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Requirements for foreign institutions to list in Vietnam
The Ministry of Finance has wrapped up a draft amendment of Decree 14 on the operation of the stock market which has regulations on allowing foreign institutions to issue and list securities in Vietnam.
Under the draft, foreign institutions which want to issue and list securities on Vietnam’s bourse must meet the conditions as follows:
First, their securities must have been listed on foreign stock exchanges which have cooperation agreements with the HCM City Stock Exchange or State Securities Commission.
Second, the institutions must have approved investment projects in Vietnam.
Third, they must get the consultancy of a Vietnamese securities company regarding offering and listing securities on the market.
In addition, foreign securities issuers have to show the following articles: decisions by their shareholders on the approval of the issuance and listing of securities in Vietnam; a licence for the foreign institutions’ establishment and operation; documents showing the listing on foreign stock exchanges; and book of securities ownership registration.
Another noteworthy thing is that the financial reports of the foreign institutions must be made in accordance with international accountancy standards, and be accompanied by explanations about points that are different in comparison with Vietnam’s accountancy standards.
VNN
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