Decision No. 146/2003/QD-TTg dated July 17, 2003 of the Prime Minister on foreign parties’ participation rates in Vietnam’s securities market

DECISION

ON FOREIGN PARTIES' PARTICIPATION RATES IN VIETNAM'S SECURITIES MARKET

THE PRIME MINISTER

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the Government's Decree No. 48/1998/ND-CP of July 11, 1998 on securities and securities market;

Pursuant to the Government's Decree No. 64/2002/ND-CP of June 19, 2002 transforming State enterprises into joint-stock companies;

Pursuant to the Prime Minister's Decision No. 36/2003/QD-TTg of March 11, 2003 promulgating the Regulation on contribution of capital to, and purchase of equities from, Vietnamese enterprises by foreign investors;

At the proposal of the Chairman of the State Securities Commission,

DECIDES:

Article 1.- Foreign organizations and individuals, that purchase and/or sell stocks on Vietnam's securities market, may hold at most 30% of the total number of listed stocks of an issuing organization.

Article 2.- The percentage of capital contribution of a foreign securities-trading organization to a joint-venture securities company or a joint-venture fund management company shall be at most 49% of the charter capital.

Article 3.- Foreign organizations and individuals may hold an unlimited percentage of bonds circulated on Vietnam's securities market.

Article 4.- This Decision replaces the Prime Minister's Decision No. 139/1999/QD-TTg of June 10, 1999 and takes effect 15 days after its publication in the Official Gazette.

Article 5.- The ministers, the heads of the ministerial-level agencies, the heads of the agencies attached to the Government and the presidents of the People's Committees of the provinces and centrally-run cities shall have to implement this Decision.