## Vietnamese Investors Must Know: What Time Do Stock Exchanges Open and Important Rules

If you are new to the Vietnamese stock market, the first question to understand is "what time do stock exchanges open." Because trading hours not only affect whether your orders are matched but also directly impact prices and profit opportunities. Additionally, the three main stock exchanges in Vietnam (HOSE, HNX, Upcom) have subtle differences in operating hours and order types. Not understanding this can lead to "water withdrawal" while waiting.

## How Has the Vietnamese Stock Market Grown?

After 20 years of development, the Vietnamese stock market is no longer unfamiliar. Currently, there are about 1,600 listed companies with a total market capitalization of up to 4 quadrillion VND (equivalent to 171 billion USD). Besides the underlying stocks, the derivatives market is also booming, with trading volume increasing 3.3 times annually. This figure shows that investors are increasingly interested in risk management tools and efficient investment.

## Basic Trading Schedule: What Time Do Stock Exchanges Open?

The three exchanges HOSE, HNX, and Upcom all operate on a consistent schedule: **from Monday to Friday, opening at 9:00 AM and closing at 3:00 PM** (local time GMT +7). Trading is paused on Saturdays, Sundays, and holidays. On average, the Vietnamese stock market trades about 250 days per year.

However, if you trade derivatives (such as the VN30 index), **the exchange opens 15 minutes earlier**, at 8:45 AM. This creates opportunities for investors who want to enter early or have more nuanced investment plans.

## Detailed Time Slots on the Three Stock Exchanges

**HOSE - The Most Complete Schedule**

- 9:00 - 9:15: Opening auction (ATO), only ATO and LO orders apply
- 9:15 - 11:30: Continuous trading, supporting all order types (LO, MP, MOK, MAK, MTL)
- 11:30 - 13:00: Lunch break
- 13:00 - 14:30: Continued continuous trading
- 14:30 - 14:45: Closing auction (ATC)
- 14:45 - 15:00: Final negotiated trading

**HNX - A Smaller Version of HOSE**

HNX is similar to HOSE but does not have an opening auction (ATO). Instead, from 14:45 - 15:00, after-hours trading occurs with PLO orders (Price/Limit Order), giving investors more flexibility in the final minutes.

**Upcom - The Simplest**

Upcom does not have any scheduled opening or closing auctions (no ATO and ATC). It only operates with continuous trading:

- 9:00 - 11:30: Continuous trading
- 11:30 - 13:00: Break
- 13:00 - 15:00: Continued continuous trading

## Payment Timing: An Easily Forgotten but Very Important Aspect

The time when orders are matched does not necessarily mean funds/securities are transferred to your account. The Vietnamese market uses a T+ settlement system, meaning:

- **T+0**: Same-day settlement (rare, only for certain special products)
- **T+1**: Settlement after 1 trading day
- **T+2**: Settlement after 2 trading days (excluding holidays, Saturdays, Sundays)

For example, if you buy bonds on Thursday, the payment will arrive on Friday (T+1). But if you buy stocks, settlement is T+2, so you must wait until the following Monday. This is especially important if you plan to make payments and want to avoid "cash flow lock."

## Practical Tips for Investors

**Stock exchanges open at 9:00 AM, but you shouldn't always trade immediately.** The first few minutes often see sharp price fluctuations due to accumulation orders from the previous night. If you are a beginner, a Limit Order (LO) (Limit Order) is the safest choice because it remains valid throughout the trading day.

Also, pay attention to the asset type you hold. Bonds settle quickly (T+1), but stocks and ETFs require T+2. If you need cash urgently, this can be a big issue, especially on weekends when holidays extend settlement times.

Understanding what time stock exchanges open and the settlement rules not only helps you optimize trading opportunities but also avoid costly mistakes. Gradually familiarize yourself with each exchange, each order type, and each settlement time to become a truly effective investor.