Vietnam: The Goods Exchange is established when its legal capital is VND 150 billion or more

According to Article 8 of Decree No. 158/2006/NĐ-CP of Vietnam’s Government, the Goods Exchange is established when the following conditions are satisfied:

1. Its legal capital is one hundred and fifty billion dong or more;

2. Its operation charter is compliant with this Decree;

3. Its director or general director possesses bachelor or higher degree and has worked in the economic-financial domain for at least five years; has full civil act capacity and is not banned from corporate administration according to the provisions of the Enterprise Law of Vietnam;

4. Other conditions specified by the Enterprise Law of Vietnam.

Thus, when the above-mentioned conditions are fully satisfied, the dossier of application for establishment license of the Goods Exchange shall be prepared, including:

1. An application for establishment license of the Goods Exchange, made according to a form set by the Trade Ministry;

2. A list of members in case the Goods Exchange operates as a limited liability company and the following enclosed documents:

- For individual members: Copies of their identity cards or other lawful personal identification papers;

- For institutional members: Copies of their establishment decisions, business registration certificates or other equivalent documents; powers of attorney, identity cards or lawful personal identification papers of their authorized representatives.

3. A list of founding shareholders in case the Goods Exchange operates as a joint-stock company and the following enclosed documents:

- For individual shareholders: Copies of their identity cards or other lawful personal identification papers;

- For institutional shareholders: Copies of their establishment decisions, business registration certificates or other equivalent documents; powers of attorney, identity cards or lawful personal identification papers of their authorized representatives.

4. The competent agency's written certification of the legal capital;

5. The econo-technical explanation, stating objectives, location, schedule for establishment and operation commencement, and technological solutions to conduct transactions;

6. Draft operation charter of the Goods Exchange;

7. Draft charters of enterprises.

View more details at Decree No. 158/2006/NĐ-CP of Vietnam’s Government, effective from January 22, 2007.

Ty Na

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