Luat Viet

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Question :: Some enterprises have recently issued convertible bonds in the Stock Market. What is the convertible bond and conditions to issue convertible bonds ?
Question :: Shares of my Company are listed on the HOSE. The enterprise intended to increase its charter capital under the form of issuing additional shares to offer investors in 2009. Nevertheless, when the enterprise registered the dossier to increase its charter capital with the competent Planning and Investment Department, this competent authority did not accept the vote counting minutes, which collects the shareholders’ written opinion. As a result, the Planning and Investment Department requested the enterprise to supply the copy of the Minutes of the General Meeting of Shareholders of the Company. Please kindly advise how the law regulates this case?
Question :: We are a bank accepted by the State Securities Commission (SSC) to issue share to public to increase the charter capital. Under the applicable regulations, the invested capital by the Investors to purchase shares of an enterprise must deposit in an escrow bank account at a commercial bank (CB). Please kindly advise whether we are permitted to open such bank account at our bank or not?

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LEGAL NEWS

Expansion Of Distribution Rights For Foreign Invested Enterprises In Vietnam

On April 14^th 2008, the Ministry of Industry and Commerce issued Circular 05/2008/TT-BCT to amend and supplement Circular 09/2007/TT-BTM dated 17/7/2007 (“Circular 9”) issued by this Ministry, guiding the purchase and sale of goods and other activities directly related to the purchase and sale of goods of foreign invested enterprises in Vietnam.

Now under this newly issued Circular, foreign invested enterprises that conduct import rights will have the right to sell imported goods to more than one person/enterprise with distribution right, instead of being allowed to sell these goods to only one licensed distributor as prescribed in Circular 9.

Another new point is that foreign invested enterprises that conduct import rights but not yet licensed distribution rights shall not be entitled to set up a distribution establishment. In addition, regularly before day 15^th of the first month of the following quarter, such enterprises shall have to report the list of persons/enterprises that purchased their imported goods to the competent license-issuing authority under the forms provided in the Circular.

The Circular will take full effect after 15 days from the date published on the Official Gazette.