On 15/4/2009 the Prime Minister Nguyen Tan Dung ratified Decision No 55-2009-QD-TTg on Percentage Participation of Foreign Investors in Securities Market of Vietnam. In this Decision, foreign investors comprise the following organizations and individuals:

- Organizations established and operating pursuant to foreign law and branches of such organizations both overseas and in .

- Organizations established and operating in with a capital contribution portion of foreign parties above 49%.

- Investments funds and securities investment companies with a capital contribution portion of foreign parties above 49%.

- Foreign individuals not holding Vietnamese nationality, and who reside overseas or in

Foreign investors purchasing or selling securities on the securities market of shall be permitted to hold a maximum 49% of the total number of shares in a public shareholding company and a maximum 49% of the total number of investment fund certificates of any one public securities investment fund. Regarding public securities investment companies, they are permitted to hold a maximum 49% of the charter capital of any one public securities investment company and regarding bonds, the issuing organization may regulate the limits on percentage ownership of circulating bonds of such issuing organization.

Foreign securities business institutions shall be permitted to participate in establishment of securities companies or fund management companies in as follows:

1. Only foreign securities business institutions shall be permitted to contribute capital [and] purchase shareholding establishing a securities company. The capital contribution percentage of foreign parties shall be a maximum 49% of the charter capital of the securities company.

2. Only foreign securities business institutions with the professional operation of managing securities investment funds or foreign insurance business institutions shall be permitted to contribute capital and purchase shareholding establishing a fund management company. The capital contribution percentage of foreign parties shall be a maximum 49% of the charter capital of the fund management company.

This Decision shall be of full force and effect as from 1 June 2009 and shall replace Decision 238-2005-QDTTg of the Prime Minister dated 29 September 2005.

E-MoF