|
Foreign ownership of securities firms, funds
The Prime Minister issued Decision No 55/2009/QD-TTg on April 15 on foreign investment in the Vietnamese stock market. The decision attempts to clear up ambiguities in Decision No 238/2005/ND-CP.
Under the new decision, foreign investors are permitted to own up to a 49 per cent interest in a public holding company, public securities investment fund, or public securities investment company.
The decision also provides that only foreign securities trading companies are allowed to contribute capital to establish securities companies in Viet Nam, in which they may own no more than 49 per cent of charter capital. Only foreign securities trading companies, which operate in the field of investment fund management and foreign insurance companies, are allowed to contribute capital to establish a fund management company in Viet Nam, again with a maximum limit of 49 per cent of charter capital.
Foreign investors, who own shares in public securities companies, fund certificates in public investment funds or have contributed capital to securities company in excess of 49 per cent, will be allowed to maintain the current ratio of ownership, but only transactions to dispose of shares, certificates or interests will be allowed.
New rules filter investors in projects using land
The Ministry of Planning and Investment issued Circular No 03/2009/TT-BKH on April 16, guiding the selection of investors to carry out investment projects involving land- use rights. The new regulation is applicable to major projects on lists of projects calling for investment as well as projects drawing attention from multiple investors.
Once a local people’s council and people’s committee chairman has approved a list of projects seeking investors and which require the issuance of land-use rights, the bid solicitor must publish the bidding information in the mass media, giving interested investors at least 30-days notice to register for bidding.
Interested bidders must meet certain conditions, including legal capacity; capital equal to at least 15 per cent of the total budget of a project using less than 20ha of land, and not less than 20 per cent of the budget of the project using more than 20ha; and demonstrated ability to raise capital to implement the projects, e.g., a bank guarantee.
The decision also sets a requirement that bidders post a bond equal to 1-3 per cent of the base value of the land-use rights. Each domestic bidder must also post a deposit of no more than VND30 million and each foreign bidder a deposit of no more than VND50 million.
Amending regulations on private universities
The Prime Minister has amended the 2005 regulations on private universities with Decision No 61/2009/QD-TTg, dated April 17. Under the new regulations, a new university must have at least three founding shareholders, none of which may contribute capital towards the establishment of more than two universities, with ownership of more than 51 per cent in each university. Private universities shall have the same status and governance structure as public universities.
VietNamNet, Viet Nam News
|
