Differences Between a Public Joint-Stock Company and a Listed Joint-Stock Company
According to Clause 1, Article 25 of the Securities Law 2006, a public company is defined as follows:
A public company is a joint-stock company that falls into one of the following three categories:
a) A company that has conducted a public offering of shares;
b) A company with shares listed on the Stock Exchange or the Securities Trading Center;
c) A company with shares owned by at least one hundred investors, excluding professional securities investors, and with a charter capital contributed of ten billion Vietnamese dong or more.
The differences between a public joint-stock company and a listed joint-stock company are as follows:
| Criteria | Public Joint-Stock Company | Listed Joint-Stock Company |
| Charter Capital | Must have a charter capital of 10 billion VND or more | Must have a charter capital of 80 billion VND or more |
| Business Operation Capacity | The business operation in the year preceding the year of the public offering registration must be profitable, with no accumulated losses up to the year of the public offering registration | Must be profitable in the 2 years before listing |
| Public Ownership | Requires a minimum of 100 investors holding shares, excluding professional investors who are financial institutions | Additional requirement that 100 shareholders hold at least 20% of the voting shares |
| Duration of Shareholding by Leadership Members | No mandatory shareholding rate and duration for leadership members | Requires the leadership to hold 100% of shares in the first 6 months and 50% in the next 6 months from the date of listing |
Best regards!
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