DECISION

ON FOREIGN PARTIES' PARTICIPATION RATES IN VIETNAM'S SECURITIES MARKET

THE PRIME MINISTER

Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the Government's Decree No. 48/1998/ND-CP of July 11, 1998 on securities and securities market;
Pursuant to the Government's Decree No. 64/2002/ND-CP of June 19, 2002 transforming State enterprises into joint-stock companies;
Pursuant to the Prime Minister's Decision No. 36/2003/QD-TTg of March 11, 2003 promulgating the Regulation on contribution of capital to, and purchase of equities from, Vietnamese enterprises by foreign investors;
At the proposal of the Chairman of the State Securities Commission,

DECIDES:

Article 1.- Foreign organizations and individuals, that purchase and/or sell stocks on Vietnam's securities market, may hold at most 30% of the total number of listed stocks of an issuing organization.

Article 2.- The percentage of capital contribution of a foreign securities-trading organization to a joint-venture securities company or a joint-venture fund management company shall be at most 49% of the charter capital.

Article 3.- Foreign organizations and individuals may hold an unlimited percentage of bonds circulated on Vietnam's securities market.

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Article 5.- The ministers, the heads of the ministerial-level agencies, the heads of the agencies attached to the Government and the presidents of the People's Committees of the provinces and centrally-run cities shall have to implement this Decision.

PRIME MINISTER




Phan Van Khai