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NEWS UPDATES 20 September 2010

Vietnamese securities law to tighten controls

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A Vietnamese securities law proposal plans to tighten controls on private offerings to prevent companies from making too many offerings and exploiting shareholders.

Shares made during private offerings would not be allowed to transfer for at least one year and a private offering must be done at least six month after the first private offering, according to the draft. These measures are to prevent the over-dilution of shares to ensure capital effectiveness and to improve issuer's responsibilities.

Private offerings raise funds from a small group of investors (about 100) without public disclosure and are generally conducted under exemptions allowed by the State Securities Commission.

Private offerings are facilitated by both public and non-public companies. Regulations that govern these issuers are different and based on the Enterprises Law and the Securities Law. The draft proposal aims to prevent non-public companies from making private offerings before making an initial IPO.

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