legal updates

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{"company_logo":"http:\/\/ardens.com.vn\/datafiles\/69122\/upload\/files\/Ardens%205.png","company_name":"Ardens","company_email":"lawyers@ardens.com.vn","company_phone":"+84 972 308 472","company_address":"Ground Floor, 43 Tran Quy Cap Street, Ward 12, Binh Thanh District, Ho Chi Minh City, Vietnam","company_fax":"","date_now":1767285823,"company_tags":["Law firm in Vietnam; M&A Lawyers; Incorporation in Vietnam; Liquidation Lawyers"],"search_keyword":null,"facebook_comment":"http:\/\/ardens.com.vn\/legal-updates","breadscrumb":[{"url":"http:\/\/ardens.com.vn","name":"Home","icon":"","active":false},{"url":"javascript:void(0)","name":"Legal updates","icon":"","active":true}],"list_products_tmp":[],"list_section":[{"id":634046,"name":"SECTION-90738","seo_name":"#w30s-section-634046","url":"#w30s-section-634046"},{"id":634049,"name":"SECTION-90739","seo_name":"#w30s-section-634049","url":"#w30s-section-634049"},{"id":634076,"name":"SECTION-91485","seo_name":"#w30s-section-634076","url":"#w30s-section-634076"},{"id":634075,"name":"SECTION-91487","seo_name":"#w30s-section-634075","url":"#w30s-section-634075"},{"id":634047,"name":"SECTION-90740","seo_name":"#w30s-section-634047","url":"#w30s-section-634047"}],"category_image_url":"http:\/\/ardens.com.vn\/datafiles\/69122\/upload\/files\/Ardens%205.png","type_page":6,"id_page":439404,"widget_15868871":{"content_data":{"content":""}},"widget_15868875":{"content_data":[{"id":89944,"title":"American","code":"us","is_expires":false,"is_active":1}]},"widget_15868872":{"content_data":[]},"widget_15868874":{"content_data":{"content":" "}},"widget_14845855":{"content_data":{"content":""}},"widget_14845842":{"content_data":[{"id":717046,"name":"New Securities Law Amendments in 2025: Enhancing Market Integrity and Investor Protection","desc":"","content":"In a significant move to bolster the integrity and transparency of the securities market, a series of comprehensive amendments and additions have been made to the Securities Law. These changes, which take into effect from January 1, 2025, aim to enhance regulatory oversight, define market manipulation, and protect investors&#39; rights. Here&#39;s a detailed look at the key updates:<\/span><\/span><\/span><\/p>\n\nDefining Market Manipulation<\/b><\/span><\/span><\/span><\/p>\n\nOne of the most critical updates is the addition of Clause 49 to Article 4, which clearly defines market manipulation. This includes actions such as:<\/span><\/span><\/span><\/p>\n\n<ul>\n\t<li style=\"margin:0in 0in 8pt\">Using multiple accounts to create artificial supply and demand.<\/span><\/span><\/span><\/span><\/li>\n\t<li style=\"margin:0in 0in 8pt\">Placing buy and sell orders for the same securities on the same day without actual ownership transfer.<\/span><\/span><\/span><\/span><\/li>\n\t<li style=\"margin:0in 0in 8pt\">Continuously buying or selling securities in large volumes to manipulate prices.<\/span><\/span><\/span><\/span><\/li>\n\t<li style=\"margin:0in 0in 8pt\">Coordinating with others to place continuous buy and sell orders affecting supply, demand, and prices.<\/span><\/span><\/span><\/span><\/li>\n\t<li style=\"margin:0in 0in 8pt\">Providing opinions through media to influence securities prices after trading.<\/span><\/span><\/span><\/span><\/li>\n\t<li style=\"margin:0in 0in 8pt\">Using other methods or spreading false information to create artificial supply and demand.<\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n\nStrengthening Regulatory Oversight<\/b><\/span><\/span><\/span><\/p>\n\nThe amendments to Article 9 enhance the roles of the Vietnam Stock Exchange and its subsidiaries in managing, inspecting, and supervising securities operations. <\/span><\/span><\/span><\/p>\n\nClarifying Foreign Investor <\/b><\/span><\/span><\/span><\/p>\n\nArticle 11 has been updated to define foreign investors as individuals with foreign nationality or organizations established under foreign laws investing in Vietnam. <\/span><\/span><\/span><\/p>\n\nParticipation of Investors in the Private Bond Market<\/b><\/span><\/span><\/span><\/p>\n\nOrganizational professional securities investors are permitted to buy, trade, and transfer private corporate bonds. Individual professional securities investors are allowed to buy, trade, and transfer private corporate bonds that have a credit rating and are secured by assets, or have a credit rating and are guaranteed by a financial institution.<\/span><\/span><\/span><\/p>\n\nEnsuring Accurate Reporting<\/b><\/span><\/span><\/span><\/p>\n\nA new Article 11a establishes the responsibilities of organizations and individuals in preparing and verifying securities-related reports. <\/span><\/span><\/span><\/p>\n\nOrganizations and individuals preparing securities reports must ensure legality, accuracy, truthfulness, and completeness. Verifiers are also legally responsible. Information must be clear and comprehensive.<\/span><\/span><\/span><\/p>\n\nAuthorities only assess the validity of provided documents and are not responsible for violations before or after submission. Valid reports must include all required papers and fully declared content.<\/span><\/span><\/span><\/p>\n\nConsulting organizations and professionals must be honest, cautious, and comply with laws. They are responsible for verifying information and ensuring careful analysis. They are legally accountable within their consulting scope.<\/span><\/span><\/span><\/p>\n\nApproved auditing organizations and auditors must follow independent auditing laws and standards. They are responsible for their opinions on the truthfulness and reasonableness of audited data and must comply with assurance service standards.<\/span><\/span><\/span><\/p>\n\nPublic Offering Requirements<\/b><\/span><\/span><\/span><\/p>\n\nArticle 15 sets minimum thresholds for public offerings aimed at project funding. At least 70% of shares must be sold to investors, with plans to cover any shortfall. Article 18 requires audited reports on charter capital for initial public offerings.<\/span><\/span><\/span><\/p>\n\nSuspension and Cancellation of Private Placements<\/b><\/span><\/span><\/span><\/p>\n\nNew Articles 31a and 31b give the State Securities Commission the authority to suspend or cancel private placements under conditions like misinformation or legal violations. Suspensions can last up to 60 days, and companies must announce suspensions and refund investors if requested. Cancellations occur if issues are not resolved within the suspension period or if violations are found post-offering.<\/span><\/span><\/span><\/p>\n\nPublic Company Criteria<\/b><\/span><\/span><\/span><\/p>\n\nArticle 32 updates the criteria for public companies, including having a charter capital of at least 30 billion VND and at least 10% of voting shares held by 100 non-major shareholders. The Minister of Finance will detail the registration process for public companies.<\/span><\/span><\/span><\/p>\n\nAudit Requirements<\/b><\/span><\/span><\/span><\/p>\n\nArticle 33 mandates independent audits for financial statements and capital contributions for companies registering as public companies.<\/span><\/span><\/span><\/p>\n\nShare Buybacks and Capital Increases<\/b><\/span><\/span><\/span><\/p>\n\nArticle 36 specifies that companies must report buybacks of employee shares at the nearest annual general meeting and are not required to reduce charter capital for these buybacks. Article 37 states that public companies cannot increase charter capital within six months of completing a share buyback, except for specific cases like employee share buybacks or correcting trading errors.<\/span><\/span><\/span><\/p>\n\nDelisting Conditions<\/b><\/span><\/span><\/span><\/p>\n\nArticle 38 outlines conditions under which a public company may lose its public status, including failing to meet public company criteria, not disclosing audited financial reports or annual general meeting resolutions for two consecutive years, and not registering shares with the Vietnam Securities Depository or listing on the stock exchange within one year of becoming a public company. Companies must report to the State Securities Commission within 15 days of failing to meet criteria and may have their public status revoked if not compliant within a year.<\/span><\/span><\/span><\/p>\n\nClearing and Settlement<\/b><\/span><\/span><\/span><\/p>\n\nArticle 55 allows the Vietnam Securities Depository to establish subsidiaries to perform some of its functions. Article 56 states that clearing and settlement of securities transactions, including derivatives, must be conducted through the Vietnam Securities Depository or its subsidiaries. Article 63 reinforces that clearing and settlement activities must be performed by the Vietnam Securities Depository or its subsidiaries.<\/span><\/span><\/span><\/p>\n\nMiscellaneous Amendments<\/b><\/span><\/span><\/span><\/p>\n\nVarious clauses are repealed or amended to streamline and update the securities law framework. This includes repealing Article 23, Clause 3 of Article 48, and Clauses 4 and 5 of Article 135, and adding the phrase &quot;and its subsidiaries&quot; to certain clauses to reflect the expanded role of the Vietnam Securities Depository and its subsidiaries.<\/span><\/span><\/span><\/p>\n\nThese amendments represent a significant step forward in enhancing market transparency, protecting investors, and ensuring the integrity of the securities market in Vietnam. By clearly defining market manipulation, strengthening regulatory oversight, and ensuring accurate reporting, these changes aim to create a more robust and trustworthy market environment.<\/span><\/span><\/span><\/p>\n","image_url":"http:\/\/ardens.com.vn\/datafiles\/69122\/upload\/files\/pexels-weekendplayer-187041.jpg?t=1763099468","image_thumb_url":"http:\/\/ardens.com.vn\/datafiles\/69122\/upload\/thumb_files\/pexels-weekendplayer-187041.jpg?t=1764900995","tags":["Securities law"],"count_view":79,"seo_name":"new-securities-law-amendments-in-2025-enhancing-market-integrity-and-investor-protection","date_update":1735732643,"date_created_format":1759226425,"meta_title":"New Securities Law Amendments in 2025","meta_desc":"","meta_keyword":"New Securities Law Amendments in 2025","qr_code":"http:\/\/ardens.com.vn\/new-securities-law-amendments-in-2025-enhancing-market-integrity-and-investor-protection"},{"id":717043,"name":"Highlights of Law on Real Estate Business 2023","desc":"&nbsp;<\/p>\n\n&nbsp;<\/p>\n","content":"The official versions of the New Law on Real Estate Business have been unveiled following several months since their adoption by the National Assembly on 28 November 2023. The Law takes effect from 1 August 2024. On the same date, its guiding decree, i.e. Decree 96\/2024\/ND-CP (&ldquo;Decree 96<\/b>&rdquo;) also takes effect. Some important highlights of new Law on Real Estate Business (&ldquo;Law on RE Business<\/b>&rdquo;) are discussed below.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nThe concept of foreign invested company is clarified<\/span><\/i><\/b><\/span><\/span><\/span><\/span><\/span><\/p>\n\nUnder old Law on RE Business, there is no definition or guidance on &ldquo;foreign invested company&rdquo;. Consequently, there are various view on this concept in which the most conservative stance commonly adopted in practice is any company with foreign investment regardless of the percentage is considered as &ldquo;foreign invested company&rdquo; and subject to a limited scope when engaging real estate business. <\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nThe new Law on RE Business differentiates 2 types of foreign invested company consisting of:<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\n<ol style=\"list-style-type:lower-alpha\">\n\t<li style=\"margin-top:6.0pt; margin-right:0in; margin-bottom:0in; text-align:justify; margin:0in 0in 0in 0.5in\">Foreign invested company which is required to satisfy conditions and subject to investment procedure applicable for foreign investor under Investment Law. Accordingly, a company with more than 50% charter capital owned by (i) foreign investor or (ii) the company in (i) or (iii) more than 50% charter capital owned by the company in (i) and (ii);<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n\t<li style=\"margin-top:6.0pt; margin-right:0in; margin-bottom:0in; text-align:justify; margin:0in 0in 8pt 0.5in\">Foreign invested company other than those in (a) above. <\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ol>\n\nNew Law on RE Business harmonizes the concept of &ldquo;foreign invested company&rdquo; with the provision set forth under Investment Law. Accordingly, only foreign-invested company falling under item (a) above is required to subject to limited scope of engaging real estate business while those companies in (b) can freely conduct real estate business as a 100% domestic company. This amendment in the new Law on RE Business is expected to instill greater confidence among foreign-invested company when conducting real estate business in Vietnam. <\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\n&ldquo;Separate floor area&rdquo; is recognized as &ldquo;real estate product&rdquo; for putting into real estate market<\/span><\/i><\/b><\/span><\/span><\/span><\/span><\/span><\/p>\n\nLaw on RE Business 2023 introduces &ldquo;separate floor area&rdquo; of construction work as a new type of real estate product for sale and purchase on real estate market. Specifically, &ldquo;separate floor area&rdquo; of construction works for education, medical, sport, culture, office, commerce, service, tourism, accommodation services, industry and mixed-use purpose are allowed to sell and purchase. The purchaser of &ldquo;separate floor area&rdquo; shall be issued with LURC. <\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nAlthough the old Law on RE Business does not recognize sale of purchase of &ldquo;separate floor area&rdquo;, such sale and purchase presents on the market under various forms. Certain DONREs accept such transaction and records the purchaser of the &ldquo;separate floor area&rdquo; as a co-owner (together with the seller) of the construction work. It seems that the new Law on RE Business finally officially recognizes trading &ldquo;separate floor area&rdquo;. <\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nTrading &ldquo;separate floor area&rdquo; is required to satisfy certain conditions at law for sale and purchase, including amongst others, the underlying land of the relevant construction work must be land allocated or leased with lump sum payment, the financial obligations in respect of the underlying land must have been fully paid or the financial obligations in respect of the &ldquo;separate floor area&rdquo; to be paid by the purchaser must be clearly determined in the relevant sale and purchase contract. &nbsp;<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nRequirement for disclosure of information of real estate product before putting into business<\/span><\/i><\/b><\/span><\/span><\/span><\/span><\/span><\/p>\n\nNew Law on RE Business imposes a new condition for putting real estate product into business which is to disclose information of such real estate. Disclosure of information of real estate product is not a new obligation of real estate enterprise. This requirement has been provided under old Law on RE Business. However, under the old law, such requirement is not a prerequisite condition for putting real estate product into business. Requiring transparency in information of real estate products as a condition for putting such products into business puts much pressure on real estate enterprise. Accordingly, putting products into business without such disclosure in advance may render the relevant transaction for trading such real estate product null and void due to violations of legal prohibitions. This is an effort of the lawmaker in making information on real estate market more transparent. <\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nLURC is not a prerequisite condition for project transfer<\/span><\/i><\/b><\/span><\/span><\/span><\/span><\/span><\/p>\n\nUnder old Law on RE Business, LURC is one of conditions for project transfer. <\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nHowever, under new Law on RE Business, such condition has been changed to &ldquo;land allocation decision\/land lease decision\/decision approving change of land use purpose&rdquo; and the financial obligation in respect of the underlying land has been fully paid. This change will help saving time given there is a time gap between full payment of financial obligation and LURC issuance. <\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\nNevertheless, there would be concern regarding procedure for recording the title of the transferee over the underlying land use right. Specially, if LURC for the transferor has not been issued, how the title of the transferee over the underlying land shall be recorded. Under Decree 96, the project transfer agreement shall also be the land use right transfer agreement and the transferor and transferee shall be liable to conduct land registration procedure. It seems that the transferee shall be directly recorded on the LURC after project transfer based on the project documents and project transfer approval.<\/span><\/span><\/span><\/p>\n","image_url":"http:\/\/ardens.com.vn\/datafiles\/69122\/upload\/files\/real%20estate.jpg","image_thumb_url":"http:\/\/ardens.com.vn\/datafiles\/69122\/upload\/thumb_files\/real%20estate.jpg","tags":["LAW ON REAL ESTATE BUSINESS"],"count_view":61,"seo_name":"highlights-of-law-on-real-estate-business-2023","date_update":1733052803,"date_created_format":1759224908,"meta_title":"Real estate law in Vietnam","meta_desc":"","meta_keyword":"Real estate law in Vietnam","qr_code":"http:\/\/ardens.com.vn\/highlights-of-law-on-real-estate-business-2023"}],"content_pagging":{"firstCurrentItem":6,"lastCurrentItem":8,"total":8,"limit":6,"currentPage":"2","total_page":2,"pages":[{"active":false,"disable":false,"type":"first","page":1,"url":"http:\/\/ardens.com.vn\/legal-updates?check_timer=1&check_type=0&page=1"},{"active":false,"disable":false,"type":"prev","page":1,"url":"http:\/\/ardens.com.vn\/legal-updates?check_timer=1&check_type=0&page=1"},{"active":false,"disable":false,"type":"page","page":1,"url":"http:\/\/ardens.com.vn\/legal-updates?check_timer=1&check_type=0&page=1"},{"active":true,"disable":false,"type":"page","page":2,"url":"javascript:void(0)"},{"active":false,"disable":true,"type":"next","page":2,"url":"javascript:void(0)"},{"active":false,"disable":true,"type":"last","page":2,"url":"javascript:void(0)"}]}},"widget_14845847":{"content_data":{"content":"More"}},"widget_14845982":{"content_data":{"content":"Trang Binh Law Company Limited (Ardens) is a law firm in&nbsp;Vietnam, established and operating under the Operating License No.: 41.02.4548\/TP\/DKHD issued by the Department of Justice of Ho Chi Minh City,&nbsp;Vietnam<\/p>\n"}},"widget_14845984":{"content_data":{"content":"contact"}},"widget_14845988":{"content_data":{"content":"newsletters"}},"widget_14845991":{"content_data":{"content":"Register"}},"widget_14827393":{"content_data":{"content":""}},"widget_14827395":{"content_data":{"content":"Send contact information"}},"widget_14827409":{"content_data":{"content":"Send<\/span>"}},"widget_14827410":{"content_data":{"content":"Reset Form<\/span>"}},"category_desc":"","title_page":"Legal updates"}