Vietnam: Rights and obligations of public companies after completing public company registration

Recently, the National Assembly of Vietnam has issued the Law on Securities 2019, replacing the Law on Securities 2006 and the amended Law on Securities 2010.

Quyền và nghĩa vụ của công ty đại chúng sau khi hoàn tất việc đăng ký , Luật Chứng khoán 2019

According to Article 34 of the Law on Securities 2019 of Vietnam, after the State Securities Commission (SSC) confirms the public company registration, the public company shall have the following rights and obligations:

- Disclose information in accordance with this Law;

- Comply with regulations on company administration in this Law;

- Apply for share registration at Vietnam Securities Depository and Clearing Corporation (VSDCC) as prescribed in Clause 1 Article 61 of this Law;

- The public company has a contributed charter capital of at least 30 billion VND and at least 10% of the voting shares are being held by at least 100 non-major shareholders shall apply for trading shares on the trading system for unlisted securities within 30 days from the day on which SSC confirms the public company registration. After 02 years from the first day of trading on the trading system for unlisted securities, the public company may apply for listing if whenever all listing requirements are satisfied;

- The public company has successfully made its IPO by registration with SSC shall have its shares listed or registered within 30 days from the ending date of the public offering.

Apart from the above rights and obligations, a public company also has the rights and obligations specified in the Law on Enterprises and relevant laws of Vietnam.

View more details at the Law on Securities 2019 of Vietnam, effective from January 01, 2021.

Ty Na

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