Vietnam raises foreign stake cap in unlisted firms

The Finance Ministry has raised the cap on foreign share ownership at unlisted non-bank companies to 40 percent from 30 percent previously as part of efforts to attract more foreign investment.

Finance Minister Vu Van Ninh said in a statement on Saturday on the government website (www.chinhphu.vn) the ministry would also refrain from imposing a previously planned income tax on stock investors this year.

The government unveiled several measures earlier this week designed to rein in double-digit inflation and restore investor confidence in the local stock market that has lost more than a third of its value this year in a liquidity crunch.

Foreign investors now can own up to 49 percent shares in non-bank listed companies and 30 percent in banks.

Thanhnien

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