Ministry of Finance Issues Circular 102/2025/TT-BTC to Perfect Financial Risk Management Framework

Strategic Insights -

The Ministry of Finance has issued Circular 102/2025/TT-BTC, amending and supplementing Circular 91/2020/TT-BTC, to perfect the legal framework for financial risk management. This move is crucial for the Vietnamese stock market's development, ensuring a healthier, more transparent, and sustainable market in the coming period. The issuance of Circular 102/2025/TT-BTC also aims to increase the effectiveness of state management of securities and the stock market, protecting the legitimate rights and interests of market participants.

Key Takeaways:

  • Circular 102/2025/TT-BTC amends and supplements 7 Articles of Circular 91/2020/TT-BTC and replaces a number of attached Appendices, abolishing relevant content in some clauses.
  • The Ministry of Finance stated that the main amendments and supplements include adjusting risk coefficients and available capital to comply with the current accounting regime and regulations on changing listing floors.
  • Market risk coefficients for listed stocks have been amended and supplemented to ensure compliance with regulations on changing listing floors and international practices.
  • The Circular also stipulates additional non-cash costs in calculating and measuring investment assets and operations of securities trading organizations and provides for market risk coefficients for corporate bonds with credit ratings.
  • Securities business organizations can refer to published credit rating results of 3 international rating organizations, including Standard & Poors, Fitch Rating, and Moody, and other independent credit rating organizations granted Business Eligibility Certificates by the Ministry of Finance.
  • A 6-month transition period has been stipulated to allow securities trading organizations to adjust operations and ensure financial safety ratios in accordance with new regulations.

Statistics:

  • The Circular takes effect from December 15, 2025.
  • The Ministry of Finance stated that the issuance of Circular 102/2025/TT-BTC helps Securities trading organizations better manage risk, improve capacity, and ability to provide services, and attract investors, especially foreign investors.
  • Vietnam's stock market has been upgraded to a secondary emerging market by FTSE Russell.
  • The stock market's growth rate of market capitalization in recent times is notable, indicating a strong development in both breadth and depth.

Sources:

  • Ministry of Finance Circular No. 102/2025/TT-BTC
  • Law No. 56/2024/QH15 dated November 29, 2024
  • Decree No. 155/2020/ND-CP
  • Decree No. 245/2025/ND-CP
  • Circular No. 57/2021/TT-BTC
  • Circular No. 69/2023/TT-BTC