In accordance with the Decree No. 60/2015/ND-CP dated June 26, 2015 of the Government amending and supplementing a number of articles of the Decree No. 58/2012/ND-CP dated July 20, 2012 of the Government stipulating in detail and guiding the implementation of a number of articles of the securities Law and the law amending and supplementing a number of articles of Securities Law.
Where the International Agreement of which Vietnam is a signatory lays down regulations on the rate of foreign ownership, it will be governed by this Agreement; where a public company operates in the investment and business sector which is governed by the law on investment, other relevant laws stipulating the rate of foreign ownership, it will be governed by these legal regulations. Where a public company operates in the investment and business sector subject to conditions applied to foreign investors but none of specific regulations on the rate of foreign ownership, the maximum rate of foreign ownership will be 49%. Where a public company operates in multiple industries or sectors that have different regulations on the rate of foreign ownership, it will not exceed the lowest rate defined in these industries or sectors that have regulations on the rate of foreign ownership, unless otherwise regulated by the International Agreement.
Foreign investors shall be entitled to make unrestricted investments in certificates of securities investment fund, stocks of securities investment companies, non-voting stocks of public companies, derivative securities, depository receipts, unless otherwise prescribed by the issuer’s rules and regulations. Except for the open-end fund, the securities investment fund that has the rate of foreign ownership equal to more than 51%, the rate of foreign ownership must conform to statutory conditions and procedures applied to foreign investors that contribute capital, buy securities or paid-in capital of economic organizations.
Similarly, foreign investors shall be allowed to put unrestricted investments in the Government bond, Government-backed bond, local government bonds, corporate bond, unless otherwise stipulated by relevant laws or the issuing organization.
This Decree takes effect on September 01, 2015; annuls the Decision No. 55/2009/QD-TTg dated April 15, 2009.
