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Vietnam: New Rules for Foreign Investment in the Stock Market

In pursuit of the goal of improving the legal framework for investment and businesses, the government adopted Decree 155/2020/ND-CP on 31 December 2020 (“Decree 155”), which came into effect on 1 January 2021. Decree 155 introduces, among other things, new rules for foreign investment in the stock market. By these new rules, the government aims to promote foreign investment in the stock market while maintaining appropriate control over the inflow of foreign investment. 
This article highlights some of the key components of Decree 155. After being fiercely opposed by the banking industry, the proposal of the State Securities Commission (SSC) to take away the right of a public company to set its own foreign ownership cap (the “Foreign Cap”) has…To read the full article, please see the PDF file

*This article is also available in Japanese.

It is also available in PDF.
Asia Newsletter (May 7, 2021) (992 KB / 5 pages) Download PDF [993 KB]

Authors

平松 哲

Akira HIRAMATSU

  • Partner
  • Hanoi / Ho Chi Minh City

He has worked in Vietnam since 2014, and is currently a representative of our Hanoi Office. He has mainly provided legal advice to many Japanese and international companies on various cross border M&A cases and other cross border transactions, including the acquisition of shares in listed companies and large scale companies in various industries. He also provides advice on compliance, labor law, corporate disputes and general corporate and commercial transactions based on his extensive knowledge and experience.

ヴ・レ・バン

VU Le Bang

  • Partner
  • Hanoi / Ho Chi Minh City

Mr. Bang is a partner of our firm, with more than 15 years of experience as a lawyer. He joined the Ho Chi Minh City Office in 2010, as the first Vietnamese lawyer in the Ho Chi Minh City Office, and gained experience in a variety of diverse cases, including huge, complex projects. Mr. Bang specializes in inbound investments, corporate & commercial matters, M&A, banking, real estate property & construction, and labour. He also has significant experience in providing advice regarding unfair competition, securities, capital market transactions, project financing transactions, infrastructure projects, and energy projects. Before joining the firm, Mr. Bang gained professional experience in both a law firm and working with multinational corporations. He has been a regular contributor to a number of law-related magazines, and has actively participated in the legal training of law students, having been a law lecturer in Vietnam since 2009. Mr. Bang is a 2001 graduate of Hanoi University of Law (LL.B.), and received an LL.M. from the Transnational Law & Business University in Seoul, Korea in 2006. He is a member of the Ho Chi Minh Bar and the Vietnam Bar Federation, and is fluent in both English and Vietnamese.

ハー・ホアン・ロック

HA Hoang Loc

  • Partner
  • Hanoi / Ho Chi Minh City

Mr. Loc joined Nishimura & Asahi (Ho Chi Minh City Office) in July 2012. Before that, he spent more than 8 years with other foreign and domestic law firms in Vietnam. He has assisted clients in many large-scale cases including, among others, an acquisition of shares in a public pharmaceutical company in Vietnam, transactions acquiring shares in a public construction company, an acquisition of shares in a digital retailer listed in Vietnam, and bidding by a client for development of a real estate project in Ho Chi Minh City. Mr. Loc has assisted many well-known Japanese investors in investments worth hundreds of millions of US dollars in finance leasing, real estate development, and steel manufacturing businesses in Vietnam. He has advised a number of giant Japanese companies in conducting their business in Vietnam, and he has given lectures to clients’ employees in relation to anti-corruption matters. He has also advised clients in carrying out product recall procedures in Vietnam. Mr. Loc has authored various articles including Anti-Corruption Survey 2014 (Vietnam Chapter) - Anti-Corruption Survey published in 2014, the Mergers & Acquisitions Review - Eighth Edition - (Vietnam Chapter) published in 2014, Vietnam: All change for offshore investors - International Financial Law Review published in 2014, Vietnam: The investment conditions list - International Financial Law Review published in 2015, and Simplifying foreign Investment - International Financial Law Review published in 2016. Mr. Loc is a 2001 graduate of the Ho Chi Minh City University of Law (LL.B), and received an LL.M (with Merit) from Southampton Solent University (England) in 2008. He is admitted to the Ho Chi Minh City Bar Association (since 2008), and the Vietnam Bar Federation (since 2009). He is fluent in both English and Vietnamese.