- HM&P: Vietnam International Law Firm
- HM&P: Vietnam International Law Firm
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- https://hmplaw.vn/
Banking & Finance
An Initial Public Offering (IPO) is an important milestone in the development journey of a business, marking the transition from a private company to a public company. In Vietnam, the capital market is developing rapidly, with exchanges such as the Ho Chi Minh City Stock Exchange. Ho Chi Minh City (HOSE) and the Hanoi Stock Exchange (HNX) play a central role in supporting businesses to raise capital through IPOs. However, the IPO process is not only a financial activity but also a complex legal process, requiring strict compliance with the provisions of Vietnamese law and international standards (if the IPO has foreign elements). In this context, the role of law firms becomes essential to ensure businesses overcome legal challenges, optimize processes, and achieve capital raising goals effectively.
From July 1, 2025, peer-to-peer lending (P2P Lending) activities in Vietnam have been officially included in the legal framework in Decree 94/2025/ND-CP. This is an important step forward to control risks and protect consumers in the context of strong development of Fintech models. However, to participate in this mechanism, Fintech companies must meet a series of strict conditions and fully carry out registration procedures with the State Bank of Vietnam. The following article will provide specific instructions on the conditions and registration process for participating in the Peer-to-Peer Lending Trial Mechanism that businesses need to pay attention to.
Cross-ownership is not a new problem in the world, but in Vietnam, it has its own peculiarities due to the uneven development of the financial market and the legal system that has not kept up with the development of society and the economy. In the past period, many banks have taken advantage of cross-ownership to increase their influence, manipulate credit activities or hide their weak financial situation. As a result, a series of bank failures, such as the case of the Construction Bank or banks acquired by the State Bank for 0 VND such as Dong A Bank and Ocean Bank, all have traces of cross-ownership.
On April 21, 2025, the State Bank of Vietnam (SBV) issued Circular 03/2025/TT-NHNN, replacing Circular 05/2014/TT-NHNN, regulating the opening and use of accounts in Vietnam dong to carry out foreign indirect investment activities in Vietnam. This Circular is considered an important step forward in efforts to reform the foreign exchange management system, simplify administrative procedures and promote the development of Vietnam's stock market. With the goal of upgrading the stock market from a frontier market to an emerging market according to international standards, Circular 03 brings many remarkable new points, creating more favorable conditions for foreign investors in the process of investing in Vietnam. In this article, we will analyze the outstanding new points of Circular 03, assess the significance of these amendments and at the same time assess the potential to upgrade the rating of the Vietnam Stock Market in the near future from the amended regulations.
From May 19, 2025, Decree No. 69/2025/ND-CP amending and supplementing the Government's Decree No. 01/2014/ND-CP on foreign investors buying shares of Vietnamese credit institutions (CIs) officially takes effect. This is an important adjustment step to attract foreign capital, support the restructuring process of the banking system, and at the same time ensure the safety and stability of the national financial system.
In recent years, corporate bonds, particularly privately placed corporate bonds, have emerged as a vital capital mobilization channel for Vietnamese enterprises. However, this process is not merely a financial transaction but a legally and technically complex procedure requiring the involvement of various professional entities, among which law firms and securities companies play prominent roles. This article provides a detailed analysis of the differences in roles, responsibilities, scope of work, and the value these two types of entities bring to a bond issuance transaction.
Tightened credit conditions and increasing demand for medium and long-term capital mobilization, privately placed corporate bonds have emerged as a critical source of funding for enterprises to expand production, restructure capital, or implement large-scale investment projects. Professional law firms play a pivotal role—not only in ensuring regulatory compliance but also in advising on optimal issuance structures, mitigating legal risks, and safeguarding the interests of the issuer throughout the offering process. This article provides an overview of the role of law firms in private placements of corporate bonds from both regulatory and practical perspectives.
The expansion of Vietnam's financial market is a testament to international integration when foreign banks have been tending to expand their operations in Vietnam, and the expansion of foreign bank branches in Vietnam has become an inevitable trend. However, the shapingof the legal way of branches of foreign banks operating in the Vietnamese financial system poses many issues related to the rights and obligations of these organizations, especially the legal status in legal relations, including procedural activities.
Decree 155/2020/ND-CP ("Decree 155") was issued to detail the implementation of several provisions of the Securities Law 2019. Over the past three years, this Decree has played a vital role in enhancing transparency and promoting the sustainable development of the securities market ("SM"). However, given the rapidly evolving economic landscape and legal framework, many provisions in Decree 155 have revealed limitations, necessitating timely adjustments.
In this article, HM&P will mention the barriers to upgrade Vietnam's stock market classification from a frontier market to an emerging market according to the stock market classification standards of international organizations.
In this article, HM&P will discuss some specific points that need to be considered in the financial reporting of FIEs.
In this article, HM&P will analyze issues related to increasing the charter capital in commercial banks. This article was published in the Legal Electronic Magazine on January 11, 2024.
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