Guide to understanding the trading hours of Vietnamese stock market in 2022

To succeed in the stock investment field, understanding the operating hours of the exchanges is an essential step. In Vietnam, the stock market consists of three main exchanges: HOSE, HNX, and Upcom, each with its own characteristics regarding opening hours and order types. Worldwide, exchanges such as NYSE, NASDAQ, JPX, LSE, SSE also follow similar regulations. If you place an order outside of trading hours, it will wait until the next trading session to be matched, which can significantly affect the asset price you receive.

Vietnam Stock Market Develops Strongly

After more than 20 years of operation, the Vietnamese stock market has made remarkable progress. From initial stocks like (REE and SAM), it has now developed into a market with over 1,600 listed companies, with a total capitalization of 4 quadrillion VND (equivalent to 171 billion USD). Notably, the derivatives market has only been active for 3 years but has increased trading volume by 3.3 times annually, becoming an effective risk management tool for investors.

What Time Do Stocks Trade? - Detailed Guide

All three exchanges, HOSE, HNX, and Upcom, operate from Monday to Friday, opening at 9:00 AM and closing at 3:00 PM (Vietnam time GMT +7). Trading stops on Saturdays, Sundays, and holidays. On average, the Vietnamese stock market operates about 250 days per year.

Detailed Trading Hours Structure

HOSE - Underlying Stock Trading Hours

First phase (9:00 - 9:15): This is the opening periodic order matching session (ATO), allowing ATO and LO orders along with negotiated orders.

Second phase (9:15 - 11:30): Continuous trading begins, traders can use LO, MP, MOK, MAK, MTL, and negotiated orders.

Lunch break (11:30 - 13:00): Trading pauses for market analysis.

Afternoon session (13:00 - 14:30): Continues continuous matching with similar order types as in the morning.

Closing session (14:30 - 14:45): Opening periodic matching (ATC) with ATC, LO, and negotiated orders.

End of session (14:45 - 15:00): Only negotiated orders are recorded.

For bonds, trading occurs from 9:00 - 11:30, pauses 11:30 - 13:00, resumes 13:00 - 15:00.

HNX - Stock Trading Schedule

HNX has a similar structure to HOSE but with a key difference: no opening periodic order matching (ATO). Instead, this exchange adds after-hours trading from 14:45 to 15:00 that only accepts PLO orders (negotiated orders).

Morning session (9:00 - 11:30): Continuous matching with LO, MP, MOK, MAK, MTL orders.

Midday (11:30 - 13:00): Trading stops.

Afternoon session (13:00 - 14:30): Continues continuous matching.

Closing session (14:30 - 14:45): Periodic matching (ATC).

After hours (14:45 - 15:00): Records PLO orders.

Upcom - Special Trading Rules

Upcom differs from the other two exchanges because it has no periodic matching sessions (ATC or ATO).

Morning session (9:00 - 11:30): Continuous matching, accepts LO, MP, MOK, MAK, MTL orders.

Midday (11:30 - 13:00): Trading stops.

Afternoon session (13:00 - 15:00): Continuous matching, accepts similar order types.

How Late Do Derivatives Markets Trade?

Vietnam’s derivatives market currently has 2 main products: VN30 index and 5-year Government Bond Futures. Derivatives open 15 minutes earlier than the underlying stock market.

Derivatives Trading Hours:

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

Settlement Time - An Important Factor Not to Overlook

Besides trading hours, settlement time also determines your cash flow. On the three exchanges HOSE, HNX, and Upcom, settlement is calculated based on three milestones:

• T + 0: Same-day settlement for successful trades
• T + 1: Settlement after 1 business day (excluding weekends and holidays)
• T + 2: Settlement after 2 business days (excluding weekends and holidays)

Specifically, bonds have a T + 1 settlement time. Products like stocks, closed-end fund certificates, and ETF certificates settle within T + 2.

Important Notes for Individual Traders

Understand the differences between order types: The trading hours across exchanges only differ by about 15 minutes, but each time frame has different order types and priority rules. If you are an inexperienced trader, use LO (Limit Order) — an order type that can be applied continuously during trading hours to buy and sell securities without timing errors.

Consider settlement timing: The receipt of funds after trading can be delayed if it falls on weekends. You should plan your finances to avoid cash flow bottlenecks, especially if you intend to trade continuously over several days.

Monitor price fluctuations: During trading halts (especially during lunch breaks), events may occur that impact asset prices. When trading resumes, prices can change significantly, so prepare a plan if you cannot monitor the market all day.