Decision No. 146/2003/QĐ-TTg stipulates the proportion of foreign participation in the Vietnamese securities market, including the purchase and sale of shares, capital contribution to securities companies, and management of joint venture funds. The maximum ratio is 30% of the total number of listed shares, 49% of the charter capital for foreign securities business organizations, and no limit on the circulating bond ratio.
Scope of application
Foreign parties, issuing organizations, joint venture securities companies, joint venture fund management organizations, joint stock companies.
Key points
- Foreign organizations and individuals may hold up to 30% of the total number of listed shares of the issuing organization (Article 1).
- The maximum capital contribution ratio of foreign securities business organizations in Joint Stock Securities Companies or Joint Stock Fund Management Companies is 49% of the charter capital (Article 2).
- Foreign organizations and individuals may hold circulating bonds on the Vietnamese securities market without any limit (Article 3).
- This Decision shall take effect fifteen days from the date of publication in the Official Gazette (Article 4).
- Heads of relevant agencies shall be responsible for implementing this Decision (Article 5).
🌐 Social impact of this document
- Positive impact: Increase foreign investment in the securities market, promote the development of the financial-banking sector.
- Negative impact: May restrict ownership and control rights of investors in listed enterprises (30% of the total number of shares).
❓ Frequently asked questions
What percentage of listed shares can foreign organizations and individuals hold?
Foreign organizations and individuals may hold up to 30% of the total number of listed shares of the issuing organization (Article 1).
What is the capital contribution ratio of foreign securities business organizations in Joint Stock Securities Companies or Joint Stock Fund Management Companies?
The maximum capital contribution ratio is 49% of the charter capital (Article 2).
What ratio can foreign organizations and individuals hold circulating bonds on the Vietnamese securities market?
There is no limit on the circulating bond ratio on the Vietnamese securities market (Article 3).
When does this Decision take effect?
This Decision shall take effect fifteen days from the date of publication in the Official Gazette (Article 4).
Which agencies are responsible for implementing this Decision?
Heads of Ministries, ministerial-level agencies, agencies under the Government, Chairpersons of People's Committees of provinces and centrally governed cities shall be responsible for implementing this Decision (Article 5).
Full text
Pursuant to …;
Regarding the proportion of foreign participation in
the Vietnamese securities market
_______________
PRIME MINISTER
Pursuant to the Law on Organization of the Government dated December 25, 2001;
Pursuant to Decree No. 48/1998/NĐ-CP dated July 11, 1998 of the Government on securities and the securities market;
Pursuant to Decree No. 64/2002/NĐ-CP dated June 19, 2002 of the Government on the conversion of state-owned enterprises into joint-stock companies;
Pursuant to Decision No. 36/2003/QĐ-TTg dated March 11, 2003 of the Prime Minister on promulgating the regulations on capital contribution and purchase of shares by foreign investors in Vietnamese enterprises;
AMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF THE REGULATIONS ON SECURITIES REGISTRATION, SAFEKEEPING, NETTING, AND SETTLEMENT ISSUED TOGETHER WITH DECISION NO. 60/2004/QD-BTC DATED JULY 15, 2004 OF THE MINISTER OF FINANCE ARE AS FOLLOWS:
DECISION:
Article 1. Foreign organizations and individuals purchasing and selling shares on the Vietnamese securities market may hold up to 30% of the total number of listed shares of the issuing organization.
Article 2. The proportion of foreign securities business organization capital in a joint venture Securities Company or a joint venture Fund Management Company shall not exceed 49% of the charter capital.
Article 3. Foreign organizations and individuals are allowed to hold unlimited proportions of circulating bonds on the Vietnamese securities market.
Article 4. This Decision replaces Decision No. 139/1999/QĐ-TTg dated June 10, 1999 of the Prime Minister and takes effect 15 days after its publication in the Official Gazette.
Article 5. Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of People's Committees of provinces and centrally governed cities are responsible for implementing this Decision.
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