Nowadays, the stock market developed strongly, companies attract people to open a securities trading account. Then, when having the need to expand investment, people want to open accounts in other companies. However, many do not know if the law allows them to open more than an account or not. So, in this article, LSX legal firm would like to answer the question: “How many securities accounts can a person open in Vietnam?”
Legal ground
- Law on Securities 2019
Securities account
The rapid development of the stock market has become a potential source of investment and profit for securities investors. Started to operate in 2000, but up to now, the Vietnam stock market has more than 70 securities companies active in the market already. Advantages of high profit, flexible investment time, and convenience made the stock market emerge and have a strong trend compared to other investment channels. Recently, this market has attracted a large number of new investors (also known as F0 investors).
To carry out trading transactions on the stock market, investors must have trading accounts opened at securities companies. Securities companies will advise investors on procedures and instructions for opening securities accounts in accordance with the company’s regulations. Opening an account is now easy when it can be done online. Currently, the law does not limit the number of securities accounts that investors can open.
However, investors should also note that a person can open multiple accounts, however, at each securities company, customers can only open one trading account.
How many securities accounts can a person open?
According to current regulations, each individual can only open one securities trading account at each securities company. However, the law does not limit the number of securities accounts that individuals and organizations can open at different securities companies. That means you can open accounts at many different securities companies. At each securities company, investors can open a trading account.
This regulation meets the wishes and aspirations of investors, helps them to get an overview and compare the quality of services of each company then make a decision on which company to put their valuable investment in. At the same time, also minimize the violations of the law in securities trading: buy and sell the same type of stock in the same trading session in these different accounts.
Additionally, when investors open securities trading accounts at different securities companies, the application file for opening an account at the new securities company must clearly state the number of accounts opened and the account codes at previous securities companies.
How much money do you need to open a stock account?
As mentioned above, investors who want to participate in the stock trading market must open their own securities accounts at securities companies. Currently, investors can open accounts at securities companies with quick and convenient procedures. Stock trading involves a wide variety of fees and taxes for securities companies and regulated stock exchanges.
However, when opening a securities account, investors will not have to pay this account opening fee (To stimulate the development of this investment market). Currently, securities companies support opening an account online or directly for free with just a few simple steps.
Investors can go directly to the headquarters of the securities company or contact the securities company to register online, they will receive guidance from the brokerage department or dedicated step-by-step instructions to create their own stock account without any fees.
Policies on development of the securities market
According to Article 6 of the Law on Securities 2019:
“1. The State shall introduce policies facilitating Vietnamese and foreign organizations and individuals to invest and operate in the securities market in order to mobilize medium-term and long-term capital.
- Besides, the State shall introduce management and supervision policies to ensure the fairness, openness, transparency, safety, and effectiveness of the securities market.
- The State shall introduce policies on investment in the modernization of infrastructure and information technology serving the operation of the securities market, develop human resources for the securities industry, and provide basic knowledge about securities and the securities market.”
State management of securities and the securities authorities
According to Article 8 of the Law on Securities 2019:
“Article 8. State management of securities and the securities authorities
1. The Government shall uniform state management of securities and the securities authorities.
2. The Ministry of Finance shall be responsible to the Government for state management of securities and the securities market, and have the following duties and entitlements:
a) Propose strategies, plans, schemes, and policies on the development of the securities market to the Government and the Prime Minister for promulgation;
b) Promulgate or propose promulgation of legislative documents on securities and the securities market;
c) Direct SSC to implement the strategies, plans, schemes, and policies on the development of the securities market and legislative documents on securities and the securities market.
3. Other ministries and ministerial agencies, within the scope of their duties and entitlements, shall cooperate with the Ministry of Finance in the state management of securities and the securities market.
4. The People’s Committees at all levels, within the scope of their duties and entitlements, are responsible for state management of securities and the securities market in their administrative divisions.”
Legal service of LSX Legal Firm
LSX legal firm provides legal services to clients in various legal areas. To make your case convenient, LSX will perform:
- Legal advice related to new regulations in business suspension;
- Representing in drafting and editing documents;
- We commit the papers to be valid, and legal for use in all cases;
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Furthermore, using our service, you do not need to do the paperwork yourself, We guarantee to help you prepare documents effectively and legally.
Also, you will not have to waste time preparing the application, submitting application, or receiving results. At those stages, we will help you do it smoothly.
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Related articles
- What are the conditions to set up a securities company in Vietnam?
- Conditions for securities company establishment in Vietnam
- Regulations of representative offices of securities companies in Vietnam
Related questions
Individuals as citizens aged full 18 years or older and have full civil act capacity can register to open securities accounts at securities companies in accordance with Vietnamese law.
Firstly, respect of ownership and other rights to assets in securities activities; freedom to trade, invest and provide information about securities of organizations and individuals.
Secondly, fairness, openness, and transparency.
Thirdly, protection of investors’ lawful rights and interests.
Fourthly, accept risks.
Public offering means the offering of securities:
Firstly, through mass media;
Secondly, to at least 100 investors, not including professional investors; or
Thirdly, to unidentified investors.
Contact LSX
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