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.
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Thủ tướng |
(Signed) |
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Phan Van Khai |