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THỦ TƯỚNG CHÍNH PHỦ
Number: 238/2005/QĐ-TTg
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Ha Noi ,day 29 month 09 year 2005

DECISION

On foreign parties' stock-holding rates in Vietnam's Securities Market

THE PRIME MINISTER

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

Pursuant to the Government's Decree No. 144/2003/ND-CP of November 28, 2003, on securities and securities market;

Pursuant to the Government's Decree No. 187/2004/ND-CP of November 16, 2004, on transformation of state companies into joint-stock companies;

Pursuant to the Government's Decree No. 38/2003/ND-CP of April 15, 2003, on transformation of a number of foreign-invested enterprises into joint-stock companies;

Pursuant to the Prime Minister's Decision No. 36/2003/QD-TTg of March 11, 2003, promulgating the Regulation on contribution of capital to, and purchase of shares from, Vietnamese enterprises, by foreign investors;

At the proposal of the Minister of Finance,

DECIDES:

Article 1.- Foreign organizations and individuals, that purchase and/or sell stocks on Vietnam's securities market, may hold:

a/ At most 49% of the total number of stocks listed or registered for transaction of a listing or transaction-registering organization at a securities trading center. For listing or transaction-registering organizations being foreign-invested enterprises transformed into joint-stock companies under Decree No. 38/2003/ND-CP of April 15, 2003, the total number of listed stocks shall be the number of stocks issued to the public under the plans approved by competent authorities.

b/ At most 49% of the total number of investment fund certificates listed or registered for transaction of a securities investment fund;

c/ An unlimited percentage of circulated bonds of issuing organizations.

Article 2.- Foreign securities-trading organizations may contribute capital to, purchase shares from, or contribute joint-venture capital for setting up securities companies or securities investment fund-managing companies at the maximum rate of 49% of the charter capital.

Article 3.- Where treaties to which the Vietnamese Government has signed or acceded contain provisions different from those in this Decision, such treaties shall apply.

Article 4.- This Decision replaces the Prime Minister's Decision No. 146/2003/QD-TTg of July 17, 2003, and takes effect 15 days after its publication in "CONG BAO."

Article 5.- The Minister of Finance shall guide the implementation of this Decision. Ministers, heads of ministerial-level agencies, heads of Government-attached agencies, presidents of provincial/municipal People's Committees, chairmen of Managing Boards and general directors of state corporations, and concerned organizations and individuals shall have to implement this Decision.

Thủ tướng

(Signed)

 

Phan Van Khai