THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No. 121/2008/QD-BTC
Hanoi, December 24, 2008
 DECISION
PROMULGATING THE REGULATION ON ACTIVITIES OF FOREIGN INVESTORS ON VIETNAM'S SECURITIES MARKET
THE MINISTER OF FINANCE
Pursuant to June 29, 2006 Law No. 70/2006/ QH11 on Securities;
Pursuant to the Government's Decree No. 14/2007/ND-CP of January 19, 2007, detailing the implementation of a number of articles of the Law on Securities;
Pursuant to the Government's Decree No. 77/ 2003/ND-CP of July 1, 2003, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
At the proposal of the chairman of the State Securities Commission,
DECIDES:
Article 1. To promulgate together with this Decision the Regulation on activities of foreign investors on Vietnam's securities market.
Article 2. This Decision takes effect 15 days after its publication in "CONG BAO."
Article 3. The director of the Office of the Ministry of Finance, the chairman of the State Securities Commission, securities companies, fund management companies, depository members, foreign investors and involved parties shall implement this Decision.
 

 

 
FOR THE MINISTER OF FINANCE
VICE MINISTER


Tran Xuan Ha
 
REGULATION
ON ACTIVITIES OF FOREIGN INVESTORS ON VIETNAM'S SECURITIES MARKET
(Promulgated together with the Minister of Finance's Decision No. 121/2008/QD-BTC of December 24, 2008)
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Regulation guides investment activities of foreign institutions and individuals on Vietnam's securities market.
Article 2. Interpretation of terms
In this Regulation, the terms below are construed as follows:
1. Foreign investors include:
a/ Individuals who are foreign nationals and reside overseas or in Vietnam, including also Vietnamese bearing foreign nationality;
b/ Institutions established and operating under foreign laws and their branches, including also branches operating in Vietnam;
c/ Institutions established and operating under Vietnamese law and being wholly foreign-owned and their branches;
d/ Investment funds established and operating under foreign laws and those established and operating under Vietnamese law and being wholly foreign-owned;
dd/ Other entities specified by the Prime Minister.
2. Authorized representative of a foreign institution means:
a/ Chairman of the board of directors or director general (director) of a foreign institutional investor;
b/ A person who is fully competent under the charter of a foreign institution to sign documents specified in this Regulation and perform relevant jobs within the ambit of his/her competence;
c/ Person who is authorized in writing by a person defined at Point a of this Clause.
3. Trading representative means a Vietnam-based individual designated or authorized by a foreign investor to conduct investment transactions on Vietnam's securities market.
4. Valid dossier means a dossier comprising all valid papers required by this Regulation and completely filled in under law.
5. Valid copy means notarized or authenticated copy under current Vietnamese law.
6. Investment direction contract means a contract entered into between an investor and a securities company or fund management company whereby the investor authorizes the securities company or fund management company to make, on his/her/its behalf and on his/her/its account, investments at a cost and time agreed upon by the two parties, or bids to purchase securities or equities of equitized state enterprises.
Chapter II
INVESTMENT ACTIVITIES
Article 3. General principles
1. Foreign investors may conduct investment activities on Vietnam's securities market in the following forms:
a/ Direct investment by:

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