A representative of the State Securities Commission (SSC) has affirmed that the legal grounds for Vietnamese businesses to list their stocks on foreign stock exchanges were fairly complete.
“Vietnamese businesses only need to satisfy the conditions for stock issuance and listing on foreign bourses and strictly comply with the accounting regime and information disclosure rules of the host countries,” said Head of the SSC Market Development Department Ta Thanh Binh.
Since the revised Securities Law took effect on July 1, 2011, the Government issued Decree 58 in 2012 and Decree 60 in 2015 to guide the revised law.
MOF Circular 162 dated October 26, 2015, also devoted a chapter to detailing Vietnamese businesses’ issuance of stocks overseas.
She went on to confirm the state management agencies’ support for Vietnamese businesses to list on foreign bourses which would help the latter raise more capital for their business and production.
However, Chairman of the Vietnam Securities Depository Nguyen Son pointed out difficulties in the “post-listing” stages, including payment, trading, reporting and information sharing and disclosure, as every business has its own strengths and weaknesses.
Nguyen Duy Phuong, an independent securities analysis expert of a foreign investment fund in Vietnam, said domestic businesses making offshore investment would have to open their accounts overseas and conduct transactions in foreign currencies which was almost impossible as such activities were against current domestic regulations.-(VLLF)