Public companies formed from wholly state-owned enterprises (SOEs) are required to register their publicity with the State Securities Commission, depository with the Vietnam Depository Center, and trading on the unlisted public companies market (UPCoM) within 90 days after obtaining enterprise registration certificates.
As guided by the Finance Ministry in Circular No. 01/2015/TT-BTC of January 5, guiding the registration of trading in securities of unlisted public companies, before listing on the HCM City or Hanoi Stock Exchange, SOEs that conducted initial public offerrings (IPOs) before November 1, 2014, must trade on the UPCoM within one year, while SOEs with IPOs conducted after that date can trade on UPCoM within 90 days after getting enterprise licenses.
The new regulation also points out that other public companies, which had conducted an IPO before July 1, 2011, but have not yet listed on the local bourses, must also trade in the UPCoM within one year.
Also, delisted companies must trade in the UPCoM within 30 days before relisting.
This Circular will take effect on March 1, and replace Decision No. 108/2008/QD-BTC of November 20, 2008, Circular No. 128/2009/TT-BTC of June 23, 2009, and Circular No. 95/2010/TT-BTC of June 30, 2010.-