|
In September 2012, the Government issued Decree No. 58/2012/ND-CP ("Decree 58"), allowing foreign investors to acquire up to 49% of the charter capital in an existing fund management company or to establish a new 100%-owned fund management company provided that some certain criteria are met. However, there was a lack of detailed guidance on this matter, and no 100%-owned foreign-invested fund management company was established despite the issue of Decree 58. This is set to change, however, as the Ministry of Finance has now issued Circular 212/2012/TT-BTC ("Circular 212") with effect from 1 March 2013. Circular 212 sets out the detailed conditions and procedures for setting up a 100% foreign-invested fund management company. In addition, it also permits the fund management company to provide securities investment consultancy service, which is a new clarification on the law. With the new developments under Circular 212, it is expected that Vietnam's securities market will become more attractive to foreign investors.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
|
|
Rajah & Tann LCT Lawyers Ho Chi Minh City OfficeSaigon Centre, Level 13, Unit 2&3 65 Le Loi Boulevard, District 1 HCMC, Vietnam Hanoi OfficeLotte Center Hanoi - East Tower Level 30, Unit 3003, 54 Lieu Giai Street., Ba Dinh Dist., Hanoi, Vietnam http://vn.rajahtannasia.com
Contacts: Lim Wee HannPartnerD +65 62320606wee.hann.lim@rajahtann.comBrian NgPartnerD +84 8 38212673F +84 8 38212685brian.ng@rajahtann.comRajah & Tann Asia is a network of legal practices based in Asia. | Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. | This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
|
|