A series of new points untie the stock market bottleneck, promote upgrading

The Government issued Decree 245 amending and supplementing a number of articles of Decree 155 to resolve a number of difficulties in stock market operations.

The stock market received a lot of notable information about policies - Photo: QUANG DINH

After IPO, 30 days to list shares

Regarding offering and issuance activities, the newly issued decree adds the responsibility to report and disclose information on capital use, periodically report every 6 months from the end date of the offering, the end date of the issuance until the disbursement of all mobilized funds and submit an audited capital use report at the annual general meeting of shareholders.

For initial public offerings (IPOs), the offering dossier must include a report on contributed charter capital, independently audited.

After IPO and listing at the same time, the time for businesses to list their shares on the stock exchange is shortened to 30 days instead of 90 days as before, helping to better protect investors' rights and increase the attractiveness of the issuance.

For bonds, the conditions for public offering are tightened. Accordingly, all issuing organizations or corporate bonds registered for public offering must have a credit rating, except for bonds issued by credit institutions or bonds guaranteed by credit institutions, foreign bank branches, foreign financial institutions, or international financial institutions to pay the entire principal and interest of the bonds.

The credit rating agency is not a related party of the issuer. The new decree also accepts the assessment results of three prestigious global organizations: Moody's, Standard & Poor's and Fitch Ratings, helping domestic enterprises save costs.

Reform of offering and issuance procedures

A series of administrative procedures related to offering and issuance have been simplified. Specifically, the new decree has removed the provision on the condition of successful offering rate (70%) for the case of offering securities to the public to shareholders according to the ownership ratio; removed the document component of "State Bank's approval document on the plan to issue bonds to the public according to the provisions of the law on credit institutions" for the registration dossier for public offering of bonds by credit institutions.

At the same time, remove the condition that "the total amount of money raised from the offering in Vietnam does not exceed 30% of the total investment capital of the project"; reduce the condition that "the offered bond is a bond with a term of not less than 10 years" (to a term of 5 years) for public bond offerings.

Decree 245 also aims to remove barriers for foreign investors. In particular, the procedure for recognizing professional securities investor status is adjusted to comply with foreign legal documents, creating convenience when participating in individual issuances.

The rights of foreign shareholders are also more clearly guaranteed. The Decree abolishes the provision allowing the general meeting of shareholders or the company's charter to set a foreign ownership ceiling lower than the law, thereby gradually approaching the maximum level of openness according to international commitments. Public companies have 12 months to complete the procedure of notifying the maximum foreign ownership ratio.

The procedure for granting transaction codes to foreign investors has been simplified, allowing transactions to be made immediately after being confirmed by the electronic system, instead of having to wait for a certificate as before. The State Bank has also reformed procedures for opening capital accounts and payments, reducing the time and cost of accessing the market.

Notably, foreign fund management companies are allowed to own two separate trading codes for proprietary trading and client asset management, in accordance with international practices and as a basis for implementing the total trading model (OTA - Omnibus Trading Account) according to international practices.

BINH KHANH

Source: https://tuoitre.vn/hang-loat-diem-moi-go-nut-that-thi-truong-chung-khoan-thuc-day-nang-hang-2025091214372921.htm