What are public offering forms in Vietnam?

Recently, the Government of Vietnam has issued the Decree No. 155/2020/NĐ-CP on elaboration of some Articles of the Law on Securities of Vietnam.

hình thức chào bán chứng khoán ra công chúng, Nghị định 155/2020/NĐ-CP

According to Article 10 of the Decree No. 155/2020/NĐ-CP of the Vietnam’s Government, public offering forms include:

- Initial public offering (IPO) of securities includes:

+ IPO for raising additional capital to the issuer;

+ IPO to become a public company by changing ownership structure without increasing the issuer’s charter capital;

+ Combination of (a) and (b);

+ Initial public offering of fund certificates for establishment of a securities investment fund.

- Follow-on offering or follow-on public offers (FPO) includes the following cases:

+ A public company conducts an FPO of shares or issues call options to its existing shareholders;

+ A securities investment fund management company conducts and FPO of fund certificates to increase its charter capital.

- Public offering of shares by shareholders of public companies.

- Public offering of bonds and securities by issuers.

When offering securities to the public, individuals and companies must submit an application for registration of the offering in accordance with the law. Normally, the registration dossier includes: Registration form for offering, prospectus, Decision on approval of the issuance plan and other documents depending on the type of company:

- Application for IPO by a joint-stock company: Article 11

- Application for FPO by a public company: Article 12

- Conditions for public offering of shares by shareholders of public companies: Article 13

- Application for public offering of shares by shareholders of public companies: Article 14

- Application for FPO of shares by public companies at lower prices than face value: Article 18

More details at the Decree No. 155/2020/NĐ-CP of the Vietnam’s Government, effective from January 01, 2021.

Le Thanh


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