An investor can either hold a bond until maturity or sell prior to maturity at current market rates. Apart from participating in bids, investors can trade the issued bonds through recognized stock exchange participants. Investors need to open a securities trading account with a depository member or securities company. Foreign investors need to secure a trading code. Foreign investors who wish to buy bonds through the Ho Chi Minh City Securities Trading Centre (HSTC) follow these general steps:

1. Foreign investors must obtain a Securities Trading Code from the HSTC. Applications must be submitted through a foreign custodian member, depository member, or a securities company. Basic documents required include:

• For individuals: registration form, applicant information sheet, judicial record.
• For institutions: registration form, applicant information sheet, Certificate of Incorporation, and Decision/Board resolution appointing authorized signatories.
  

2. Investors must open a transaction/trading account in VND with a depository member or securities company.

3. The selected depository member or securities company then opens a foreign currency demand deposit for the foreign investor, along with a special VND demand deposit into which the foreign currency that will be used to purchase bonds is transferred.

After all account applications are complete, funds are deposited into the VND deposit account according to rules. Buying and trading bonds is in VND.

For information on listed bonds, Vietcombank Securities provides price and maturity profile of outstanding bonds listed at the HSTC, and records daily bonds transactions for the current month. Bao Viet Securities and Saigon Securities provide securities trading guides and other related materials in English. Other securities companies carry information materials in Vietnamese.

Investors may place orders in person at the office of the selected securities company, by telephone, by fax, or online, depending upon securities company. Trading at the HSTC is conducted daily with two matching sessions at 09:20am and 10:30am local time. Securities companies normally accept orders ten minutes before matching time. If the order is matched, the investor receives the security or deposit in their account after one trading day (T+1).

Repayment agents are organized by the Government to make payments for bond interest and redemption. For non-custody bonds, payment is done by the Issuer or agents authorized by the Issuer. For custody bonds, payment is to the bond custodian. One working day prior to maturity, the Issuer transfers capital to the Ho Chi Minh City Securities Trading Centre (HSTC) for transfer to the custodian for direct payment to the bond owner. The HSTC and custodial organizations are entitled to charge fees based on payment amounts.