Consolidated Document number 04/VBHN-NHNN on foreign investors purchasing shares of Vietnamese credit institutions

DECREE

ON FOREIGN INVESTORS PURCHASING SHARES OF VIETNAMESE CREDIT ORGANIZATIONS

Decree No. 01/2014/ND-CP dated January 3, 2014, of the Government on foreign investors purchasing shares of Vietnamese credit organizations, which took effect from February 20, 2014, was amended and supplemented by:

Decree No. 69/2025/ND-CP dated March 18, 2025, of the Government amending and supplementing certain articles of Decree No. 01/2014/ND-CP dated January 3, 2014, of the Government on foreign investors purchasing shares of Vietnamese credit organizations, which took effect from May 19, 2025.

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Organizations dated June 16, 2010;

Pursuant to the Enterprise Law dated November 29, 2005;

Pursuant to the Securities Law dated June 29, 2006 and the Law Amending and Supplementing Certain Provisions of the Securities Law dated November 24, 2010;

At the proposal of the Governor of the State Bank of Vietnam;

The Government issues this Decree on foreign investors purchasing shares of Vietnamese credit organizations^[1],

Chapter I. GENERAL PROVISIONS

Article 1. Scope of Regulation^[2]

1. This Decree stipulates conditions and procedures for purchasing shares, the maximum total shareholding level of foreign investors, the maximum shareholding ratio of a single foreign investor, and the maximum shareholding ratio of a single foreign investor and its associated parties at a Vietnamese credit organization; conditions for Vietnamese credit organizations selling shares to foreign investors.

2. Economic organizations with foreign investment capital that must meet the conditions and implement investment procedures according to regulations applicable to foreign investors when participating in investment, capital contribution, and purchasing shares as prescribed by law shall comply with the provisions applicable to foreign investors under this Decree when purchasing shares of Vietnamese credit organizations.

Article 2. Applicability

1. Joint-stock credit organizations and credit organizations transitioning their legal form to joint-stock credit organizations (referred to as Vietnamese credit organizations).

2. Foreign investors.

3. Other organizations and individuals related to foreign investors purchasing shares of Vietnamese credit organizations.

Article 3. Explanation of Terms

In this Decree, the following terms shall be understood as follows:

1. A joint-stock credit organization is a credit organization established and organized in the form of a joint-stock company, including: Joint-stock commercial banks, joint-stock finance companies, and joint-stock leasing companies.

2. A credit organization transitioning its legal form to a joint-stock credit organization is a credit organization currently implementing a transition from operating under the form of a limited liability company to operating under the form of a joint-stock company.

3. Foreign investors include foreign organizations and foreign individuals.

4.^[3] Foreign individuals are individuals holding foreign nationality.

5.^[4] Foreign organizations are organizations established under foreign laws and conducting business investment activities in Vietnam.

6. Strategic foreign investors are foreign organizations with financial capacity and a written commitment from an authorized person regarding long-term interest alignment with Vietnamese credit organizations and support for transferring modern technology; developing banking products and services; enhancing financial capability, management, and operation.

7. Shareholding includes direct and indirect ownership.

8.^[5] Weak credit organizations subject to special control under Clause 6, Article 7 of this Decree are credit organizations falling into one of the following categories:

a) Credit organizations placed under special supervision by the State Bank of Vietnam;

b) Commercial banks subject to mandatory transfer;

c) Credit organizations rated as "weak" based on the most recent rating results of the State Bank of Vietnam.

9.^[6] The total shareholding level of foreign investors is the combined shareholding level of foreign individuals, foreign organizations, and economic organizations specified in Clause 2, Article 1 of this Decree.

Article 4. Currency Used in Share Purchase and Sale Transactions

The currency used in share purchase and sale transactions by foreign investors at Vietnamese credit institutions shall be the Vietnamese Dong.

Article 5. Participation in Management at Vietnamese Credit Institutions

1. The participation and appointment of representatives to join the Board of Directors at a Vietnamese credit institution shall be carried out in accordance with the provisions of the Law on Credit Institutions and related laws.

2. Foreign investors may participate and appoint representatives to join the Board of Directors at a Vietnamese credit institution, except for the following cases:

a) A foreign investor participates and appoints representatives to join the Board of Directors of another credit institution that is a subsidiary of the Vietnamese credit institution where the foreign investor has participated and appointed representatives to join the Board of Directors.

b) A foreign investor participates and appoints representatives to join the Board of Directors at a weakly performing joint-stock credit institution for restructuring according to a plan approved by the State Bank of Vietnam.

Chapter II. SPECIFIC PROVISIONS

Section 1. FORMS, RATIOS, PROCEDURES FOR SHARE PURCHASE

Article 6. Forms of Share Purchase for Foreign Investors

1. Foreign investors purchase shares from shareholders of joint-stock credit institutions.

2.^[7] Foreign investors purchase shares when a credit institution offers shares for sale or issues shares to increase its charter capital or sells treasury shares purchased before January 1, 2021.

3. Foreign investors purchase shares when a credit institution changes its legal form to become a joint-stock credit institution.

Article 7. Shareholding Ratio for Foreign Investors

1. The shareholding ratio of an individual foreigner shall not exceed 5% of the charter capital of a Vietnamese credit institution.

2. The shareholding ratio of a foreign organization shall not exceed 15% of the charter capital of a Vietnamese credit institution, except as provided for in Clause 3 of this Article.

3. The shareholding ratio of a strategic foreign investor shall not exceed 20% of the charter capital of a Vietnamese credit institution.

4. The combined shareholding ratio of a foreign investor and related parties of such foreign investor shall not exceed 20% of the charter capital of a Vietnamese credit institution.

5.^[8] The total shareholding ratio of foreign investors shall not exceed 30% of the charter capital of a Vietnamese commercial bank, except as provided for in Clauses 6 and 6a of this Article or during the implementation period specified in Clause 9 of Article 14 of this Decree. The total shareholding ratio of foreign investors shall not exceed 50% of the charter capital of a Vietnamese non-bank credit institution, except as provided for in Clause 6 of this Article.

6.^[9] In special cases to ensure the safety of the credit institution system, the Prime Minister decides the shareholding ratio of a foreign organization, a strategic foreign investor, and the total shareholding ratio of foreign investors at a weakly performing joint-stock credit institution facing difficulties exceeding the limits set forth in Clauses 2, 3, and 5 of this Article for each specific case.

6a.^[10] The total shareholding ratio of foreign investors at a commercial bank receiving mandatory transfer (excluding commercial banks held by the State over 50% of the charter capital) may exceed 30% but shall not exceed 49% of the charter capital of the commercial bank receiving mandatory transfer according to the approved mandatory transfer plan and within the implementation period of the mandatory transfer plan.

7.^[11] The shareholding ratios stipulated in Clauses 1, 2, 3, 4, 5, 6, and 6a of this Article include the portion of capital entrusted by foreign investors to other organizations or individuals to purchase shares.

8. When converting convertible bonds of Vietnamese credit institutions into stocks, foreign investors must comply with the shareholding ratio and ownership conditions as prescribed in this Decree.

Article 8. Competence, Procedure, Formalities and Documents for Foreign Investors Purchasing Shares of Vietnamese Credit Institutions

1. In cases where purchasing shares leads to ownership of 10% or more of the charter capital; purchasing shares and becoming a foreign strategic investor of a Vietnamese credit institution:

a) A Vietnamese credit institution (for credit institutions that have not been listed/traded publicly) or a foreign organization (for credit institutions that have been listed/traded publicly) shall prepare and submit the documents directly or through postal service or electronic network to the State Bank of Vietnam for approval before conducting the transaction.^[12] (or foreign organizations for credit institutions that have been listed/traded)^[13] (for foreign investors holding shares) shall submit the application directly or by post, via electronic network to the State Bank of Vietnam for approval before conducting the transaction.

b) Within 40 days from the date of receiving complete valid documents, based on the conditions stipulated in Articles 9 and 10 of this Decree, the State Bank of Vietnam shall examine and decide in writing to approve or disapprove the purchase of shares by foreign organizations. In case of disapproval, the State Bank of Vietnam must clearly state the reasons.

2. In cases where purchasing shares leads to ownership of 5% or more of the charter capital and additional share purchases when a foreign organization already owns 5% or more of the charter capital of a Vietnamese credit institution, except for the cases stipulated in Clause 1 of this Article, foreign investors shall implement according to the procedures and formalities prescribed in Clause 2 of Article 37 of the Law on Credit Institutions.^[14] This Law on Credit Institutions.

3. Other cases of purchasing shares, excluding those stipulated in Clauses 1 and 2 of this Article:

a) Foreign investors purchasing shares of a Vietnamese credit institution that has not been listed/traded publicly shall prepare and submit documents directly or through postal service to the Vietnamese credit institution for decision to ensure compliance with the provisions of Article 7 of this Decree.^[15] The Vietnamese credit institution shall specify the documents regarding foreign investors' share purchases in accordance with the law.

Within 20 days from the date of receiving complete valid documents, the Vietnamese credit institution must respond in writing to the foreign investor. In case of disapproval, the Vietnamese credit institution must clearly state the reasons.

Within twenty days from the date of receiving complete and valid documents, the Vietnamese credit institution must respond in writing to the foreign investor. In case of disapproval, the Vietnamese credit institution must clearly state the reasons.

b) Foreign investors may purchase shares of publicly listed/traded joint-stock credit institutions in accordance with the laws on securities and the securities market and must comply with the provisions of Article 7 of this Decree.^[16] shares in accordance with the laws on securities and the securities market and must comply with the provisions of Article 7 of this Decree.

4. The State Bank of Vietnam shall specify the procedures, formalities, and documents for foreign investors purchasing shares of Vietnamese credit institutions as stipulated in Clauses 1 and 2 of this Article.

Section 2. CONDITIONS FOR SHARE OWNERSHIP

Article 9. Conditions for Foreign Organizations Purchasing Shares Leading to Ownership of 10% or More of the Charter Capital of Vietnamese Credit Institutions

1. Ranked at least stable or equivalent by reputable international credit rating agencies.

2. Possess sufficient financial resources to purchase shares, as determined by the audited financial report of the immediately preceding year before submitting the application, and lawful capital for share purchases in accordance with the law.

3. The purchase of shares does not affect the safety and stability of the Vietnamese credit institution system; does not create monopolies or restrict competition within the Vietnamese credit institution system.

4. Not seriously violate laws on currency, banking, securities, and the securities market of the country where the foreign investor's headquarters is located and Vietnam within 12 months prior to the date of submitting the share purchase application.

5. Have a minimum total assets equivalent to 10 billion US dollars for foreign investors who are banks, finance companies, leasing companies, or a minimum charter capital equivalent to 1 billion US dollars for other foreign investors in the immediately preceding year before submitting the share purchase application.

Article 10. Conditions for foreign organizations to purchase shares and become foreign strategic investors

1. The conditions stipulated in Clauses 1, 2, 3, and 4 of Article 9 of this Decree.

2. Being a foreign bank, foreign finance company, or foreign financial leasing company permitted to conduct banking activities according to the laws of the country where its headquarters is located. A foreign finance company can only be a strategic investor in a Vietnamese finance company. A foreign financial leasing company can only be a strategic investor in a Vietnamese financial leasing company.

3. Having at least five years of international experience in the field of finance and banking.

4. Having a minimum total asset equivalent to twenty billion US dollars in the year immediately preceding the year of submitting the application to purchase shares.

5. Having a clear commitment letter and plan regarding long-term interest binding with Vietnamese credit institutions, supporting Vietnamese credit institutions to apply modern technology; develop banking products and services; enhance financial capacity, management, and operation.

6. Not owning ten percent or more of the charter capital of any other credit institution in Vietnam;

7. Committing or already owning ten percent or more of the charter capital of the Vietnamese credit institution that the foreign organization proposes to purchase shares and become a foreign strategic investor.

Section 3. VIETNAMESE CREDIT INSTITUTIONS SELLING SHARES

Article 11. Conditions for Vietnamese credit institutions selling shares to foreign investors

1. Credit institutions converting their legal form into joint-stock credit institutions must have a shareholding reform plan and a conversion plan approved by the competent authority in accordance with the law, including a plan to sell shares to foreign investors.

2.^[17] Joint-stock credit institutions must have a plan to increase charter capital and a plan to sell treasury shares approved by the General Meeting of Shareholders, including a plan to offer shares and issue shares to foreign investors. Joint-stock credit institutions with state ownership exceeding fifty percent of the charter capital must complete procedures in accordance with the law on state-owned enterprise financial management before submitting the plans to increase charter capital and sell treasury shares to the General Meeting of Shareholders for approval.

Article 12. Price of selling shares to foreign investors

1. For Vietnamese credit institutions not listed/traded, the price of selling shares to foreign investors shall be determined through auction or negotiation.^[18] 2. For joint-stock credit institutions listed/traded, the sale of shares to foreign investors shall comply with the provisions of the law on securities and the securities market.

3. The deposit required to execute the transaction of purchasing shares shall be agreed upon between the foreign investor and the Vietnamese credit institution in compliance with the law.^[19] Section 4. RIGHTS AND OBLIGATIONS OF FOREIGN INVESTORS

Article 13. Rights of foreign investors

1. Foreign investors shall enjoy all rights of shareholders as prescribed by Vietnamese law, the Charter of the joint-stock credit institution in which they purchase shares, and agreements consistent with Vietnamese law in the share purchase and sale contracts between foreign investors and Vietnamese credit institutions.

2. They may repatriate investment income, income from purchasing shares, and proceeds from transferring shares after fully fulfilling their financial obligations under Vietnamese law.

3. They may participate or appoint representatives to participate in the Board of Directors, Supervisory Board, and Management Board of the joint-stock credit institution in accordance with the Charter of the joint-stock credit institution in which they purchase shares and Vietnamese law.

4. They shall be guaranteed by the Socialist Republic of Vietnam State their legitimate rights and interests in accordance with Vietnamese law and international treaties to which Vietnam is a party.

3. Be entitled to participate or appoint representatives to participate in the Board of Directors, Supervisory Board, and Management Board of joint-stock credit institutions in accordance with the charter of the joint-stock credit institution in which the foreign investor purchases shares and the provisions of Vietnamese law.

4. Be guaranteed by the Socialist Republic of Vietnam State the lawful rights and interests according to Vietnamese law and international treaties to which Vietnam is a party.

Article 14. Obligations of foreign investors

1. Fulfill all obligations of shareholders as prescribed by Vietnamese law, the charter of Vietnamese credit institutions where the foreign investor purchases shares, and agreements consistent with Vietnamese law in the share purchase and sale contracts between the foreign investor and the Vietnamese credit institution.

2. Ensure and be responsible for the legality of the capital source used to purchase shares, the validity of the share purchase documentation, and the accuracy of the information and documents provided in accordance with Vietnamese law.

3. Provide complete information and be responsible for the accuracy of information regarding related parties currently holding shares, information on share ownership through related parties, and through entrusted investments at Vietnamese credit institutions where the foreign investor participates in purchasing shares.

4. Transfer the full amount of registered capital for purchasing shares at the Vietnamese credit institution according to the agreement in the share purchase and sale contract between the foreign investor and the Vietnamese credit institution and in compliance with the provisions of the law.

5. A strategic foreign investor shall not transfer shares owned by them at a Vietnamese credit institution to other organizations or individuals within a minimum period of five years from the date they become a strategic investor of that Vietnamese credit institution as recorded in the approval document of the State Bank of Vietnam.

6. A foreign investor organization owning ten percent or more of the charter capital of a Vietnamese credit institution shall not transfer shares owned by them to other organizations or individuals within a minimum period of three years from the date they own ten percent or more of the charter capital of that credit institution.

6a.^[20] When a foreign investor purchases additional shares offered by a credit institution corresponding to the common share ratio of each shareholder in the credit institution and exceeds the limit on the percentage of share ownership by foreign investors as stipulated in Article 7 of this Decree, the following measures shall be taken:

a) In the case where a single foreign investor or a foreign investor and a related party exceed the limit set forth in Article 7 of this Decree, within a maximum period of six months from the date of exceeding the limit, the foreign investor must reduce their shareholding ratio to comply with the limit set forth in Article 7 of this Decree.

b) If the total shareholding of multiple foreign investors exceeds the limit set forth in Article 7 of this Decree, foreign investors shall not be allowed to purchase additional shares of that credit institution until the total shareholding of foreign investors complies with the provisions of Article 7 of this Decree.

6b.^[21] The obligations of foreign investors stipulated in Clause 5 and Clause 6 of this Article shall not apply in cases where foreign investors transfer shares to implement the provisions of point a, Clause 6a of this Article.

7. A foreign investor purchasing shares of a restructured joint-stock credit institution as prescribed in Clause 6, Article 7 of this Decree must develop a plan for purchasing shares and restructuring the weak credit institution to submit to the State Bank of Vietnam for review and appraisal and to the Prime Minister for decision.

8. Comply with current regulations on foreign exchange management in Vietnam.

9.^[22] From the end date of the mandatory transfer scheme implementation period, a foreign investor shall not be allowed to purchase additional shares of the commercial bank receiving the mandatory transfer (except in cases where the commercial bank receiving the mandatory transfer offers shares to existing shareholders or the foreign investor sells the shares they own in that commercial bank to another foreign investor according to an agreement) until the total shareholding of foreign investors in that commercial bank receiving the mandatory transfer is below thirty percent of the charter capital.

Chapter III. IMPLEMENTATION^[23]

Article 15. Responsibilities of State Management Agencies

1. The State Bank of Vietnam shall be responsible for:

a) Directing the implementation and inspecting, checking, and supervising the execution of the provisions stipulated in this Decree;

b) Providing information related to the purchase and sale of shares by foreign investors within its management scope to the Ministry of Finance for coordinated management as prescribed in this Decree.

c.^[24] In case the total amount of share ownership of foreign investors at commercial banks receiving mandatory transfer exceeds 30% of the charter capital of the bank according to the approved transfer plan, the State Bank shall notify in writing the Ministry of Finance (Securities Commission) about the maximum level of foreign investor share ownership approved, the start date, and the end date of the mandatory transfer plan's implementation.

2. The Ministry of Finance shall be responsible for:

a) Managing and guiding foreign investors in purchasing shares of listed/jointly traded joint-stock credit organizations in compliance with the shareholding ratio prescribed in this Decree and relevant securities laws and stock market regulations;^[25] shares must ensure compliance with the shareholding ratio stipulated in this Decree and the provisions of the laws on securities and the securities market;

b) Providing information related to the purchase and sale of shares by foreign investors within its management scope to the State Bank of Vietnam for coordinated management as prescribed in this Decree.

Article 16. Responsibilities of Vietnamese Credit Organizations

1. Implement the sale of shares in accordance with the provisions stipulated in this Decree and relevant laws.

2. Disclose information in accordance with the law.

3.^[26] Report fully and promptly to competent authorities on all information related to foreign investors and economic organizations specified in Clause 2, Article 1 of this Decree purchasing shares.

Article 17. Handling Violations

Any violation of the provisions of this Decree will be handled in accordance with the Decree on administrative penalties in the field of currency and banking activities.

Article 18. Effective Date

This Decree takes effect from February 20, 2014, and replaces Government Decree No. 69/2007/NĐ-CP dated April 20, 2007, regarding foreign investors' purchase of shares of Vietnamese commercial banks.

Article 19. Implementation Provisions

The Minister; Head of a ministry-level agency; Head of a government agency; Chairman of the People's Committee of provinces and centrally governed cities; Chairman of the Board of Directors, Chairman of the Board of Members, and General Director (Director) of Vietnamese credit organizations; foreign investors; and other related organizations and individuals are responsible for implementing this Decree./.

^[1] Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, is based on the following grounds:

"Pursuant to the Law on the Organization of the Government dated February 18, 2025;

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Investment Law dated June 17, 2020;

Pursuant to the Enterprise Law dated November 26, 2020;

Pursuant to the Securities Law promulgated on November 26, 2019;

At the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates the Decree amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations.”

^[2] This provision has been amended pursuant to Clause 1, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[3] This provision has been amended pursuant to Clause 2, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[4] This provision has been amended pursuant to Clause 2, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[5] This provision has been added pursuant to Clause 3, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[6] This provision has been added pursuant to Clause 3, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

[7] This provision has been amended pursuant to Clause 4, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[8] This provision has been amended pursuant to Clause 5, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[9] This provision has been amended pursuant to Clause 6, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[10] This provision has been added pursuant to Clause 7, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[11] This provision has been amended pursuant to Clause 8, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[12] The term "listed" has been replaced with the term "listed/jointly traded" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[13] The term "listed" has been replaced with the term "listed/jointly traded" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[14] The phrase "Article 29" has been replaced with the phrase "Article 37" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[15] The term "listed" has been replaced with the term "listed/jointly traded" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[16] The term "listed" has been replaced with the term "listed/jointly traded" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[17] This paragraph has been amended pursuant to Clause 10, Article 1 of Decree No. 69/2025/NĐ-CP amending and supplementing certain provisions of Decree No. 01/2014/NĐ-CP dated January 3, 2014 of the Government on foreign investors purchasing shares of Vietnamese credit institutions, which shall take effect from May 19, 2025.

^[18] The term "listed" has been replaced with the term "listed/jointly traded" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[19] The term "listed" has been replaced with the term "listed/jointly traded" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[20] This paragraph has been added pursuant to Clause 11, Article 1 of Decree No. 69/2025/NĐ-CP amending and supplementing certain provisions of Decree No. 01/2014/NĐ-CP dated January 3, 2014 of the Government on foreign investors purchasing shares of Vietnamese credit institutions, which shall take effect from May 19, 2025.

^[21] This paragraph has been added pursuant to Clause 11, Article 1 of Decree No. 69/2025/NĐ-CP amending and supplementing certain provisions of Decree No. 01/2014/NĐ-CP dated January 3, 2014 of the Government on foreign investors purchasing shares of Vietnamese credit institutions, which shall take effect from May 19, 2025.

^[22] This paragraph has been added pursuant to Clause 12, Article 1 of Decree No. 69/2025/NĐ-CP amending and supplementing certain provisions of Decree No. 01/2014/NĐ-CP dated January 3, 2014 of the Government on foreign investors purchasing shares of Vietnamese credit institutions, which shall take effect from May 19, 2025.

^[23] Article 2 of Decree No. 69/2025/NĐ-CP amending and supplementing certain provisions of Decree No. 01/2014/NĐ-CP dated January 3, 2014 of the Government on foreign investors purchasing shares of Vietnamese credit institutions, which shall take effect from May 19, 2025, provides as follows:

"Article 2. Effectiveness and Responsibility for Implementation

1. This Decree takes effect from May 19, 2025.

2. The Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of provincial People's Committees under the central city, Vietnamese credit institutions, foreign investors, and related organizations and individuals are responsible for implementing this Decree."

^[24] This point has been added pursuant to Clause 13, Article 1 of Decree No. 69/2025/NĐ-CP amending and supplementing certain provisions of Decree No. 01/2014/NĐ-CP dated January 3, 2014 of the Government on foreign investors purchasing shares of Vietnamese credit institutions, which shall take effect from May 19, 2025.

^[25] The term "listed" has been replaced with the term "listed/jointly traded" pursuant to Clause 9, Article 1 of Government Decree No. 69/2025/NĐ-CP amending and supplementing certain articles of Government Decree No. 01/2014/NĐ-CP dated January 3, 2014, concerning foreign investors' purchase of shares of Vietnamese credit organizations, which takes effect from May 19, 2025.

^[26] This paragraph has been amended pursuant to Clause 14, Article 1 of Decree No. 69/2025/NĐ-CP amending and supplementing certain provisions of Decree No. 01/2014/NĐ-CP dated January 3, 2014 of the Government on foreign investors purchasing shares of Vietnamese credit institutions, which shall take effect from May 19, 2025.