Vietnam's government has proposed easing selected initial public offering requirements through amendments to the Securities Law. Finance Minister Ngo Van Tuan presented the bill on October 17, VnExpress reported. The changes remain proposals.
The three-article draft aims to simplify procedures and accommodate new products and models, including removing a share-distribution ratio requirement.
Offering documents and conditions
The current rule cited by the source requires at least fifteen per cent of voting shares to be sold to a minimum of one hundred investors who are not major shareholders. The ratio falls to ten per cent for issuers with charter capital of at least VND1 trillion.
The draft would remove the distribution-ratio condition and its corresponding registration commitment. It also proposes reducing an audited-report requirement concerning use of proceeds from a recent offering.
The Economic and Financial Committee broadly supports simplification but wants continuing oversight to protect market safety and investors' assets.
Sandbox and custody safeguards
The government also seeks general principles for a securities sandbox, with detailed regulations to follow. Reviewers want clear authority, testing limits, voluntary participation, data protection and procedures for failed trials.
For banks registering securities-custody services, the draft removes several separate financial and facility conditions. The committee recommends retaining necessary financial-capacity and capital-adequacy safeguards.
Plenary discussion is expected on October 28 and a vote on November 13. The proposed March 1, 2027 commencement depends on passage. The IPO measures therefore cannot yet be treated as enacted operating rules.