Complete guide to stock trading hours in Vietnam 2022

The Importance of Mastering Stock Trading Hours

Worldwide, each stock exchange operates according to its own schedule. From NYSE and NASDAQ in the US to JPX in Japan, LSE in the UK, or SSE in China, these exchanges have different trading hours. In Vietnam, the three main stock exchanges—HOSE, HNX, and Upcom—also follow specific regulations regarding trading hours.

If investors attempt to place orders outside the designated trading hours, those orders will not be matched immediately but will wait until the next trading session. This poses a significant risk: during trading halts, market events can occur that significantly impact prices. Therefore, understanding stock trading hours is not just an administrative rule but an essential factor for traders to make accurate investment decisions.

Vietnam Stock Market: From Small to Growing

Over twenty years of development, the Vietnamese stock market has undergone remarkable transformations. Starting with only two initial stocks, (REE and SAM), the market now has thousands of listed codes, including indices, ETFs, and many other investment tools. The market capitalization has reached 4 quadrillion VND (approximately 171 billion USD), with nearly 1,600 public companies.

Although the derivatives market is relatively new—only three years old—it has shown strong growth with trading volume increasing 3.3 times annually. This is an effective tool for investors seeking risk management and profit opportunities. To maximize these benefits, the first and most important step is for traders to understand stock trading hours and how to place orders on each exchange.

Basic Trading Hours on the Three Vietnamese Stock Exchanges

All three exchanges—HOSE, HNX, and Upcom—operate from Monday to Friday. They are closed on Saturdays, Sundays, and public holidays. On average, these exchanges are active about 250 days per year.

HOSE Trading Schedule

Stocks, fund certificates, ETFs:

| Time | Order Type | Orders Allowed | Notes | |-------|--------------|------------------|--------| | 9:00 - 9:15 | Opening Call Auction (ATO) | ATO, LO | Negotiated orders | | 9:15 - 11:30 | Continuous Trading | LO/ MP/ MOK/ MAK/ MTL | Negotiated orders | | 11:30 - 13:00 | Lunch Break I | - | No trading | | 13:00 - 14:30 | Continuous Trading | LO/ MP/ MOK/ MAK/ MTL | Negotiated orders | | 14:30 - 14:45 | Closing Call Auction (ATC) | ATC, LO | Negotiated orders | | 14:45 - 15:00 | Negotiated Orders | - | Negotiated orders |

Bonds:

• 9:00 - 11:30: Negotiated trading
• 11:30 - 13:00: Lunch break
• 13:00 - 15:00: Negotiated trading
• 15:00: Close

( HNX Trading Schedule

HNX operates with a schedule similar to HOSE but with some differences in order types. HNX does not have an opening call auction (ATO), but it includes after-hours trading from 14:45 to 15:00.

| Time | Order Type | Orders Allowed | Notes | |-------|--------------|------------------|--------| | 9:00 - 11:30 | Continuous Trading | LO/ MP/ MOK/ MAK/ MTL | Negotiated orders | | 11:30 - 13:00 | Lunch Break | - | No trading | | 13:00 - 14:30 | Continuous Trading | LO/ MP/ MOK/ MAK/ MTL | Negotiated orders | | 14:30 - 14:45 | Opening Call Auction (ATC) | ATC, LO | Negotiated orders | | 14:45 - 15:00 | After-hours Trading | PLO | Negotiated orders |

) Upcom Trading Characteristics

Upcom differs from HOSE and HNX in that it has no opening call auction (ATO) or closing auction (ATC). This makes its trading structure simpler.

| Time | Order Type | Orders Allowed | Notes | |-------|--------------|------------------|--------| | 9:00 - 11:30 | Continuous Trading | LO/ MP/ MOK/ MAK/ MTL | Negotiated orders | | 11:30 - 13:00 | Lunch Break | - | No trading | | 13:00 - 15:00 | Continuous Trading | LO/ MP/ MOK/ MAK/ MTL | Negotiated orders |

Derivatives Trading Hours

Vietnam's derivatives market currently offers two main products: VN30 futures contracts and 5-year Government Bond futures contracts.

A notable feature is that derivatives trading begins 15 minutes earlier than the underlying stock market but ends at the same time. Specifically:

• Session I: 8:45 - 11:30
• Lunch Break: 11:30 - 13:00
• Session II: 13:00 - 14:45
• Close: 14:45

Settlement Time: A Key Factor for Cash Flow

Beyond trading hours, payment timing also requires investor attention. Different assets have their own settlement schedules. In Vietnam, settlement times are based on three main points:

• T + 0: Settlement on the same day as successful transaction
• T + 1: Settlement one day after successful transaction
• T + 2: Settlement two days after successful transaction

Note that T + 1 and T + 2 do not include Saturdays, Sundays, or public holidays.

For each instrument:

• Bonds: T + 1
• Stocks, closed-end fund certificates, ETF certificates: T + 2

Summary Table of Trading Hours on Different Exchanges

| Time | CKPS | HOSE | HNX | Upcom | |-------|-------|-------|-------|--------| | 8:45 - 9:00 | Opening Call Auction / LO | Not traded | - | - | | 9:00 - 9:15 | Continuous MP/LO | Opening Call Auction / LO | Continuous LO | Continuous LO | | 9:15 - 11:30 | Continuous MP/LO | Continuous MP/LO | Continuous LO | Continuous LO | | 11:30 - 13:00 | Lunch Break | Lunch Break | Lunch Break | Lunch Break | | 13:00 - 14:30 | Continuous MP/LO | Continuous MP/LO | Continuous LO | Continuous LO | | 14:30 - 14:45 | Opening Call Auction (ATC) / LO | Opening Call Auction (ATC) / LO | After PLO | - | | 14:45 - 15:00 | End of Trading | - | - | - |

Important Notes for Trading

( Differences Between Exchanges

Vietnamese stock exchanges have subtle differences in trading hours—about 15 minutes apart—and more importantly, in the types of orders permitted during each time frame. Each time slot has a different order priority.

) Choosing the Right Orders

For new individual traders with limited experience, LO ###Limit Order( is the safest choice. This type of order can be used continuously throughout trading hours to buy or sell stocks without worrying about time restrictions.

) Managing Cash Flow

Settlement times vary for different assets and can be extended if transactions occur near weekends or public holidays. Investors should plan carefully to avoid cash flow bottlenecks, especially when short-term capital is needed.

Mastering stock trading hours along with settlement rules is the key for Vietnamese traders to operate efficiently in the market.