Law No. 70/2006/QH11 dated July 12, 2006 of the National Assembly on Securities
THE NATIONAL ASSEMBLY
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, June 29, 2006
Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10 of December 25, 2001, of the Xth National Assembly, the 10th session;
This Law provides for securities and securities market.
Article 1.- Scope of regulation
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This Law provides for public offering of securities, securities listing, trading and investment, and provision of securities and securities market services.
Article 2.- Subjects of application
1. Vietnamese and foreign organizations and individuals engaged in securities investment and operating in Vietnam's securities market.
2. Other organizations and individuals involved in securities activities and securities market.
Article 3.- Application of the Securities Law, relevant laws and treaties
1. Activities of public offering of securities, securities listing, dealing, trading and investment, and provision of securities and securities market services shall comply with this Law and other relevant laws.
2. When a treaty to which the Socialist Republic of Vietnam is a contracting party contains provisions different from those of this Law, the provisions of that treaty prevail. The Government shall specify the implementation of treaties in compatibility with the international integration roadmap and commitments.
Article 4.- Principles of securities activities and securities market operation
1. Respect for organizations' and individuals' rights to freedom of securities purchase, sale and trading as well as securities service provision.
2. Fairness, publicity and transparency.
3. Protection of legitimate rights and benefits of investors.
4. Accountability for risks.
5. Compliance with law.
Article 5.- Securities market development policies
1. The State shall adopt policies to encourage and create favorable conditions for organizations and individuals of all economic sectors and people of all social strata to invest in and operate on the securities market, aiming to mobilize long-term and medium-term capital sources for development investment.
2. The State shall adopt policies to manage and supervise the securities market in order to ensure its fair, public, transparent, safe and efficient operation.
3. The State shall adopt policies to invest in the modernization of infrastructure for the operation of the securities market, the development of human resources for securities activities, and the dissemination and popularization of securities and securities market knowledge.
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