives. Most direct global comparable in scale, mandate, and product breadth to VSDC's role in Vietnam.
• Korea Securities Depository (KSD): Korea's sole CSD and securities clearing house, providing depository, settlement, and registry services for the Korean capital market. Closest regional peer to VSDC in market structure and monopoly mandate.
• JASDEC (Japan Securities Depository Center): Central securities depository for Japanese securities, handling book-entry transfer and settlement of stocks, bonds, and investment trusts. Comparable to VSDC as a designated national CSD with monopoly position.
• Thailand Securities Depository (TSD): Thailand's central securities depository providing post-trade services for the Thai capital market. Closest direct Southeast Asian comparable in mandate and product set to VSDC.
• Clearstream: ICSD providing settlement, custody, and fund services across European and international markets. Comparable to VSDC's combined depository, clearing, and fund transfer agency operations.
• National Securities Depository Limited (NSDL, India): India's largest central securities depository, providing electronic settlement and custody of securities. Comparable to VSDC in serving an emerging-market capital with rapid retail investor growth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

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 Vietnam Securities Depository and Clearing Corporation