Chapter II
SPECIFIC PROVISIONS
Section 1. FORMS, PRICES, AND COMPETENCE TO DECIDE ON ALTERNATIVES FOR, SELLING SHARES TO FOREIGN INVESTORS
Article 8.- Forms of selling shares
1. State-owned commercial banks may sell their shares to foreign investors upon equitization.
2. Joint-stock commercial banks may sell their shares to foreign investors upon increase of their charter capital.
3. Shareholders of a Vietnamese bank may assign their shares to foreign investors that have been allowed by competent agencies to purchase shares of that bank.
Article 9.- Share selling prices
1. The selling prices of shares of a state-owned commercial bank upon its equitization to foreign investors shall be determined through auction according to current regulations.
2. The selling prices of shares of a joint-stock commercial bank to foreign investors shall be determined through auction or agreed upon by the involved parties.
3. The prices of assigning shares of shareholders of a Vietnamese bank to foreign investors shall be agreed upon by the involved parties.
Article 10.- Competence to decide on share-selling alternatives
1. State-owned commercial banks shall offer equitization alternatives, including the sale of shares to foreign investors, and submit them to the Prime Minister for approval.
2. Joint-stock commercial banks shall offer alternatives for increasing their charter capital, including the sale of shares to foreign investors, and submit them to the General Council of Shareholders for decision.
3. Shareholders of a Vietnamese bank may decide to assign their shares to foreign investors in accordance with law and the charter of that bank.
Section 2. CONDITIONS FOR PURCHASE, SALE AND ASSIGNMENT OF SHARES
Article 11.- Conditions for sale of shares
1. A Vietnamese bank that wishes to sell its shares to foreign investors must fully meet the following conditions:
a/ Having the minimum charter capital of VND 1 trillion;
b/ Having a healthy financial status meeting relevant conditions set by the State Bank of Vietnam;
c/ Having an efficient administration and executive apparatus as well as inspection, control and internal audit systems;
d/ Having not been sanctioned for violations of the regulations on banking operation safety for 24 months counting to the time the State Bank of Vietnam makes consideration.
2. For Vietnamese banks that fail to fully meet the conditions specified in Clause 1 of this Article, the State Bank of Vietnam may consider on a case-by-case basis and submit to the Prime Minister for decision the sale of shares of those banks to foreign investors.
Article 12.- A foreign credit institution that wishes to purchase shares of a Vietnamese bank must fully meet the following conditions:
1. Having the minimum total "Credit" assets of USD 20 billion in the year preceding the year of registration of share purchase.
2. Having international banking experience.
3. Being rated by international credit-rating organizations as capable of fulfilling financial commitments and carrying out normal operations even in case of unfavorable economic changes.
4. Foreign strategic investors shall, apart from meeting the conditions specified in Clauses 1, 2 and 3 of this Article, commit in writing to assisting Vietnamese banks in developing banking products and services, improving administration capacity and applying modern technologies.
Article 13.- Assignment of shares
1. Foreign strategic investors and their affiliated persons may only assign shares under their ownership to other organizations or individuals (both at home and abroad) at least five years after they become foreign strategic shareholders of a Vietnamese bank.
2. Foreign credit institutions and their affiliated persons that own 10% of the charter capital of a Vietnamese bank may only assign shares under their ownership to other organizations or individuals (both at home and abroad) at least three years after they own 10% of the charter capital of a Vietnamese bank.
Section 3. RIGHTS AND OBLIGATIONS OF FOREIGN INVESTORS
Article 14.- Rights of foreign investors
1. To enjoy the rights like other shareholders as provided for in the charter of the Vietnamese bank where they purchase shares.
2. To convert into foreign currencies incomes from share purchase investment and revenues from assignment of shares for transfer abroad after fulfillment of financial obligations in accordance with Vietnamese law.
3. To join Managing Boards, Control Boards or Executive Boards of Vietnamese banks in accordance with law and the charters of the Vietnamese banks where they purchase shares.
4. To have other lawful rights and interests protected by the State of the Socialist Republic of Vietnam in accordance with Vietnamese law.
Article 15.- Obligations of foreign investors
1. To fulfill their obligations in accordance with Vietnamese law and the charters of the Vietnamese banks where they purchase shares.
2. To ensure the lawfulness of capital sources used for share purchase and the validity of dossiers of application for share purchase in accordance with Vietnamese law.
3. To fully transfer the amount of capital already registered for the purchase of shares of Vietnamese banks under regulations of the State Bank of Vietnam.
4. To notify the State Bank of Vietnam of changes in their share capital in Vietnamese banks.
Tìm kiếm
Nghị định 69/2007/NĐ-CP (Bản Word)