What are conditions for listing securities under new regulations in Vietnam? What is dossier for registration of securities listing in Vietnam comprise?

What are conditions for listing securities under new regulations in Vietnam?

Pursuant to Article 4 of the Regulation on Listing and Trading of Listed Securities issued together with Decision 17/QD-HDTV in 2022 stipulating the conditions for listing securities as follows:

1. Conditions for listing shares on the Stock Exchange comply with the provisions of Article 109 of Decree No. 155/2020/ND-CP.

2. Conditions for listing shares of public companies formed after consolidation, merger, division, separation and other restructuring cases are prescribed as follows:

a) Conditions for listing shares on the Stock Exchange of the consolidating company comply with the provisions of Clause 1, Article 112 of Decree No. 155/2020/ND-CP.

b) Conditions for listing shares on the Stock Exchange of the merging company that is not a listed company comply with the provisions at Points dd and e, Clause 2, Article 112 of Decree No. 155/2020/ND-CP.

c) Conditions for listing shares in case of merger of enterprises that are not specified at Points a, b, c, d, dd, e, Clause 2, Article 112 of Decree No. 155/2020/ND- CP according to the provisions of Clause 1, Article 109 of Decree No. 155/2020/ND-CP.

d) The listing conditions of public companies formed after the division or separation of enterprises comply with the provisions at Points a, d, dd, e, Clause 3, Article 112 of Decree No. 155/2020/ND-CP.

dd) Conditions for listing shares on the Stock Exchange of companies in case of other restructuring comply with the provisions of Points b and c, Clause 4, Article 112 of Decree No. 155/2020/ND-CP.

3. The listing of corporate bonds shall comply with the provisions of Clause 1, Article 118 of Decree No. 155/2020/ND-CP.

4. Conditions for listing securities of foreign issuers shall comply with the provisions of Article 123 of Decree No. 155/2020/ND-CP.

What is dossier for registration of securities listing in Vietnam comprise?

Pursuant to Article 5 of the Regulation on Listing and Trading of Listed Securities issued together with Decision 17/QD-HDTV in 2022, dossier for registration of securities listing is prescribed as follows:

1. Dossier for registration of securities listing:

a) The application file for listing of shares of a company offering shares to the public or an equitized enterprise shall comply with the provisions of Clause 1, Article 110 of Decree No. 155/2020/ND-CP and Appendix I. promulgated together with this Regulation.

b) The application file for listing of shares of the company that has been traded on the UPCoM trading system for at least two (02) years shall comply with the provisions of Clause 2, Article 110 of Decree No. 155/2020/ND- CP and Appendix I promulgated together with this Regulation.

2. Dossier of registration for listing of shares of public companies formed after consolidation, merger, division, separation and other restructuring cases:

a) The application for listing registration of the consolidating company shall comply with the provisions of Clauses 1, 2, 3, 4, 5, 6, Article 113 of Decree No. 155/2020/ND-CP and Appendix I enclosed herewith. under this Regulation.

b) The application for listing registration of the merging company that is not a listed company must comply with Clauses 4, 5, Article 114 of Decree No. 155/2020/ND-CP and Appendix I promulgated. attached to these Regulations.

c) In case of merger of enterprises according to the provisions of Point g, Clause 2, Article 112 of Decree No. 155/2020/ND-CP , the application for listing registration shall comply with the provisions of Clause 2, Article 110 of Decree No. 155/ 2020/ND-CP and Appendix I issued together with this Regulation.

d) The application for listing registration of the company after the division or separation of the enterprise shall comply with the provisions of Clauses 1, 4, 5, 6, Article 115 of Decree No. 155/2020/ND-CP and Appendix I promulgated. attached to these Regulations.

dd) Dossier of listing registration of companies in case of other restructuring shall comply with the provisions of Clauses 2 and 3, Article 116 of Decree No. 155/2020/ND-CP and Appendix I enclosed herewith. This Regulation.

3. The application file for listing of corporate bonds shall comply with the provisions of Clause 2, Article 118 of Decree No. 155/2020/ND-CP and Appendix I issued together with this Regulation.

4. Dossier of registration for listing of certificates of closed-end fund, real estate investment fund, portfolio swap fund and shares of a public securities investment company must comply with the provisions of Clause 3, Article 110 of Decree No. 155/2020/ND-CP and Appendix I issued together with this Regulation.

5. The application file for securities listing registration of a foreign issuer shall comply with the provisions of Clause 1, Article 124 of Decree No. 155/2020/ND-CP.

6. The registration for re-listing of shares shall comply with the provisions of Article 122 of Decree No. 155/2020/ND-CP.

What are procedures for listing registration and official trading in Vietnam? 

Pursuant to Article 6 of the Regulation on Listing and Trading of Listed Securities issued together with Decision 17/QD-HDTV in 2022, procedures for listing registration and official trading are as follows:

1. The submission and supplementation of dossiers and report documents to the Stock Exchange shall comply with the provisions of Article 6 of Decree No. 155/2020/ND-CP, and at the same time send the electronic data copy of the listing registration dossier to the Stock Exchange. 

2. Procedures for registration of listing of stocks, corporate bonds and fund certificates shall comply with the provisions of Article 111 of Decree No. 155/2020/ND-CP, in which:

a) In case the dossier is incomplete and invalid, the Stock Exchange shall send an official dispatch to the listing registration organization clearly stating the request for amendment and supplementation within 07 working days from the date of receipt of the registration dossier in accordance with the provisions of Clause 5, Article 6 of Decree No. 155/2020/ND-CP.

b) The listing registration organization must complete the listing registration dossier within 60 days from the date the Stock Exchange sends a written request to amend and supplement the dossier as prescribed in Clause 8, Article 6 of Decree No. 155/2020/ND-CP. Past the above time limit, if the listing registration organization fails to complete the application, the Stock Exchange shall stop considering the application for listing registration.

c) Within 30 days from the date of receipt of a complete and valid application for listing registration, the Stock Exchange shall issue a decision on approval for listing according to the provisions of Clause 1, Article 111 of Decree No. 155/2020/ND- CP. In case of refusal to list, the Stock Exchange shall reply in writing and clearly state the reason.

d) Within 05 working days from the date of issuance of the Decision on approval of listing, the listing organization is responsible for paying the price of the listing registration service and the listing management service price of the approved year. listed for the Stock Exchange according to the provisions of Circular No. 101/2021/TT-BTC dated November 17, 2021 of the Minister of Finance regulating service prices in the securities sector applied at the Stock Exchange. and Vietnam Securities Depository and Clearing Corporation and disclose information about being approved for listing registration on the website of the listing organization.

dd) Within 90 days from the date of being approved for listing, the listing organization must put securities into trading as prescribed in Clause 2, Article 111 of Decree No. 155/2020/ND-CP. In case the listing organization fails to put securities into trading within 90 days from the date of being approved for listing, the securities will be delisted from compulsory listing according to the provisions of Point dd, Clause 1, Article 120 of Decree No. 155/2020/ND-CP.

e) The listing organization registers the first trading day, the reference price on the first trading day (except for the case of bonds listing) according to Form NY -01A attached to this Regulation within 06 working days at the latest. prior to the first scheduled trading date. In case the Stock Exchange has announced the first trading day, the listing organization must not change it within 03 working days before the first trading day announced.

Best Regards!