The VN100 index futures contract is the second equity index product on Vietnam's derivatives market. The State Securities Commission (SSC) announced the product's October launch. Its trading and settlement features mirror the VN30 index futures contract, which has operated for eight years, ensuring easy investor access.
The VN100 includes all VN30 stocks and the top stocks from the VNMidcap index (the 70 mid-cap stocks), combining their strengths: growth potential, market representation, and liquidity.
"Expanding product offerings to larger-scale indices is necessary and appropriate, aligning with the derivatives market's development roadmap," an SSC representative stated.
The key difference between the two products lies in the underlying asset. The VN100 represents a broader market, with a market capitalization exceeding 95% of the VNAllshare index (all stocks listed on the HoSE). The influence of top stocks is also less dominant, with the top 10 comprising only 47.62% of the index.
VN100 futures contract specifications:
| Term | Description |
| Contract Name | VN100 Index Futures Contract |
| Underlying Asset | VN100 Index |
| Contract Size | 100,000 VND x VN100 Index Points |
| Trading Method | Order matching and agreement |
| Expiration Month | Current month, next month, and the last month of the following two quarters. For example: if the current month is April, the expiration months will be April, May, June, and September. |
| Trading Hours | Opens 15 minutes before and closes with the underlying market. |
| Tick Size / Quotation Unit | 0,1 index points |
| Reference Price | Settlement price of the previous trading day or theoretical price |
| Price Fluctuation Limit | +/- 7% of the reference price |
| Order Limit | 500 contracts per order |
| Last Trading Day | Thursday of the 3rd week of the month. If this day falls on a holiday, it is moved to the previous trading day. |
The Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSDC) have conducted trials of the VN100 futures contract with all derivatives market members and settlement banks.
The SSC previously stated that the VN100 index was chosen to reduce the impact of the VN30, as it was the only index with futures contracts on the market.
Experts have noted limitations of the VN30 futures contract, including limited market representation and a concentration of financial and real estate stocks.
Tat Dat
