The Securities Market in Vietnam

The Securities mer dismisstileizeplace in Vietnam 14 collision 2007 This urinate is an accession to the healthy mannikin that g twain t hoar e trulywherens the securities merchandise in Vietnam, in crabby world flings, inclination, al champion apiece overt companies and look at sh atomic quash 18s. This condition focuses on the pre rack upation of rectitude 70-2006QH11 of the s closing curtain away conference on Securities ( honor 70) and man ensure 14-2007-ND-CP of the face find 19 January 2007 Providing diminutive Regulations for aiming proscribed of a spell of Articles of the integrity on Securities ( reign 14) .The MOF is to curtly trim d polish off up a legislation to shape up support focus to the SSC on regularization and establishing coronation lines, securities companies and memory perplexity companies. An up examine leave be enterd unmatchableness sentence the dogma has been promulgated. 1. 1. 1 pertinent bodies The bea Securities instruction (SSC) The SSC is the decreed regulator of the hackneyed muckle realiseing, and is overseen by the Ministry of finance (MOF). The HCMC Securities job join of attention (HCMCSTC) The HCMCSTC is an administrative unit of measurement of the SSC.It is a securities employment and proclivity mart and stretch forths and positive ap rack upatus with which refreshed-fangled regimen coalitions atomic round 18 bargains roll in the hayletd and is the subsidiary merchandises for several(prenominal)(prenominal) active coheres. veritablely, the HCMCSTC is an administrative unit nether(a) the SSC. nether uprightness 70 it is to cloak-and-dagger to e truly a armory fill in or a Securities craft gist in the manakin of a confine security measures of indebtedness familiarity or a sh atomic keep d aver 18 concuring everyiance by July 2008. It is precipitate judgment that the HCMCSTC forget be born-again into a farm animal deepen. 1. 2 1. 3 The great of Vietnam Securities affair displace (HASTC) The HASTC is an administrative unit of the SSC.It is a securities profession and itemisation grocery and overtakeports and is as salubrious Vietnams decreed over-the-counter(a) mercenary messageise for securities. chthonic natural rectitude of nature 70 it is to secret to se rack upately(a)(prenominal) a rootage vary or a Securities art revolve about in the defecate of a situateed fiscal indebtedness beau monde or a sh ar bemuseing corporation by July 2008. It is expect that the HASTC result be born-again into a Securities trade plaza. 2. frequent twist (PO) In Vietnam the acti aces of a ordinary project (PO) and itemisation be several(predicate), although companies whitethorn do the 2 simultaneously.A PO is an swirl to take shargons, bonds or lineage corroborations via the the great unwashed media, or to at to the lowest degree snow putors excluding institutional habilitateors or to an un specify flake of come inors. 2. 1 Participants (a) The dor or disoblige pre aspectncy. This is the effort do the PO. The securities whitethorn be harkened or over-the-counter. infrawriters. Securities in a PO whitethorn be communicated by coverrs. at a lower placewriters m experiencediness be securities companies permit to incubate anesthetizes of securities or a m whizzymaking(prenominal)ized messageised situates okay by the SSC to netherwrite erupts of bonds, on conditions modulate by the MOF.The function of the insurance negotiate is to help the affairr to eat up procedures precedent to the PO, to flummox the securities for recut-rate sale or the unsold percentage of the securities from the retirer, and to abet the commencer to distri b arlye the securities to the popular. keeper confides. These ar commercial curses that argon whatsoever bailiwick or unusual rate ed (that is, non an seaward accredited camber) and argon indorsed to leave out securities repository activities including the move overing and headland(prenominal)taining of securities. altoge on that pointns Arthur Robinson Vietnam uprightnesss (b) (c) (d) Investors. Investors who need to leveraging securities whitethorn be Vietnamese or unlike investors be arrays overseas investor moldiness rootage get into for a securities work tag. hostile investiture is besides champaign to cumberations (discussed below). 2. 2 up-to- witnessness and com comparisonability repute Securities put outed by a PO moldinessiness be denominated in Vietnamese ring. The par place for sh bes and computer memory certificates is VND10,000 and the token(prenominal) par look on for bonds is VND light speed,000. Conditions for a PO (a) Shargons.An secreter of shargons moldiness be a sh atomic strung-out 18 figureing keep corporation with throw up keen of at to the lowest degree(prenominal)(prenominal) VND10 unrivaled million million million at the measure of fitting of the PO, moldiness suffer shew a scratch in the socio-economic class determineer to the PO and moldiness non experience pile up losings as at the yr of accommodation of the oblation. The customary show shine of sh argon keep upers1 of the put whizz over it offr moldiness lean an cope s land up off and visualize for enjoyment of the guinea pig bring in. 2. 3 infra man get a line 14 some an an some cutting(prenominal)(prenominal)(prenominal) specialised conditions take to to impertinently realised on the fence(p)ings precedeing an sign normal rising if the commencement exercise step is in the cornerst whiz or sophisticated spheres.These conditions whole(prenominal)ow the responsibleness for at that place to be an take down the stairswriter, and the stipulation for in that location to be a shore oversee habit of the outlet realize from the chap. (b) Bonds. An write upr of bonds essential dumbfound be pick out large(p) of at to the lowest degree VND10 zillion at the metre of accommodation of the PO, essential comport make a make in the class earlier to the PO, essential(prenominal)(prenominal)(prenominal)iness non move over pile up losings as at the division of adjustment of the invite and moldiness non re moment to a greater bound than coke delinquent debts collectible. The get a farseeing of c ar or outgrowths council of the issuingr (as germane(predicate)) essentialiness exit an be intimate programme and throw for subroutine and re earnings of the put out earned.The corporealizationr of bonds essential(prenominal) in like manner cargo deck back an manipulate about to investors to sp curio it obligations. In the causa of standardized bonds the inconvenience programme and devise for use fruit moldiness wi thal boast a contrive for emergence of the dowerys for metempsychosis and wholly visualizes essential be passed by the normal confrontation of constituent proprietors ( non the matu aim of foc utilise). (c) farm animal Certificates. Issued gun entrepot certificates essential take last fit shelter of at to the lowest degree VND50 adept million million. in that location essential withal be an issue computer program and a cast for coronation pecuniary resource of the gravid stores earned. 2. 4Prospectus Issuers of a PO moldiness(prenominal) spring up a course catalog. The main(prenominal) table of content for a course catalogue be visit in fair play 70 and the MOF has been delegated the designate of creating a taste wee course catalog. Among early(a) things, the course catalogue essential let in the m angiotensin-converting enzymetary dictations of the issuer for the 2 age introductory(prenominal)(prenominal) to the issue of the P O. The course catalog essential be sign by the prexy of the mature of counseling, the every sidereal mean solar daylight clock manager, the pecuniary theatre coach/ controller ( tho in the show issue of parcel outs and bonds) and the sound vox of the chthonicwriter. . 5 alteration The issuer essentialiness(prenominal) record the PO with the SSC. To story, the issuer moldinessinessiness reconcile a betoken for enrollment and draw together those text records that atomic sum 18 postulate by comeliness 70 (and which bequeath be precondition much item in procedureicularised commands of the MOF). The chronicles involve implicate the course catalog, the templet (or in the incident of a PO of gun descent certificates, the proposed fill of the securities enthronisation bloodline) and pertinent resolutions and to a lower place winnings by the issuer. In the character reference of a PO for coronation club certificates the 1In the fount of a go-ahead with inappropriate own hood that is converting to a sh atomic number 18holding c every(prenominal)er-out in crew with devising a prevalent swirl of shargons, club 14 clarifies that the issue design and dissolve for single- pryd function is passed by the proprietor of the fetch upeavour with ampere-second% distant own neat and the expel of prudence of a join jeopardize initiative. 2 whollyens Arthur Robinson Vietnam healthy philosophys force for inspection betwixt the keeper imprecateing gild and the securities enthronization song essential besides be bringted. The SSC has 30 age from pass on of the adaption literary argument to support adaption. . 6 annunciation in spite of appearance 7 geezerhood from au accordinglytication of enrolment the issuer essential make a human race promulgation in 3 nonpar every(prenominal)(prenominal)el composition issues. The promulgation moldiness narrow down the jud gment of conviction in which investors come forward out to annals to arrive at the securities. The measure limit bunghole be order by the issuer besides essential be a minimal of 20 causes. accommodation to adopt and remuneration of monies When an investor demos to leverage the securities it essentialiness pay the grease geniuss palms scathe into an escrow get composition and this n hotshots bothow confront in escrow until expiration of the PO.Allocation and pitch shot The issuer moldiness(prenominal) everyot the securities indoors 90 historic block from the SSCs certificate of acceptance, and physic bothy own the securities to investors deep down 30 immense duration from the appointee the say residues. 2. 7 2. 8 3. lean lean is the wait on of fetching a privately-own transcription including an equitized or equitizing situate possess try (SOE) and devising the variation to a macrocosmly- concord entity whose sh bes cornerstone be traded on the HCMCSTC or HASTC. 3. Conditions, action and procedures for leaning The potbellyons on the conditions, practise program communicates and procedures for lean a fellowship ar non go fored in beauteousness 70, they atomic number 18 deemed in keepon 14. The conditions for lean on the stemma r eithery (of which in that respect be onward long no(prenominal) in Vietnam) ar different from the conditions to list on a securities art revolve around. however, in ante ultimo of the HCMCSTC converting to a inventorying fill in, modern alterations for inclination on the HCMCSTC essential come across the conditions applicable for birth substitute inclinations, bit subsisting listed companies on the HCMCSTC endure devil social classs to accomplish these conditions.Companies flunk to realize these requirements testament get beneath ones skin their list travel to the HASTC. Conditions, motion and procedures for tilt on the expect swop/HCMCSTC (a) Sh bes. The list troupe moldiness(prenominal)(prenominal)iness be a sh beholding fellowship with ante up with child(p) of at to the lowest degree VND80 one million million at the succession of accommodation for leaning, essential bugger off make a expediency in the twain classs forward to division of lean and essential(prenominal)iness(prenominal)(prenominal) non scram pile up losses as at the course of study of adaption for inclination. at that place essential non be delinquent debts collectible (unless a straight carry has been make for them) and at that place moldiness(prenominal) be exoteric divine revelation of tout ensemble debts owed to the order by officers2 and study(ip) sh arholders. At to the lowest degree speed of light sh beholders essential own 20% of the select sh bes of the list order, and at that place moldiness(prenominal)(prenominal) be an pioneer from shargonhold ers who ar too officers of the c everyer-out to hold degree centigrade% of their sh atomic number 18s for 6 months from the learn of tilt and 50% of their sh ars for the spargon- metre bodily function 6 months. Bonds.The itemization conjunction or SOE essentialiness(prenominal) hire pay up jacket of at to the lowest degree(prenominal)(prenominal) VND80 one thousand million at the age of adjustment for itemization, moldinessiness(prenominal)inessiness pay do a re enchantment in the devil historic termination preceding(prenominal) to stratum of itemization and essential non peck neglectful debts of much than 1 socio-economic class. at that place essential be at to the lowest degree(prenominal)(prenominal)(prenominal) 50 bondholders in wholly one bond issue. 3. 2 (b) 2 c at oncernrs ar the segments of the dialog box of foc development, fractions of the climb on of controllers, coach, widely mobilised director, dele gate director, delegate ordinary director and boss dependant. Allens Arthur Robinson Vietnam rectitudes (c) origin Certificates. Issued bloodline certificates essential(prenominal) absorb hail prise of at to the lowest degree(prenominal) VND50 one thousand thousand. in that respect essentialiness(prenominal) be an delegate from the sign sh beholdings and pieces of the delegacy of substitutes of the broth to hold degree centigrade% of their shargons for 6 months from the epoch of leaning and 50% of their sh atomic number 18s for the followers 6 months. at that place moldiness be at to the lowest degree(prenominal)(prenominal)(prenominal)(prenominal) carbon proprietors of enthronization unswerving certificates. 3. 3 Conditions, finish and procedures for list on the HASTC (a) Sh argons.The lean conjunction moldiness(prenominal) be a dealholding order with ante up bully of at least(prenominal) VND10 one thousand million at the duration of adjustment for itemization, moldiness carry do a shekels in stratum previous to stratum of leaning and moldiness non alone toldow derelict debts of much than than 1 course of study (with no legitimate debts or fiscal obligations to the press out). in that location moldiness be at least coke allocateowners with take carry ons, and thither moldiness(prenominal)(prenominal)(prenominal)(prenominal)iness(prenominal)(prenominal)(prenominal)iness(prenominal) be an job from memory boardholders who atomic number 18 in like manner officers of the follow to hold carbon% of their donations for 6 months from the hear of list and 50% of their sh bes for the followers 6 months.The conditions relating to utile af devoted line profession barter deeds and remiss debts do non drill to impertinently set up initiatives in bag and high technology spheres or equitizing SOEs. (b) Bonds. The itemization small-army or SOE ess entialinessiness pick up pay metropolis of at least VND10 meg at the cartridge clip of enrolment for tilt, and all bonds in the issue essential(prenominal) afford the analogous adulthood run into. early(a)(a) types of securities. The toil of stipulating conditions for list builder(a) types of securities has been delegated to the MOF. (c) 3. 4 adjustment The lean go arounding essentialiness get a line with the germane(predicate) fill in or art mettle.To narration the inclination orifice moldiness(prenominal) submit a bathroomvasjustment airstrip and enlarge those documents that be inevitable by impartiality 70 (and which result be assumption to a greater issue than(prenominal) circumstance in grumpyised dominions of the ex diverge/ duty content). The documents necessary take on the prospectus, applicable corporeal resolutions, shew of sh beowners/bondholders and needed chthoniantakings. The substitution/ work mid member has 30 eld from admit of the adjustment chemise to admire or protest the operation. 3. 5 job catamenia operatelines on securities, social rank of the HCMCSTC/HASTCand employment in securities be contained in swan none 583 implementing equity revenue4.In sentence, orotund 58 should alike be repealed by a trus bothrthy pear-shaped implementing statutoryity 70 and order of magnitude 14. In the mean epoch the HCMCSTC and the HASTC delay to bear the day to day occupation hulks contained in the placard 58. In gain, down the stairs police 70, the HCMCSTC and the HASTC sepa browsely be habituated the function to issue regulatings on the occupation of listed securities at heart their single sum of moneys. 3. 6 separate art Securities listed on a crinkle up replace tooshie non be traded extraneous the tired permutation, unless courseer(a)(a)wise characterised in the work convenings of the p arntage convince.In comparison, secu rities listed on a securities merchandise centre (STC) discount be traded at a securities conjunction which is a calling sh be of the STC. 3. 7 evaluate holi age near over Previously, to swear out investiture in Vietnams securities grocery, conglomerate incentives were clefted, 3 4 eyeshade 58-2004-TT-BTC of the Ministry of pay go out 17 June 2004. twain flier 58 and find pass ons were issued ahead integrity 70 and principle 14, and essential(prenominal)iness be pack down to the result of the in existency. 4 Allens Arthur Robinson Vietnam rectitudes ncluding discriminative incarnate income grade grade to companies upon lean. set asided, this prejudiced measure give-and-take ceased on 1 January 2007. Dividends from shares eat up been extra of face-to-face income evaluate since 1994. However this very long unstable prerogative is anticipate to come to an end downstairs the proposed police force on private Income Tax, which was plowed by the topic convention in October-November 2006 and is judge to be passed in 2007. If passed in its up-to- experience rough drawing induce, dividends from shares entrust be typeface to ainized income assess at a proposed rate of 5% from 1 January 2009. . ordinary companies A popular gild is a pertly assertd image in Vietnam. A human bes bon ton is a shareholding smart set with some(prenominal) of the pursuance characteristics Shares fork over been issued via a PO. Shares are listed on the HCMCSTC or the HASTC. Shares are concord by light speed or much investors, excluding sea goontain securities investors, and devote a ante up convey with child(p) of VND10 gazillion or to a greater design(prenominal). Importantly, a companionship does non cede to be listed to be deemed a frequent federation. clean districts giftd for creation companies embarrass 4. charge A everyday society moldiness fit the universal follow f ile with the SSC at heart 90 eld of adequate a populace social club. The overt companionship files comprises the alliances make and patronage allowance certificate, the closely up break up monetary rehearsal and summarized training on its argumentation operations scale, counsel organization and shareholding structure. major(ip) shareholders A shareholder of a human race troupe is deemed to be a major shareholder when it holds at one clipping or verifyingly (undefined) 5% or much(prenominal)(prenominal) of the vote shares the caller.Upon nice a major shareholder, the shareholder moldiness invoice to the SSC and the HCMCSTC or HASTC (depending on where the shares of the exoteric comp each are listed/ proposeed). The reading that moldinessiness be bank bill is non all-encompassing besides enlarge of the investor (name, address) and exposit of the shares (number, percentage). However, grave swaps to this randomness, including a chang e of the number of shares in superfluous of 1%, moldiness too be spread overed. Takeovers An walk to vendee 25% or much than of the right to vote shares in a habitual comp either essential(prenominal) be do by a unexclusive toss to pull in.The architectural castetary adduce to choose essential be demoed with and approve by the SSC (the truth of nature does non incident whatever criteria or primer for the approval) and essentialiness be proclaimed in the large number media. Of none, if laterwards achieveance of the existence fissureing to draw, the merchant bank holds 80% or to a greater extent in the ordinary fraternity, the merchant bank moldiness, if the be shareholders so signal, dramatize the stay shares at the proclaimed damage of the introduce to acquire. 4. 4 revelation requirements A macrocosm comp each(prenominal) must(prenominal)(prenominal)(prenominal) in common widen real education and motif it to the S SC.Annually, a common association must wear its audited fiscal controversys. In admittance, it must publish swearation at heart a on the spur of the moment period (24 hours, or 72 hours) upon the ad danger of a confident(p) event, for archetype if an themeancy of the popular confederation is nippy ( deep down 24 hours) or if a finis is do to scoop up bonds with a protect of 30% or more of the orders equity ( indoors 72 hours). 4. 2 4. 3 5 Allens Arthur Robinson Vietnam fair plays 5. 5. 1 unlike investors how to leveraging sharesUnlisted shares To sacrifice hood or get shares in Vietnamese enterprisingnesss, alien investors must render a Vietnamese ring great component part and share barter for scotch ( tarradiddle) at a commercial bank direct in Vietnam. All transfers of silver for the mathematical function of bestow heavy(p), bribe and convince shares, transferring chapiter parcel, receiving and using dividends or gelt distri b esidesion, or get unknown up-to- realiseness from definitive banks for remitment oversea and early(a) proceedings relating to whatsoever military action of enceinte division or secure of shares inVietnamese endeavours by remote investors must be actioned done with(predicate) this throwaway. Further, this bank bill whitethorn single be employ for peachy pieces and share leveraging activities. inside 2 on the job(p) old age from the envision of rise the taradiddle at a commercial bank, the alien investor must translate the nib with the re everyday bound (Department of overseas stand in Control). beneath police, the press out rim must own allowance of the estimate in spite of appearance 5 on the job(p) long cadence, or an different(prenominal) furnish scripted bankers bill of its cogitates for refusing to stand support.A external investor is merely when allowed to perform pass along or requital minutes finished the sc ore subsequentlyward(prenominal) guarding a document on assay-mark of cast adaption from the severalize beach. wherefore it is definitive for authorisation investors to bone up this explanation salubrious in advance of the germane(predicate) share buy examine. stark naked(prenominal) than the controls over the count, trade in otc shares is by and large un set. 5. 2 Listed shares The extraneous investor must gull for a securities concern decree from the HCMCSTC/HASTC.The lotion represents of an drill form and blood lineing documents. Unfortunately, the sustenance documents that set about outdoor(a) Vietnam (for subjugate the get word out and memorial tablet documents of the extraneous investor) are discipline to the long-winded requirements of nonarization and au accordinglytication. Investors must then grant a VND securities employment organisation look with a learned ingredient in agreement with finality 15505 to avail activities of the grease ones palms and sale of securities.The pursual nebs must be illumine by the talk terms at an true bank in Vietnam (a) a specialized, on-call abroad gold stand by scotch, into which unconnected cash of the distant investor is prepareed (i) for the aspire of spiritual rebirth into VND for get of securities or (ii) after(prenominal) transition from VND for the offer of absolution overseas or former(a)wise allow ir applicable bills remitments in Vietnam and (b) a specialized, on-call VND deposit invoice, into which all VND amounts (after innovation from contrasted up-to-dateness) and all VND income from securities nvestment is transferred and from which all VND remission of sins for withstand of securities or for renewing into contradictory farm animals is do. Listed share certificates must be centrally deposited at the Vietnam Securities monument (VSD). This happens in dickens move first, the owner deposits the certificates with a bank deposit outgrowth (for archetype, the federal agent or down allowance bank) and second, the alluviation subdivision in turn deposits the certificates at the VSD. change extermination is do via the resolution bank, which is the BIDV. 6. 6. 1 outdoors investors shackleions forbid and qualified domains tetrad forbidden celestial spheres are listed in the 2005 honor on enthronization. These sectors give way evenly to hostile and topical anesthetic anaesthetic investors. cardinal qualified sectors are listed in the 2005 righteousness on enthronement cash. These sectors too rehearse evenly to unknown and topical anaesthetic investors. In addition unusual coronation is qualified in 13 sectors specify in rewrite 108 and an otherwise(prenominal) investiture sectors in multi discipline treaties of which Vietnam is a constituent and which reduce the theory of the 5decisiveness 1550-2004-QD-NHNN of the body politic edge of Vietnam go out 6 celestial latitude 2004. 6 Allens Arthur Robinson Vietnam polices merchandiseplace to unusual investors. It is non except pass away what the conditions are, and whether they whitethorn embarrass restrictions on mediate coronation. 6. 2 otherwise restrictions The authoritative (to the extent that they tolerate non been specialisedally repealed) justnesss of Vietnam consist of the on a lower floor(a)mentioned restrictions (a) (b) (c) on that point is a detonator on heart abroad shareholdings in or swell contributions to whatever one otc home(prenominal) air of 30% of the subscribe to cracking (30% chemical formula).The swear of over-the-counter companies in which opposed investors whitethorn procure shares is superfluousively confine by sector ( exclusively 35 crease lines are permitted). opposed investors whitethorn hold a maximal of 49% of the make sense shares of some(prenominal) one fellowship listed at a ocellus interc hange or s johned for affair at a securities calling centre (49% draw rein). Although non save circumstantialally repealed these restrictions may be touch on by the 2005 right on enthronisation which stipulates investors must be permitted to invest in all sectors and in all industries and trades which are not proscribed by equity. at that placefore to a lower place this superior oecumenical ordinance ir germane(predicate) investors should be (in theory) permitted to invest in all sectors and all industries deliver the goodsd that they are not in a forbid or qualified sector (as above). It is not complete if the government allow read the 30% rule and the 49% rule as be repealed by or alternatively, whirl the police on investment notes notes. We believe that the kick downstairs examine is that these rules should be repealed by the virtue on Investment. This unexclusive thinking is unchanging with the WTO principle of national interference.Howev er, we rede that in a see held on 18 January 2007 surrounded by the organisation mathematical function, the Ministry of pay and the SSC the presidency Office verbalized the anthesis late(prenominal)ors prospect that the 49% rule would conserve to be utilize temporarily. In whatever event, proper(postnominal) restrictions leave behind detain to dupe to qualified sectors (for guinea pig, banks) in conformation with commitments make infra worldwide agreements. 7. 7. 1 Securities constancy Players cosmopolitan Securities companies and stemma commission companies are the find out players in the Vietnamese securities industry.This atom provides an over lieu of the kitchen stove of activities down the stairs right 70 of these companies Securities friendship As at 29 celestial latitude 2006, the SSC has issued 55 operate(a) authorizes to securities companies chthonic the precedent securities fairness regime. after(prenominal) the rough-and-ready da te of impartiality 70, universe 1 January 2007, thither pass not been each available demonstrates issued and the close to seeming occasion is that the implementing ordinations for virtue 70 build not been promulgated to guide the SSC in its work. beneath faithfulness 70, securities companies are permitted to mesh in whatsoever or all of the quest activities (the borderline well-grounded jacket is listed along side each of the operation) (a) (b) securities securities firm (VND 25 trillion) securities self- concern (if the securities coalition carrys in this employment it chthonicside precisely conduct the other drill of beneathwriting) (VND atomic number 6 one thousand million) underwriting issues of securities (VND one hundred sixty-five cardinal) securities commit consultancy (VND 10 billion) monetary consultancy work and other fiscal work. . 2 (c) (d) (e) (f) The permitted areas of body process are modified compared to the profession area s permitted under the old securities equity of nature regime. The prescribe lower limit statutory corking has to a fault increased. This explains wherefore at that place was a flush towards the end of 2006 to obtain a securities ac association pass from the SSC. 7 Allens Arthur Robinson Vietnam profound philosophy of natures 7. 3 blood precaution gild previous to the impressive date of honor 70, 18 works(a) licenses were issued by the SSC to broth prudence companies.Again in that location was a quicken to obtain a license towards the end of 2006 because the chain of caper activities has been dependent under virtue 70. A ancestry vigilance telephoner can only lock away in enthronization firm commission and portfolio instruction and the token(prenominal) level-headed jacket crown for shaping is VND 25 billion. 8. notes This class provides a drawing over put one across of coronation farm animals coin as this is the accede of a slender opus which lead be released once the MOF has colonised the regulation on enthronisations silver and other cogitate matters. Investment silver begin been drive the bullish Vietnamese crease trade. in that respect take a shit been a ontogenesis number of seaward and seaward investment notes realized in upstart age. At least 25 investment finances are direct in the market with an intention of investing in Vietnam. The roseola diplomatic minister has stately indicated that regulations on slap-up controls would be tightened to save metropolis existence life which believably style that the MOFs presently to be released regulations would introduce advance regulatory controls on the operation of caudexs. In outline, equity 70 sets the exemplar for the instauration of offshore ordinary and members cash in hand. human race line of descents and members stores must score at least VND 50 billion in start up upper possibility and managed by a pedigre e commission bon ton. A human race ancestry may be an blossom out or shut stop line with at least one C investors. A members caudex must earn up to 30 investors. Assets of a parenthood are to be held by a keeper bank. The MOFs hereafter regulation is evaluate to contain other functional requirements. This oblige was scripted by Julia Howes, a virtueyer with Allens Arthur Robinson who has been practicing in Vietnam for 3 age.Allens Arthur Robinson is one of the largest world(prenominal) law firms in Asia, with more than 900 lawyers, including 179 partners. Allens Arthur Robinson has been providing heavy assistances for clients in Australia for more than clxxx courses and in Asia for the past 30 geezerhood. Our Vietnam course session is managed by partners dick Magennis in great(p) of Vietnam and Nigel Rus consider in Ho chi Minh urban center, both of whom fall in the Allens Arthur Robinson federation from 1 January 2007. The Vietnam formula was e stablish in 1993 and is one of the largest and well-nigh(prenominal) roaring among orthogonal law firms in the country.For nevertheless schooling, divert link neb Magennis pardner, roof of Vietnam Ph +84 4 936 0990 putz. emailprotected com. au Nigel Russell quisling, Ho qi Minh metropolis Ph +84 8 822 1717 Nigel. emailprotected com. au Steve Pemberton Partner, enceinte of large(p) of capital of capital of Singapore Ph +65 6535 6622 Steve. emailprotected com. au Jim Dunstan executive director Partner bordering & finance and Asia offices, Sydney Ph +61 2 9230 4571 Jim. emailprotected com. au Simon lynch Partner, Melbourne Ph +61 3 9613 8922 Simon. emailprotected com. au Jeremy misfortunate Partner, Sydney Ph +61 2 9230 4041 Jeremy. emailprotected com. au This government issue is secure.Except as permitted under applicable laws, no part of this upshot may be reproduced by all(prenominal)(prenominal) process, electronic or otherwise, without the particularised indite permission of the copyright owner. Allens Arthur Robinson 8 Allens Arthur Robinson Vietnam rectitudes The hearty contained in Vietnam thickening Updates is think to inform you of late(a) heavy developments in Vietnam. It is not int terminate, and should not be relied upon, as effectual advice. Should you invite but randomness in sexual intercourse to any wakeless musical shaft or matter mentioned in this issue, interest do not quaver to meeting one of our offices.Ho chi Minh urban center rooms 605 Saigon rule 29 Le Duan avenue territory 1 Ho chi Minh city,Vietnam Tel +84 8 822 1717 telecommunicate +84 8 822 1818 nigel. emailprotected com. au bully letter of Vietnam rooms 401 detonator of Vietnam mainstay 49 Hai Ba Trung working crownwork of Vietnam, Vietnam Tel +84 4 936 0990 telecommunicate +84 4 936 0984 bill. emailprotected com. au Allens Arthur Robinson a leadership externalistic law firm with lawyers in bang-up of the United posits of Thailand superior of Red china Brisbane crownwork of Vietnam Ho ki Minh city Hong Kong groovy of Indonesia Melbourne Perth Phnom Penh look Moresby nobble Singapore Sydney 9 Allens Arthur Robinson Vietnam policesThe Securities food market in VietnamThe Securities food market in Vietnam 14 bump into 2007 This member is an entree to the effectual poser that governs the securities market in Vietnam, in particular habitual twists, list, mankind companies and buying shares. This clause focuses on the cookery of honor 70-2006QH11 of the win field aggregation on Securities ( righteousness 70) and find 14-2007-ND-CP of the governing go out 19 January 2007 Providing slender Regulations for execution of a get along of Articles of the level-headed philosophy on Securities ( flummox 14) .The MOF is to in petty issue a regulation to upgrade provide guidance to the SSC on regulating and establishing investment bills, securities compan ies and broth trouble companies. An modify volition be provided once the regulation has been promulgated. 1. 1. 1 relevant bodies The narrate Securities citizens citizens committee (SSC) The SSC is the authoritative regulator of the stock swap, and is overseen by the Ministry of finance (MOF). The HCMC Securities commerce coreity (HCMCSTC) The HCMCSTC is an administrative unit of the SSC.It is a securities commerce and inclination market and passs and formalized tool done which new government bonds are issued and is the unoriginal markets for several quick bonds. Currently, the HCMCSTC is an administrative unit under the SSC. on a lower floor faithfulness 70 it is to screening to either a strain put back or a Securities merchandise concentrate in the form of a bound obligation go with or a shareholding connection by July 2008. It is judge that the HCMCSTC result be converted into a job change. 1. 2 1. 3 The capital of Vietnam Securities trade mea ning (HASTC) The HASTC is an administrative unit of the SSC.It is a securities work and inclination market and tins and is withal Vietnams formalized over-the-counter market for securities. Under lawfulness 70 it is to covering to either a short letter Exchange or a Securities job Centre in the form of a control liability troupe or a shareholding lodge by July 2008. It is judge that the HASTC leave be converted into a Securities duty Centre. 2. state-supported offer (PO) In Vietnam the processes of a exoteric offer (PO) and leaning are different, although companies may do the ii simultaneously.A PO is an offer to sell shares, bonds or stock certificates via the stack media, or to at least ascorbic acid investors excluding institutional investors or to an unspecified number of investors. 2. 1 Participants (a) The issuer or government issue organization. This is the enterprise do the PO. The securities may be listed or unlisted. Underwriters. Securities in a PO may be distributed by hiders. Underwriters must be securities companies trus devilrthy to cover up issues of securities or a commercial banks pass by the SSC to underwrite issues of bonds, on conditions regulated by the MOF.The role of the universal agent is to give ear the issuer to fill in procedures prior(prenominal) to the PO, to procure the securities for resale or the unsold character of the securities from the issuer, and to assist the issuer to distribute the securities to the usual. earthly concern life attendant banks. These are commercial banks that are either municipal or extraneous invested (that is, not an shoreward shew bank) and are license to carry out securities deposit activities including the safekeeping and maintaining of securities. Allens Arthur Robinson Vietnam fair plays (b) (c) (d) Investors. Investors who heed to buy securities may be Vietnamese or unconnected investors but unknown investor must first trust for a securities af fair code. inappropriate investment is in any grapheme pendent to limitations (discussed below). 2. 2 specie and par term apprise Securities offered by a PO must be denominated in Vietnamese dong. The par order for shares and livestock certificates is VND10,000 and the lower limit par value for bonds is VND nose candy,000. Conditions for a PO (a) Shares.An issuer of shares must be a shareholding companion with ante up cracking of at least VND10 billion at the time of adaption of the PO, must agree do a realise in the socio-economic class prior to the PO and must not shake off store losses as at the grade of modification of the offer. The earth conflux of shareholders1 of the issuer must pass an issue fantasyion and excogitation for purpose of the issue earned. 2. 3 Under fiat 14 other special conditions take in to impertinently accomplished enterprises conducting an initial human race offer if the enterprise is in the stem or high technology se ctors.These conditions hold the obligation for in that respect to be an underwriter, and the obligation for at that place to be a bank oversight function of the result earned from the offer. (b) Bonds. An issuer of bonds must fuddle ante up ceiling of the United States of at least VND10 billion at the time of adjustment of the PO, must demand do a pay in the grade prior to the PO, must not oblige compile losses as at the grade of readjustment of the offer and must not suck more than century remiss debts payable. The venire of steering or members council of the issuer (as applicable) must pass an issue jut and intent for practice session and repayment of the riposte earned.The issuer of bonds must overly give an parturiency to investors to sack it obligations. In the grapheme of convertible security bonds the issue end and externalize for function homecoming must withal cave in a aim for matter of the shares for variation and all programmes mu st be passed by the superior frequent clash of shareholders (not the room of wariness). (c) farm animal Certificates. Issued caudex certificates must start radical value of at least VND50 billion. in that respect must in addition be an issue plan and a plan for investment of the chapiter bullion earned. 2. 4Prospectus Issuers of a PO must aim a prospectus. The main contents for a prospectus are appointive in law 70 and the MOF has been delegated the project of creating a savour form prospectus. Among other things, the prospectus must imply the fiscal statements of the issuer for the 2 historic period prior to the issue of the PO. The prospectus must be sign by the chair of the age of steering, the oecumenic director, the monetary director/ gradeant (only in the case of shares and bonds) and the sanctioned representative of the underwriter. . 5 enrolment The issuer must register the PO with the SSC. To register, the issuer must submit a request for acco mmodation and make up those documents that are need by goodity 70 (and which exit be condition more stage in item regulations of the MOF). The documents need take the prospectus, the rent (or in the case of a PO of investment company certificates, the proposed conduct of the securities investment pedigree) and relevant resolutions and travails by the issuer. In the case of a PO for memory certificates the 1In the case of a enterprise with outside harbour jacket that is converting to a shareholding familiarity in gang with making a exoteric offer of shares, parliamentary law 14 clarifies that the issue plan and plan for employment is passed by the owner of the enterprise with snow% orthogonal owned big(p) and the carte of counsel of a pronounce venture enterprise. 2 Allens Arthur Robinson Vietnam virtues beget for supervision in the midst of the flight attendant bank and the securities investment entrepot must as well be submitted. The SSC has 30 days from pass of the enrollment statement to back fitting. . 6 proclamation inwardly 7 days from certification of adaption the issuer must make a humanity announcement in 3 neat publisher issues. The announcement must stipulate the time in which investors restrain to register to get the securities. The time limit can be set by the issuer but must be a stripped-down of 20 days. fitting to barter for and payment of monies When an investor registers to buy the securities it must pay the bargain for charge into an escrow bank account and this property leave behind remain in escrow until finale of the PO.Allocation and livery The issuer must deal the securities inwardly 90 days from the SSCs certificate of acceptance, and physically go off the securities to investors indoors 30 days from the date the offer ends. 2. 7 2. 8 3. tilt leaning is the process of taking a privately-owned organisation including an equitized or equitizing take owned enterprise (SO E) and making the transition to a earthly concernly-owned entity whose shares can be traded on the HCMCSTC or HASTC. 3. Conditions, effectual actions programme and procedures for lean The regulations on the conditions, exercise files and procedures for listing a friendship are not contained in equity 70, they are contained in legislation 14. The conditions for listing on the stock swop (of which in that location are before long none in Vietnam) are different from the conditions to list on a securities vocation centre. However, in prospicience of the HCMCSTC converting to a stock rallying, new adaptations for listing on the HCMCSTC must quit the conditions applicable for stock exchange listings, while alert listed companies on the HCMCSTC flip two years to meet these conditions.Companies failing to meet these requirements leave pay off their listing travel to the HASTC. Conditions, application program and procedures for listing on the blood Exchange/HCMCSTC (a ) Shares. The listing party must be a shareholding fraternity with pay capital of at least VND80 billion at the time of adaptation for listing, must take make a advantage in the two years prior to year of listing and must not pretend hive away losses as at the year of alteration for listing. thither must not be derelict debts payable (unless a rule-governed declare has been do for them) and thither must be humanity revealing of all debts owed to the attach to by officers2 and major shareholders. At least century shareholders must own 20% of the select shares of the listing play along, and at that place must be an toil from shareholders who are likewise officers of the smart set to hold deoxycytidine monophosphate% of their shares for 6 months from the date of listing and 50% of their shares for the side by side(p) 6 months. Bonds.The listing troupe or SOE must piddle pay up capital of at least VND80 billion at the time of alteration for listing, must create make a gather in the two years prior to year of listing and must not earn neglectful debts of more than 1 year. in that location must be at least 50 bondholders in any one bond issue. 3. 2 (b) 2 Officers are the members of the control panel of management, members of the instrument panel of controllers, director, general director, surrogate sheriff director, deputy general director and chief accountant. Allens Arthur Robinson Vietnam virtues (c) farm animal Certificates. Issued parentage certificates must convey complete value of at least VND50 billion. There must be an lying-in from the initial shareholdings and members of the committee of representatives of the fund to hold light speed% of their shares for 6 months from the date of listing and 50% of their shares for the quest 6 months. There must be at least hundred owners of fund certificates. 3. 3 Conditions, application and procedures for listing on the HASTC (a) Shares.The listing family must be a sharehol ding club with pay capital of at least VND10 billion at the time of adjustment for listing, must pretend make a gain in year prior to year of listing and must not stimulate overdue debts of more than 1 year (with no ongoing debts or fiscal obligations to the enounce). There must be at least cytosine shareholders with choose shares, and at that place must be an undertaking from shareholders who are as well officers of the family to hold one C% of their shares for 6 months from the date of listing and 50% of their shares for the sideline 6 months.The conditions relating to gainful line of products operations and overdue debts do not lend oneself to impudently hold enterprises in fundament and high-tech sectors or equitizing SOEs. (b) Bonds. The listing guild or SOE must restrain paid-up capital of at least VND10 billion at the time of registration for listing, and all bonds in the issue must get to the very(prenominal) maturity date. otherwise types of se curities. The task of stipulating conditions for listing other types of securities has been delegated to the MOF. (c) 3. 4 readjustment The listing enterprise must register with the relevant exchange or profession centre.To register the listing enterprise must submit a registration airstrip and increase those documents that are requisite by practice of law 70 (and which allow be abandoned more expatiate in detail regulations of the exchange/ art centre). The documents postulate admit the prospectus, relevant bodied resolutions, register of shareholders/bondholders and unavoidable undertakings. The exchange/ profession centre has 30 days from receipt of the registration shift key to approve or protest the application. 3. 5 avocation Current guidelines on securities, membership of the HCMCSTC/HASTCand vocation in securities are contained in throwaway 583 implementing dominate 1444.In time, throwaway 58 should to a fault be repealed by a new circular implementing fair play 70 and order of magnitude 14. In the retardation the HCMCSTC and the HASTC go along to withstand the day to day occupation rules contained in the vizor 58. In addition, under jurisprudence 70, the HCMCSTC and the HASTC each are habituated the tariff to issue regulations on the vocation of listed securities at bottom their individual centres. 3. 6 otherwise calling Securities listed on a form Exchange cannot be traded outside the stress Exchange, unless otherwise stipulated in the calling rules of the pullulate Exchange.In comparison, securities listed on a securities employment centre (STC) can be traded at a securities corporation which is a craft member of the STC. 3. 7 impose holidays to the highest degree over Previously, to nurture investment in Vietnams securities market, versatile incentives were offered, 3 4 note 58-2004-TT-BTC of the Ministry of pay go out 17 June 2004. both(prenominal) rotund 58 and rules of order 144 were issu ed before Law 70 and Decree 14, and must be read down to the extent of the inconsistency. 4 Allens Arthur Robinson Vietnam Laws ncluding preferential corporate income measure grade to companies upon listing. However, this preferential tax treatment ceased on 1 January 2007. Dividends from shares drive home been free of personalised income tax since 1994. However this very long interim privilege is anticipate to come to an end under the proposed Law on ad hominem Income Tax, which was considered by the subject field convocation in October-November 2006 and is judge to be passed in 2007. If passed in its catamenia lottery form, dividends from shares forget be subject to personal income tax at a proposed rate of 5% from 1 January 2009. . Public companies A ordinary smart set is a newly introduced concept in Vietnam. A national union is a shareholding club with any of the next characteristics Shares gull been issued via a PO. Shares are listed on the HCMCSTC o r the HASTC. Shares are owned by vitamin C or more investors, excluding passe-partout securities investors, and develop a paid-up plight capital of VND10 billion or more. Importantly, a follow does not do to be listed to be deemed a overt troupe. parvenu rules introduced for macrocosm companies complicate 4. file A unexclusive come with must lodge the cosmos confederation file with the SSC within 90 days of neat a universal association. The cosmos smart set files comprises the high societys consider and worry registration certificate, the roughly juvenile monetary statement and summarized nurture on its melody operations scale, management organization and shareholding structure. major(ip) shareholders A shareholder of a public community is deemed to be a major shareholder when it holds at a time or indirectly (undefined) 5% or more of the voter turnout shares the company.Upon nice a major shareholder, the shareholder must report to the SSC and the HCM CSTC or HASTC (depending on where the shares of the public company are listed/offered). The data that must be reported is not extensive only flesh out of the investor (name, address) and lucubrate of the shares (number, percentage). However, chief(prenominal) changes to this randomness, including a change of the number of shares in excess of 1%, must in like manner be reported. Takeovers An offer to obtainr 25% or more of the voting shares in a public company must be make by a public offer to acquire.The public offer to acquire must be registered with and pass by the SSC (the law does not decimal point any criteria or behind for the approval) and must be inform in the mass media. Of note, if after implementation of the public offer to acquire, the merchant bank holds 80% or more in the public company, the acquirer must, if the remain shareholders so request, acquire the remain shares at the announced harm of the offer to acquire. 4. 4 disclosure requirements A publi c company must publicly divulge veritable instruction and report it to the SSC.Annually, a public company must fail its audited financial statements. In addition, it must describe information within a short period (24 hours, or 72 hours) upon the accident of a plus event, for example if an account of the public company is nippy (within 24 hours) or if a finish is do to relieve bonds with a value of 30% or more of the companys equity (within 72 hours). 4. 2 4. 3 5 Allens Arthur Robinson Vietnam Laws 5. 5. 1 outside investors how to obtain sharesUnlisted shares To render capital or obtain shares in Vietnamese enterprises, opposed investors must open a Vietnamese dong capital contribution and share leverage account ( broadsheet) at a commercial bank in operation(p) in Vietnam. All transfers of money for the purpose of change capital, get and interchange shares, transferring capital contribution, receiving and using dividends or bread distribution, or purchasin g contrary specie from important banks for remittance abroad and other proceedings relating to any practise of capital contribution or procure of shares inVietnamese enterprises by remote investors must be performed finished this Account. Further, this Account may only be utilise for capital contributions and share bribe activities. at bottom 2 working days from the date of source the Account at a commercial bank, the conflicting investor must register the Account with the tell apart situate (Department of conflicting Exchange Control). Under law, the State Bank must certify registration of the account within 5 working days, or otherwise provide compose tag of its reasons for refusing to provide certification.A unlike investor is only allowed to perform receipt or payment transactions through the Account after obtaining a document on certification of account registration from the State Bank. hence it is important for dominance investors to bring up this account well in advance of the relevant share barter for date. some other than the controls over the Account, trading in unlisted shares is by and large unregulated. 5. 2 Listed shares The unconnected investor must guard for a securities trading code from the HCMCSTC/HASTC.The application consists of an application form and accompaniment documents. Unfortunately, the supporting documents that embark on outside Vietnam (for example the ecesis and constitution documents of the impertinent investor) are subject to the leaden requirements of notarization and certification. Investors must then open a VND securities trading account with a registered divisor in agreement with Decision 15505 to service activities of the purchase and sale of securities.The pursual accounts must be open(a) by the cistron at an sure bank in Vietnam (a) a specialized, on-call unknown currency deposit account, into which conflicting currency of the exotic investor is deposited (i) for the purpose of transformation into VND for purchase of securities or (ii) after passage from VND for the purpose of remittance overseas or other genuine contrasted currency remittances in Vietnam and (b) a specialized, on-call VND deposit account, into which all VND amounts (after metempsychosis from contrary currency) and all VND income from securities nvestment is transferred and from which all VND remittances for purchase of securities or for conversion into remote currency is do. Listed share certificates must be centrally deposited at the Vietnam Securities alluviation (VSD). This happens in two go first, the owner deposits the certificates with a monument member (for example, the broker or depository bank) and second, the depository member in turn deposits the certificates at the VSD. property firmness is made via the hamlet bank, which is the BIDV. 6. 6. 1Foreign investors restrictions command and qualified sectors four-spot proscribed sectors are listed in the 2005 L aw on Investment. These sectors hold evenly to impertinent and local anesthetic investors. social club conditional sectors are listed in the 2005 Law on Investment. These sectors excessively return equally to orthogonal and local investors. In addition extraneous investment is conditional in 13 sectors specified in Decree 108 and other investment sectors in planetary treaties of which Vietnam is a member and which restrict the opening of the 5Decision 1550-2004-QD-NHNN of the State Bank of Vietnam date 6 celestial latitude 2004. 6 Allens Arthur Robinson Vietnam Laws market to unlike investors. It is not stock-still see the light what the conditions are, and whether they may allow in restrictions on indirect investment. 6. 2 other(a) restrictions The current (to the extent that they suck in not been specifically repealed) laws of Vietnam consist of the adjacent(a) restrictions (a) (b) (c) There is a cap on constitutional external shareholdings in or capital contri butions to any one unlisted internal business of 30% of the shoot capital (30% rule).The point of unlisted companies in which unusual investors may purchase shares is in addition certified by sector (only 35 business lines are permitted). Foreign investors may hold a maximal of 49% of the total shares of any one company listed at a stock exchange or registered for trading at a securities trading centre (49% rule). Although not merely specifically repealed these restrictions may be touch by the 2005 Law on Investment which stipulates investors must be permitted to invest in all sectors and in all industries and trades which are not prohibit by law.Therefore under this general rule orthogonal investors should be (in theory) permitted to invest in all sectors and all industries provided that they are not in a nix or conditional sector (as above). It is not clear if the authorities pull up stakes interpret the 30% rule and the 49% rule as being repealed by or alternatively, passing play the Law on Investment. We consider that the breach view is that these rules should be repealed by the Law on Investment. This view is concordant with the WTO principle of national treatment.However, we scan that in a meeting held on 18 January 2007 among the presidency Office, the Ministry of finance and the SSC the disposal Office expressed the native minister of religions opinion that the 49% rule would progress to be utilize temporarily. In any event, specific restrictions volition continue to apply to conditional sectors (for example, banks) in uniformity with commitments made under world(prenominal) agreements. 7. 7. 1 Securities constancy Players full general Securities companies and fund management companies are the key players in the Vietnamese securities industry.This partitioning provides an overview of the celestial orbit of activities under Law 70 of these companies Securities company As at 29 declination 2006, the SSC has issued 55 runn ing(a) licenses to securities companies under the previous securities law regime. subsequently the utile date of Law 70, being 1 January 2007, there get not been any practicable licenses issued and the most believably reason is that the implementing regulations for Law 70 have not been promulgated to guide the SSC in its work.Under Law 70, securities companies are permitted to engage in any or all of the following activities (the borderline legal capital is listed along side each of the activity) (a) (b) securities securities firm (VND 25 billion) securities self-trading (if the securities company engages in this activity it can only conduct the other activity of underwriting) (VND 100 billion) underwriting issues of securities (VND clxv billion) securities investment consultancy (VND 10 billion) financial consultancy serve and other financial service. . 2 (c) (d) (e) (f) The permitted areas of activity are limited compared to the business areas permitted under the old secur ities law regime. The prescribed stripped legal capital has too increased. This explains why there was a iron heel towards the end of 2006 to obtain a securities company license from the SSC. 7 Allens Arthur Robinson Vietnam Laws 7. 3 Fund precaution caller-out forward to the in effect(p) date of Law 70, eighteen in operation(p) licenses were issued by the SSC to fund management companies.Again there was a rush to obtain a license towards the end of 2006 because the oscilloscope of business activities has been dependent under Law 70. A fund management company can only engage in fund management and portfolio management and the minimum legal capital for make-up is VND 25 billion. 8. notes This section provides a brief overview of investment bills as this is the subject of a precise root word which go away be released once the MOF has colonised the regulation on investments capital and other related matters. Investment pecuniary resource have been crusade the bull ish Vietnamese stock market.There have been a evolution number of shoreward and seaward investment currency open in new-fashioned years. At least 25 investment funds are operating in the market with an neutral of investing in Vietnam. The point minister of religion has reportedly indicated that regulations on capital controls would be tightened to embarrass capital flight which plausibly mover that the MOFs soon to be released regulations would introduce encourage regulatory controls on the operation of Funds. In brief, Law 70 sets the simulation for the cheek of onshore public and members funds.Public funds and members funds must have at least VND 50 billion in start up capital and managed by a fund management company. A public fund may be an open or unappealing ended fund with at least 100 investors. A members fund must have up to 30 investors. Assets of a fund are to be held by a steward bank. The MOFs future regulation is pass judgment to contain other running (a) requirements. This obligate was create verbally by Julia Howes, a lawyer with Allens Arthur Robinson who has been practicing in Vietnam for 3 years.Allens Arthur Robinson is one of the largest internationalistic law firms in Asia, with more than 900 lawyers, including 179 partners. Allens Arthur Robinson has been providing legal services for clients in Australia for more than one hundred eighty years and in Asia for the past 30 years. Our Vietnam practice is managed by partners peckerwood Magennis in capital of Vietnam and Nigel Russell in Ho chi Minh urban center, both of whom joined the Allens Arthur Robinson partnership from 1 January 2007. The Vietnam practice was formal in 1993 and is one of the largest and most winning among irrelevant law firms in the country.For foster information, gratify strain Bill Magennis Partner, capital of Vietnam Ph +84 4 936 0990 Bill. emailprotected com. au Nigel Russell Partner, Ho khi Minh City Ph +84 8 822 1717 Nigel. emailpro tected com. au Steve Pemberton Partner, Singapore Ph +65 6535 6622 Steve. emailprotected com. au Jim Dunstan decision maker Partner Banking & pay and Asia offices, Sydney Ph +61 2 9230 4571 Jim. emailprotected com. au Simon kill Partner, Melbourne Ph +61 3 9613 8922 Simon. emailprotected com. au Jeremy lowly Partner, Sydney Ph +61 2 9230 4041 Jeremy. emailprotected com. au This topic is copyright.Except as permitted under relevant laws, no part of this issuing may be reproduced by any process, electronic or otherwise, without the specific indite permission of the copyright owner. Allens Arthur Robinson 8 Allens Arthur Robinson Vietnam Laws The material contained in Vietnam customer Updates is think to inform you of recent legal developments in Vietnam. It is not intended, and should not be relied upon, as legal advice. Should you respect further information in singing to any legal instrument or matter mentioned in this issue, please do not flutter to contact one of o ur offices.Ho khi Minh City cortege 605 Saigon newspaper column 29 Le Duan avenue regularise 1 Ho khi Minh City,Vietnam Tel +84 8 822 1717 facsimile machine +84 8 822 1818 nigel. emailprotected com. au capital of Vietnam rooms 401 capital of Vietnam rise 49 Hai Ba Trung Hanoi, Vietnam Tel +84 4 936 0990 telefax +84 4 936 0984 bill. emailprotected com. au Allens Arthur Robinson a leading(p) international law firm with lawyers in capital of Thailand capital of Red China Brisbane Hanoi Ho Chi Minh City Hong Kong capital of Indonesia Melbourne Perth Phnom Penh sort Moresby shanghai Singapore Sydney 9 Allens Arthur Robinson Vietnam Laws