What information shall be periodically disclosed by public companies in Vietnam?

What information shall be periodically disclosed by public companies in Vietnam?

According to latest regulations, what information shall be periodically disclosed by public companies in Vietnam?

Answer:

Pursuant to Clause 1 Article 120 of the Law on Securities in 2020 stipulating disclosure of information of public companies as follows:

A public company shall periodically disclose the following information:

a) Audited annual financial statements, biannual financial statements examined by accredited audit organizations; quarterly financial statements;

b) Annual reports;

c) Company administration reports;

d) Resolutions of Annual General Meetings of Shareholders;

dd) Other information prescribed by law.

What are regulations on handling the money of the investors in case it is not eligible to establish a public fund in Vietnam?

According to latest regulations, what are regulations on handling the money of the investors in case it is not eligible to establish a public fund in Vietnam?

Answer:

Pursuant to Article 108 of the Law on Securities in 2020 stipulating raising capital to establish public funds as follows:

1. The capital for establishment of a public fund shall be raised within 90 days from the effective date of the certificate of public offering of fund certificates. A public fund will be established if the following requirements are satisfied:

a) There are at least 100 investors, not including professional investors in fund certificates, except exchange traded fund (ETF);

b) The total value of fund certificates sold is at least 50 billion VND.

2. The entire capital contributed by investors shall be transferred to a separate account under management of the supervisory bank and shall not be used until capital is fully raised. The fund management company shall submit SSC a capital raising report verified by the supervisory bank within 10 days from the completion date of capital raising.

3. In case the requirements specified in Clause 1 of this Article are not fully satisfied, the fund management company shall return the money to the investors in full within 15 days from the completion date of capital raising. The fund management company shall pay the costs and bear other financial obligations of the capital raising.

As regulations above, the fund management company shall return the money to the investors in full within 15 days from the completion date of capital raising in case it is not eligible to establish a public fund in Vietnam.

How often shall public companies in Vietnam carry out Board of Directors' meetings?

My company is a public company. I am researching these new regulations to ensure proper implementation when the new legal document takes effect. How often shall public companies in Vietnam carry out Board of Directors' meetings? Thank you!

Answer:

Pursuant to Clause 3 Article 41 of the Law on Securities in 2020 stipulating composition and responsibilities of the Board of Directors as follows:

a) There should be a balance between the number of executive members, non-executive members and independent members of the Board of Directors of a public company in order to ensure its independence;

b) The Board of Directors shall be accountable to the shareholders for the company’s operation; ensure the company’s compliance with law, its charter and internal regulations; develop the internal regulations on company administration and submit it to the General Meeting of Shareholders for approval; designate executive officers; and have other responsibilities prescribed by law and the company’s charter;

c) The Board of Directors shall hold a meeting at least once per each quarter of the year following the procedures specified in the company’s charter and the company’s administration regulations. The organization, agenda and documents of a meeting of the Board of Directors shall be informed in advance to its members as prescribed by law and the company’s charter.

Therefore, the Board of Directors shall hold a meeting at least once per each quarter of the year.

Best regards!