VN30 Futures — Fee Structure

Last updated: 2026-05-13 Different from cash equities — review carefully if migrating from cash.

Key differences vs cash equities

Fee type	Cash equity	VN30 Futures
Sale tax (0.1%)	Applied to every sell	None — futures are not subject to securities transfer tax
Broker fee	% of notional (0.03-0.15%)	Flat per-contract (1,000-3,000 VND)
HNX fee	Embedded in broker fee	2,700 VND/contract
VSDC fee	0.27 VND/CP/month	2,550 VND/contract (per side)
Overnight position	n/a	~3,000 VND/contract/night
Margin call cost	n/a	Free (margin call itself) but broker may charge for force-close

Per-CTCK fee table (T05/2026 retail online tier)

CTCK	Broker commission/contract (mỗi chiều)	Round-trip cost per contract	Notes
VPS	2,700 VND	~10,950 VND	Most common retail; competitive
SSI	3,000 VND	~11,550 VND	Quality execution, slight premium
VNDirect	3,000 VND	~11,550 VND	Standard
HSC	2,700 VND	~10,950 VND	Standard
MBS	2,700 VND	~10,950 VND	Standard
TCBS	2,500 VND	~10,550 VND	Slightly cheaper
DNSE	1,000 VND	~7,550 VND	Cheapest retail (self-service)
VCI (Vietcap)	3,000 VND	~11,550 VND	Strong derivatives focus

Round-trip cost formula (per contract):

round_trip = 2 × broker_commission + 2 × hnx_fee + 2 × vsdc_fee
           = 2 × broker_commission + 2 × 2,700 + 2 × 2,550
           = 2 × broker_commission + 10,500

Overnight position cost

If you hold a futures position past 14:45 ATC close, you pay an "overnight" fee:

• Typical: ~3,000 VND per contract per night
• Some brokers charge differently per side (long vs short)

For a position held over a 3-day weekend: 3 × 3,000 = 9,000 VND extra.

This is separate from any financing cost — it's a flat operational fee.

Margin financing (if using broker's IM credit)

Some brokers extend "futures margin" credit beyond your cash IM. Rates:

• Typical: 9-12% per annum
• Daily: ~0.025-0.033% × notional

For 1B VND notional held 30 days on financed margin:

financing_cost = 1B × 10%/year × 30/365 = ~8,219,000 VND

Not all brokers offer this; verify availability before relying on it.

Cost comparison: cash equity vs VN30 Futures hedging

Scenario: Hedge 1B VND cash long with VN30 Futures short for 30 days.

Approach	Round-trip cost
Sell cash equity then re-buy	1B × 0.4% × 2 = 8,000,000 VND (fees + tax both directions)
Short 8 VN30F1M (cover with VPS)	8 × 10,950 = 87,600 VND
Plus 30 nights overnight	8 × 3,000 × 30 = 720,000 VND
Total (futures hedge)	~810,000 VND

Hedging via VN30 Futures is ~10x cheaper than rotating cash positions for short-term defensive moves.

When fees matter most

1. Frequent intraday trades — flat per-contract fees mean fee % is much higher for tight scalping. A 1-tick (10,000 VND) gain barely covers round-trip cost on most CTCK.
2. Many contracts — At 50+ contracts/day, choose lowest-fee CTCK (DNSE or TCBS).
3. Overnight positions — Daily 3,000 VND/contract adds up. For weekly+ holds, factor this in.
4. Hedging cost analysis — When comparing "rotate cash" vs "hedge with futures", fees + slippage matter more than directional view.

Comparison helper: compute net P&L

For a short trade on N contracts entry → exit:

gross_pnl = (entry - exit) × 100,000 × N        # short profits when exit < entry
round_trip_fee = (2 × broker_commission + 10,500) × N
overnight_fee = nights × 3,000 × N              # if held overnight
net_pnl = gross_pnl - round_trip_fee - overnight_fee

No 0.1% sale tax to subtract (futures are exempt).

Default for the planner

The cost subcommand in vn30_derivatives_planner.py uses VPS at 2,700 VND/contract as the default. Override with --broker tcbs or --custom-broker-fee 2500.