THE PRIME MINISTER OF GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No: 139/1999/QD-TTg
Hanoi, June 10, 1999
 
DECISION
ON THE RATES OF FOREIGN PARTIES’ PARTICIPATION IN VIETNAM’S SECURITIES MARKET
THE PRIME MINISTER
Pursuant to the Law on Organization of the Government of September 30, 1992;
Pursuant to Decree No. 48/1998/ND-CP of July 11, 1998 of the Government on Securities and Securities Market;
At the proposal of Chairman of State Securities Commission;
DECIDES
Article 1.- Foreign organizations and individuals may hold at most 20% of the total number of circulating shares of an issuing organization, and/or investment fund certificates of a securities investment fund, in which, a foreign organization may hold a maximum of 7% and a foreign individual may hold a maximum of 3%.
Article 2.- Foreign organizations and individuals may hold 40% of the total number of the circulating bonds of an issuing organization, in which, a foreign organization may hold 10% and foreign individual, 5% at most.
Article 3.- The maximum capital contribution proportion of the foreign parties to a joint-venture securities company is 30%.
Article 4.- This Decision takes effect 15 days after its signing.
Article 5.- Theministers, the heads of ministerial-level agencies, the heads of agencies attached to Government, the presidents of the People’s Committees of the provinces and centrally-run cities shall have to implement this Decision.
 
 
THE PRIME MINISTER OF GOVERNMENT


Phan Van Khai