VN30 Futures — Contract Mechanics

Last updated: 2026-05-13 Source: HNX (sàn giao dịch phái sinh), VSDC

Contract specification

Item	Value
Underlying	VN30 Index (top 30 cổ phiếu HOSE theo vốn hóa)
Listed contracts	4 — VN30F1M (front month), VN30F2M (next month), VN30F1Q (front quarter), VN30F2Q (next quarter)
Multiplier	100,000 VND × VN30 index point
Tick size	0.1 point = 10,000 VND
Daily price band	±7% from previous day reference price
Trading unit	1 contract
Position limits	Set by VSDC per individual; typically 5,000 contracts cá nhân
Settlement	Cash-settled at the average of the underlying VN30 index in the last 30 minutes of the last trading day

Roll calendar — last trading day

Front-month contract (VN30F1M) expires on the 3rd Thursday of the contract month. After expiry, VN30F1M rolls forward to the next month.

Month	Last trading day pattern	Roll window
Front month (F1M)	3rd Thursday	2-3 sessions before
Next month (F2M)	3rd Thursday of next month	After F1M expiry
Front quarter (F1Q)	3rd Thursday of quarter-end month	1 week before
Next quarter (F2Q)	3rd Thursday of next quarter-end	After F1Q expiry

Example: If today is 2026-05-13 (Wednesday), front month is VN30F1M = May contract.

• May expiry: 3rd Thursday of May = 2026-05-15 (Friday — but expiry is Thursday; check HNX calendar)
• After May expiry, F1M rolls to June contract
• Typical roll window: 2-3 sessions before, so 2026-05-13 / 14 / 15

Liquidity:

• VN30F1M: by far the most liquid (typical daily volume 200,000+ contracts)
• VN30F2M: secondary; thinner
• Quarters (F1Q, F2Q): primarily for longer hedges

Trading hours

VN30 Futures trade on HNX, slightly different schedule from cash equities:

Phase	Time (ICT)
Pre-open (ATO)	08:45 – 09:00
Continuous matching (morning)	09:00 – 11:30
Lunch break	11:30 – 13:00
Continuous matching (afternoon)	13:00 – 14:30
Closing auction (ATC)	14:30 – 14:45

Note: HOSE cash equities open ATO at 09:00 (later than HNX phái sinh's 08:45). The 15-minute gap creates an arbitrage window for the open.

Settlement & cash flow

• T+0 settlement. Position can be opened and closed in the same session.
• No physical delivery — cash-settled at expiry vs VN30 average of last 30 minutes.
• Mark-to-market daily. Daily P&L is realized in cash account at the daily settlement price.
• No T+2.5 lockup (unlike cash equities) — this is the key advantage for active risk management.

Initial Margin (IM)

VSDC sets initial margin requirements; typical range:

• 17-20% of contract notional value
• Higher during volatility — IM can be increased temporarily by VSDC

For a contract priced at 1,283.0 points:

• Contract notional = 1,283.0 × 100,000 = 128,300,000 VND
• IM at 18% = ~23,100,000 VND per contract

If your account has 1B VND, you can theoretically hold ~43 contracts at 18% IM — but don't. Practical max is 5-10 contracts for retail to keep stress-test cushion.

Maintenance margin & forced close

• Variation Margin (VM) is recomputed daily based on mark-to-market.
• If account equity falls below 60% of required IM, broker issues a margin call.
• Auto-liquidation when equity falls to 30% of required IM — broker force-closes positions starting from largest loss.

Force-close happens during the same session — no "wait for tomorrow" cushion.

Position limits

• Retail individuals: typically 5,000 contracts (rarely a constraint for normal users)
• Aggregate position limit (long + short) applies per individual

Roll mechanics

When rolling from VN30F1M → VN30F2M (or VN30F1Q → VN30F2Q):

1. Close the current contract (e.g., short 5 VN30F1M → buy 5 VN30F1M to close)
2. Open the new contract (e.g., short 5 VN30F2M)

The basis (futures - spot) differs between the two contracts → potential roll cost. Track this:

roll_cost_per_contract = (new_basis - old_basis) × 100,000

Typical pattern: F2M trades slightly higher premium than F1M (cost of carry / time premium). Rolling a short means paying this premium.

Common pitfalls

1. Holding past expiry — your contract is auto-settled at the average of last 30 min. You may not like the settle price. Always roll before expiry.
2. Confusing contracts — VN30F1M is current month, not "first month of year". Watch the symbol carefully.
3. Underestimating tick value — 0.1 point = 10,000 VND. A 10-point swing = 1,000,000 VND per contract. With 5 contracts that's 5M VND in minutes.
4. No daily price band cushion — ±7% band exists, but in a fast move you can be locked at limit, unable to exit.
5. Treating IM as cost — IM is collateral, returned when you close. The actual cost is fees + slippage + financing if held overnight.

Resources

• HNX phái sinh: https://www.hnx.vn/vi-vn/phai-sinh.html
• VSDC: https://www.vsd.vn/
• VN30 Index: https://www.hsx.vn/Modules/Listed/Web/SymbolView/View