What are procedures for private placement in Vietnam?

What are procedures for private placement in Vietnam? - image from internet

Pursuant to Article 48 of the Decree 155/2020/ND-CP stipulating procedures for private placement in Vietnam:

1. The issuer shall send the application for private placement to SSC.

2. Within 07 working days from the receipt of the satisfactory report, SSC shall issue a written approval and announce the receipt of the application on its website. In case the application is rejected, SSC shall make a written response and provide explanation.

3. The issuer shall complete the private placement within 90 days from the day on which SSC issues the written approval.

4. Within 10 days from the end of the offering, the issuer shall send the report on the revenue generated by the offering enclosed with confirmation of the bank or FBB where the escrow account is opened to SSC in accordance with SSC and disclose this information on the websites of the issuer and SSC.

5. Within 03 days from the receipt of the satisfactory report, SSC shall send a written notification of the receipt of the report to the issuer, the Stock Exchange and VSDCC, and announce the receipt of it on the website of SSC.

6. After receiving the notification from SSC, the issuer may request unfreezing of the amount obtained from the offering.

7. The interval between the private placements shall be at least 06 months from the ending date the private placement, including private placement of shares, convertible bonds, warrant-linked bonds, warrant-linked preference shares; issuance of shares for swap to shareholders of non-public joint stock companies, swapping stakes of contributing members of limited liability companies; issuance shares for swap to pre-selected shareholders in public companies; issuance of shares for swapping debts.

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