On September 12th, the State Securities Commission announced Decree 245/2025/ND-CP, issued by the Government , amending and supplementing Decree 155/2020/ND-CP detailing the implementation of several articles of the Securities Law. This is considered an important reform step, aimed at removing barriers and creating more favorable conditions for foreign investors to access the Vietnamese securities market.
The decree supplements regulations to make it easier for foreign investors to prove their professional investor status through legal documents from the host country. At the same time, the time from IPO to official trading of shares has been shortened from 90 days to 30 days, helping businesses to list quickly and ensuring the rights of investors.
Another highlight is the abolition of the regulation allowing the general shareholders' meeting to lower the maximum foreign ownership ratio below the legally mandated level. The new regulation opens the door to foreign capital and requires public companies to complete the notification of foreign ownership ratios within 12 months from the effective date of the decree.
Furthermore, the procedure for issuing securities trading codes to foreign investors has been simplified. Investors can trade immediately after receiving the electronic code without having to submit paper documents, in line with international practice. Simultaneously, the State Bank of Vietnam has issued circulars facilitating the opening of indirect investment capital accounts, reducing costs and time for market entry.
The decree also paves the way for the implementation of a central counterparty clearing mechanism (CCP), expected to be applied from 2027, to enhance system security and mitigate risks. In addition, foreign investment fund management companies are granted two trading codes to separate their operations, preparing for a consolidated account model in line with international practices.
Transparency of information and investor protection are also key focuses of this revision. Listed companies are required to disclose information in English, corporate bonds issued to the public must have credit ratings from reputable international organizations, and the scope of organizations providing payment guarantees has also been expanded. The decree adds many provisions related to corporate governance, dividend payments, and disclosure of capital utilization information, aiming to protect the legitimate rights of domestic and foreign investors.
Source: https://nld.com.vn/go-rao-can-de-von-ngoai-vao-thi-truong-chung-khoan-19625091220495859.htm
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