Circular No. 123/2015/TT-BTC, dated August 18, 2015, provides guidance on foreign investment activities on the Vietnamese securities market. Accordingly, foreign investors with securities trading codes may directly or authorize their trading representatives or securities trading organizations to trade in shares, bonds and other securities; contribute capital; buy, sell and exchange shares in accordance with the regulations on securities and securities market; and carry out indirect investment in the form of entrusting their capital to fund management companies or Vietnam-based branches of foreign fund management companies.
Each foreign investor may open one indirect investment capital account at one depository bank licensed to trade in foreign exchange; and be allowed to hold under 51 percent of charter capital of securities trading organizations. Foreign organizations satisfying the requirements prescribed in Clauses 21 and 24, Article 1 of Decree No. 60/2015/ND-CP may hold at least 51 percent of charter capital of securities trading organizations.
The Circular takes effect on October 1, 2015, and replaces Circular No. 213/2012/TT-BTC of December 6, 2012.-