{"id":324969,"date":"2025-07-31T15:08:27","date_gmt":"2025-07-31T15:08:27","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/which-company-is-issued-stocks\/"},"modified":"2025-07-31T15:08:27","modified_gmt":"2025-07-31T15:08:27","slug":"which-company-is-issued-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/en\/knowledge-base\/learning\/which-company-is-issued-stocks\/","title":{"rendered":"Which companies can issue shares: Smart investment secrets in the Vietnamese market"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":249984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-324969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learning"],"acf":{"h1":"Pocket Option: Which companies can issue shares in the Vietnamese market 2025","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Which companies can issue shares in the Vietnamese market 2025"},"description":"Which companies can issue shares? Discover legal regulations and unique, practical, and urgent investment opportunities for smart investors. Pocket Option - your trusted investment partner.","description_source":{"label":"Description","type":"textarea","formatted_value":"Which companies can issue shares? Discover legal regulations and unique, practical, and urgent investment opportunities for smart investors. Pocket Option - your trusted investment partner."},"intro":"The Vietnamese stock market is developing at a dizzying pace, becoming a fertile ground for investors. However, not everyone clearly understands the basic question: which companies can issue shares? This article will answer this question in detail, while providing practical information about legal regulations, conditions, and the process of issuing shares in Vietnam in 2025.","intro_source":{"label":"Intro","type":"text","formatted_value":"The Vietnamese stock market is developing at a dizzying pace, becoming a fertile ground for investors. However, not everyone clearly understands the basic question: which companies can issue shares? This article will answer this question in detail, while providing practical information about legal regulations, conditions, and the process of issuing shares in Vietnam in 2025."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Legal framework for issuing shares in Vietnam today<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>When researching \"which companies can issue shares\", you need to understand the legal framework governing this activity. The Vietnamese stock market, although still young compared to international markets, has an increasingly strict and transparent regulatory system.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Currently, the issuance of shares in Vietnam is mainly regulated by the Enterprise Law 2020 and the Securities Law 2019. These laws are like two roadmaps, helping businesses clearly determine whether they are eligible to issue shares or not.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Legal document<\/th><th>Important content<\/th><th>Impact on businesses<\/th><\/tr><\/thead><tbody><tr><td>Enterprise Law 2020<\/td><td>Regulations on types of businesses and the right to issue shares<\/td><td>Clearly defines which types of businesses are allowed to issue shares<\/td><\/tr><tr><td>Securities Law 2019<\/td><td>Regulations on conditions and procedures for public share issuance<\/td><td>Sets specific requirements for capital, operations, and governance<\/td><\/tr><tr><td>Decree 155\/2020\/ND-CP<\/td><td>Detailed guidance on implementing the Securities Law<\/td><td>Provides specific regulations on documentation and approval processes<\/td><\/tr><tr><td>Circular 118\/2020\/TT-BTC<\/td><td>Guidance on information disclosure and reporting<\/td><td>Requirements for transparency before, during, and after issuance<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>In Vietnam, the State Securities Commission (SSC) plays the role of a gatekeeper, strictly controlling the share issuance process. According to SSC data, in 2024, more than 50 companies were approved to issue shares to the public, an increase of 15% compared to 2023. This shows the increasing attractiveness of Vietnam's capital market.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Investors using the Pocket Option platform have the advantage of accessing updated information on the latest legal changes. Imagine holding an accurate compass while others are still groping for direction \u2014 that's the value Pocket Option brings to you.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Which types of businesses are allowed to issue shares in Vietnam?<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>The question \"which types of businesses are allowed to issue shares\" always puzzles many new investors. In Vietnam's diverse business ecosystem, only one type of business is permitted to issue shares - that is the joint-stock company.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>A joint-stock company is like a cake divided into many small slices, each slice representing a portion of ownership. Each shareholder holds one or more slices, corresponding to their ownership percentage in the company. Meanwhile, other business types such as limited liability companies or private enterprises are like cakes that cannot be cut up to share.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Characteristics of joint-stock companies with the right to issue shares<\/h3><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Charter capital is divided into equal parts called shares<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Shareholders are only financially liable within the limits of their capital contribution<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Has at least 03 shareholders, with no maximum limit<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Shareholders can freely transfer shares (except in special cases)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Has the right to raise capital through issuing shares and bonds<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Business type<\/th><th>Can issue shares?<\/th><th>Specific reason<\/th><\/tr><\/thead><tbody><tr><td>Joint-stock company<\/td><td>Yes<\/td><td>Capital structure designed in the form of shares, consistent with the nature of share issuance<\/td><\/tr><tr><td>Limited liability company<\/td><td>No<\/td><td>Capital belongs to limited members, no concept of shares<\/td><\/tr><tr><td>Private enterprise<\/td><td>No<\/td><td>Capital belongs to a single individual, cannot be divided into shares<\/td><\/tr><tr><td>Partnership company<\/td><td>No<\/td><td>Capital belongs to general partners and capital contributors, no share mechanism<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>A somewhat controversial view in Vietnam's financial community is allowing limited liability companies with two or more members to issue bonds but not shares. While both are capital raising instruments, issuing shares affects the ownership structure - something the limited liability company model is not designed to accommodate.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Experts from Pocket Option suggest that Vietnamese businesses should carefully consider their choice of business type from the beginning. If long-term plans include raising capital through share issuance, establishing a joint-stock company from the start will save time and conversion costs later.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Specific conditions for businesses to issue shares to the public<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>It's not simply about \"which businesses can issue shares,\" but also about meeting a series of strict conditions. Issuing shares to the public (IPO) in Vietnam is like an Olympic competition - only strong businesses can cross the finish line.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>According to the Securities Law 2019, a joint-stock company wanting to IPO must overcome the following barriers:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Minimum paid-up charter capital of 30 billion VND at the time of registration<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Business operations of the most recent year must be profitable and have no accumulated losses<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>A minimum of 15% of voting shares must be sold to at least 100 investors who are not major shareholders<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Major shareholders must commit to holding 100% of shares for at least 01 year<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Have an issuance and capital usage plan approved by the General Meeting of Shareholders<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>The process of issuing shares to the public in Vietnam<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>The IPO process is not a sprint but a marathon requiring thorough preparation and patience. Many Vietnamese companies like Vinhomes, Techcombank, or Masan Consumer have gone through this journey and achieved success.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Stage<\/th><th>Main activities<\/th><th>Timeframe<\/th><th>Important notes<\/th><\/tr><\/thead><tbody><tr><td>Internal preparation<\/td><td>Prepare legal, financial, and organizational documents<\/td><td>3-6 months<\/td><td>Need to hire professional consultants, independent auditors<\/td><\/tr><tr><td>Application submission<\/td><td>Submit registration documents to SSC<\/td><td>1-2 weeks<\/td><td>Documents must be complete and accurate according to regulations<\/td><\/tr><tr><td>Verification<\/td><td>SSC reviews and approves documents<\/td><td>30-45 days<\/td><td>May require additional information and explanations multiple times<\/td><\/tr><tr><td>Offering<\/td><td>Implement share offering according to the plan<\/td><td>90 days<\/td><td>Must be completed within the specified timeframe<\/td><\/tr><tr><td>Reporting<\/td><td>Report results to SSC<\/td><td>10 days<\/td><td>Need to disclose information to investors<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>A controversial point in Vietnam's financial community is the requirement for businesses to be profitable in the most recent year to be eligible for an IPO. While many technology startups worldwide can IPO while operating at a loss, this regulation may make it difficult for Vietnamese startups to access capital through the stock market. However, this regulation also helps protect investors from businesses without sustainable business models.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option provides in-depth analysis of upcoming IPOs, helping you evaluate investment opportunities from an early stage. As a wise investor once said: \"Money is made not when you sell but when you buy\" - investing in potential IPOs can bring significant profits.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Types of shares that joint-stock companies can issue in Vietnam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>When researching \"which types of businesses have the right to issue various types of shares\", you need to know that the Vietnamese market doesn't have just one type of share. Like a restaurant with different dishes, joint-stock companies can issue many types of shares with different characteristics and benefits.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Share type<\/th><th>Main characteristics<\/th><th>Advantages<\/th><th>Disadvantages<\/th><\/tr><\/thead><tbody><tr><td>Common shares<\/td><td>Most common type, with voting rights<\/td><td>Full shareholder rights, high price appreciation potential<\/td><td>High risk when the business faces difficulties<\/td><\/tr><tr><td>Preferred dividend shares<\/td><td>Receive fixed dividends, prioritized before common shareholders<\/td><td>Stable income, lower risk<\/td><td>No voting rights, limited price appreciation potential<\/td><\/tr><tr><td>Redeemable preferred shares<\/td><td>Can request the company to buy back under predetermined conditions<\/td><td>Has a safe exit option<\/td><td>Usually higher priced, low liquidity<\/td><\/tr><tr><td>Voting preferred shares<\/td><td>Have more voting rights than common shares<\/td><td>Greater control in the company<\/td><td>Limitations on quantity and eligible issuers<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>An interesting fact is that in Vietnam, common shares account for over 95% of all shares in circulation. Preferred shares are still quite rare, unlike the US market where preferred shares make up a significant proportion. This is both a challenge and an opportunity for investors looking to diversify their portfolios.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>According to regulations, joint-stock companies in Vietnam can issue preferred shares but must ensure that common shares account for at least 65% of total outstanding shares. This is like a protective barrier, preventing a small group of shareholders from holding too much power in the company.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>The Pocket Option platform provides in-depth analytical tools to help you understand the advantages and disadvantages of each share type. Choosing the right type of share is as important as choosing the right company to invest in - this is a secret that many successful investors apply.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Methods of share issuance by Vietnamese companies<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\"Types of businesses that can issue shares\" is determined not only by the business type but also by the issuance method. Similar to having many roads leading to success, Vietnamese joint-stock companies have various methods to bring shares to investors.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Common issuance methods in Vietnam<\/h3><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>IPO through public auction - the most transparent method<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Additional issuance to existing shareholders - protects shareholders' interests<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ESOP programs - motivates employees<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Private placement for strategic investors - usually accompanied by cooperation<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Issuing shares to pay dividends - retains capital for business operations<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Issuing shares for exchange in mergers and acquisitions (M&amp;A)<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Method<\/th><th>Real examples in Vietnam<\/th><th>Issuance volume<\/th><th>Notable features<\/th><\/tr><\/thead><tbody><tr><td>IPO<\/td><td>Vinhomes (2018): Raised $1.35 billion<\/td><td>Large (usually 10-30% of capital)<\/td><td>Large scale, attracts many investors<\/td><\/tr><tr><td>Issuance to existing shareholders<\/td><td>Vinamilk (2023): Issued at a ratio of 5:1<\/td><td>Medium (5-20% of capital)<\/td><td>Implementation rate usually high, less dilution<\/td><\/tr><tr><td>ESOP<\/td><td>FPT (annually): 0.5-1% of capital<\/td><td>Small (1-3% of capital)<\/td><td>Price usually lower than market, with conditions<\/td><\/tr><tr><td>Private placement<\/td><td>Masan (2021): Attracted investment from SK Group<\/td><td>Medium-large (5-25% of capital)<\/td><td>Usually includes strategic cooperation commitments<\/td><\/tr><tr><td>Dividend payment in shares<\/td><td>Hoa Phat (2022): Ratio 2:1<\/td><td>Medium (10-50% of capital)<\/td><td>Doesn't increase real value, only increases quantity<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>A noteworthy point is that Vietnamese companies are increasingly flexible in combining multiple issuance methods. For instance, a company might conduct an IPO, then issue ESOP to retain talent, and then continue with private placement to attract strategic partners. This is a \"triple play\" strategy that helps optimize capital structure and business value.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Experts from Pocket Option note that each issuance method brings different investment opportunities. For example, IPOs usually have high price appreciation potential in the short term but are also riskier, while issuance to existing shareholders is typically safer but with lower profit potential. Understanding these characteristics helps you \"catch the wave\" at the right time.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>The listing process after a company issues shares<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>After understanding \"which companies can issue shares\", you need to know that issuing shares is just the first step in a business's long journey in the stock market. Listing - or bringing shares to a trading platform - is the equally important next step.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam currently has three main exchanges: HOSE (Ho Chi Minh City Stock Exchange), HNX (Hanoi Stock Exchange), and UPCoM (market for trading unlisted public company shares). Each exchange is like a different league, with different \"entry\" requirements.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Criteria<\/th><th>HOSE<\/th><th>HNX<\/th><th>UPCoM<\/th><\/tr><\/thead><tbody><tr><td>Minimum charter capital<\/td><td>120 billion VND<\/td><td>30 billion VND<\/td><td>10 billion VND<\/td><\/tr><tr><td>Operating time<\/td><td>2 years<\/td><td>1 year<\/td><td>No requirement<\/td><\/tr><tr><td>Business results<\/td><td>Profitable for 2 consecutive years<\/td><td>Profitable in the most recent year<\/td><td>No requirement<\/td><\/tr><tr><td>Free float ratio<\/td><td>\u2265 20% of charter capital<\/td><td>\u2265 15% of charter capital<\/td><td>No requirement<\/td><\/tr><tr><td>Liquidity<\/td><td>High<\/td><td>Medium<\/td><td>Low<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>In 2024, the Vietnamese market witnessed a wave of companies moving from HNX to HOSE as a way to elevate their brand. This is similar to a club being promoted from the first division to the V-League - meaning access to more investors, especially foreign and institutional investors.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>An interesting perspective is that some businesses choose to remain on UPCoM despite meeting conditions for HOSE or HNX. They believe the cost of complying with official exchange regulations is too high compared to the benefits received. This is a \"big fish in a small pond\" strategy - still attracting small investors but without the burden of complex disclosure obligations.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option provides in-depth analytical tools for investment opportunities across all three exchanges. Pocket Option users can access comprehensive data on trading history, liquidity, and business information, helping make more accurate investment decisions.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Secrets to successful investment in newly issued shares in Vietnam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Understanding \"which businesses can issue shares\" is just the starting point. How to turn this knowledge into profit is what matters most to investors. Investing in newly issued shares is like exploring uncharted territory - great potential but not without risks.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Analyze the prospectus carefully - this is the company's \"genetic code\"<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Evaluate the leadership team's capabilities - they are the \"captains\" steering the ship<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Research industry prospects - no ship can go against a waterfall<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Compare valuation with companies in the same industry - to know the fair price<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Evaluate the purpose of using capital from the issuance - where will the money flow?<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Type of issuance<\/th><th>Investment characteristics<\/th><th>Appropriate strategy<\/th><\/tr><\/thead><tbody><tr><td>IPO<\/td><td>Large increase\/decrease range, limited information<\/td><td>Research thoroughly, allocate capital wisely, be ready to hold medium-long term<\/td><\/tr><tr><td>Additional issuance<\/td><td>May cause temporary EPS dilution<\/td><td>Evaluate capital usage efficiency, buy when price adjusts after issuance<\/td><\/tr><tr><td>Dividend shares<\/td><td>Doesn't increase real value, only increases quantity<\/td><td>No special action needed, monitor adjusted price movements<\/td><\/tr><tr><td>ESOP issuance<\/td><td>Motivates employees, slight dilution<\/td><td>Evaluate long-term impact on company culture and performance<\/td><\/tr><tr><td>Private placement<\/td><td>Usually discounted, includes cooperation<\/td><td>Evaluate added value from strategic partners<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>In Vietnam, some notable IPOs such as Vinhomes (2018) and Techcombank (2018) have brought large profits to early investors. However, there were also cases like Bao Viet Insurance (2018) or Vietjet Air (2017) where price performance didn't meet expectations. This shows not all opportunities yield similar results.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option provides technical and fundamental analysis tools, helping you comprehensively evaluate investment opportunities in newly issued shares. From technical charts to industry analysis reports, Pocket Option is a reliable companion in your investment journey.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Conclusion: The future of the share issuance market in Vietnam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>After exploring in detail \"which types of businesses have the right to issue various types of shares\" and many related aspects, we can clearly see that Vietnam's capital market is on a strong development path. From an increasingly perfected legal framework to the growing number of businesses issuing shares, everything indicates enormous potential for the future.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vietnam's stock market is gradually maturing, with increasing liquidity depth and growing participation from institutional and foreign investors. This creates a favorable environment for businesses to raise capital through share issuance, while also bringing many attractive investment opportunities.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>A prominent trend in the coming years is the wave of IPOs from Vietnamese technology startups, following the success of VNG and The Coffee House. The fintech, e-commerce, and logistics sectors are predicted to lead this wave, opening up investment opportunities in the \"rising stars\" of the digital economy.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option is proud to be a trusted partner in your investment journey, providing not only modern trading tools but also insightful market analysis. We are committed to accompanying Vietnamese investors, helping you seize opportunities from the increasingly dynamic wave of share issuances.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Remember that investing in shares is a long-term journey requiring knowledge, discipline, and patience. With support from Pocket Option and the knowledge shared in this article, you are ready to become a smart investor in the Vietnamese stock market.<\/p><\/div>[cta_button text=\"\"]","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Legal framework for issuing shares in Vietnam today<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>When researching &#8220;which companies can issue shares&#8221;, you need to understand the legal framework governing this activity. The Vietnamese stock market, although still young compared to international markets, has an increasingly strict and transparent regulatory system.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Currently, the issuance of shares in Vietnam is mainly regulated by the Enterprise Law 2020 and the Securities Law 2019. These laws are like two roadmaps, helping businesses clearly determine whether they are eligible to issue shares or not.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Legal document<\/th>\n<th>Important content<\/th>\n<th>Impact on businesses<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Enterprise Law 2020<\/td>\n<td>Regulations on types of businesses and the right to issue shares<\/td>\n<td>Clearly defines which types of businesses are allowed to issue shares<\/td>\n<\/tr>\n<tr>\n<td>Securities Law 2019<\/td>\n<td>Regulations on conditions and procedures for public share issuance<\/td>\n<td>Sets specific requirements for capital, operations, and governance<\/td>\n<\/tr>\n<tr>\n<td>Decree 155\/2020\/ND-CP<\/td>\n<td>Detailed guidance on implementing the Securities Law<\/td>\n<td>Provides specific regulations on documentation and approval processes<\/td>\n<\/tr>\n<tr>\n<td>Circular 118\/2020\/TT-BTC<\/td>\n<td>Guidance on information disclosure and reporting<\/td>\n<td>Requirements for transparency before, during, and after issuance<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>In Vietnam, the State Securities Commission (SSC) plays the role of a gatekeeper, strictly controlling the share issuance process. According to SSC data, in 2024, more than 50 companies were approved to issue shares to the public, an increase of 15% compared to 2023. This shows the increasing attractiveness of Vietnam&#8217;s capital market.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Investors using the Pocket Option platform have the advantage of accessing updated information on the latest legal changes. Imagine holding an accurate compass while others are still groping for direction \u2014 that&#8217;s the value Pocket Option brings to you.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Which types of businesses are allowed to issue shares in Vietnam?<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>The question &#8220;which types of businesses are allowed to issue shares&#8221; always puzzles many new investors. In Vietnam&#8217;s diverse business ecosystem, only one type of business is permitted to issue shares &#8211; that is the joint-stock company.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>A joint-stock company is like a cake divided into many small slices, each slice representing a portion of ownership. Each shareholder holds one or more slices, corresponding to their ownership percentage in the company. Meanwhile, other business types such as limited liability companies or private enterprises are like cakes that cannot be cut up to share.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Characteristics of joint-stock companies with the right to issue shares<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Charter capital is divided into equal parts called shares<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Shareholders are only financially liable within the limits of their capital contribution<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Has at least 03 shareholders, with no maximum limit<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Shareholders can freely transfer shares (except in special cases)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Has the right to raise capital through issuing shares and bonds<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Business type<\/th>\n<th>Can issue shares?<\/th>\n<th>Specific reason<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Joint-stock company<\/td>\n<td>Yes<\/td>\n<td>Capital structure designed in the form of shares, consistent with the nature of share issuance<\/td>\n<\/tr>\n<tr>\n<td>Limited liability company<\/td>\n<td>No<\/td>\n<td>Capital belongs to limited members, no concept of shares<\/td>\n<\/tr>\n<tr>\n<td>Private enterprise<\/td>\n<td>No<\/td>\n<td>Capital belongs to a single individual, cannot be divided into shares<\/td>\n<\/tr>\n<tr>\n<td>Partnership company<\/td>\n<td>No<\/td>\n<td>Capital belongs to general partners and capital contributors, no share mechanism<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>A somewhat controversial view in Vietnam&#8217;s financial community is allowing limited liability companies with two or more members to issue bonds but not shares. While both are capital raising instruments, issuing shares affects the ownership structure &#8211; something the limited liability company model is not designed to accommodate.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Experts from Pocket Option suggest that Vietnamese businesses should carefully consider their choice of business type from the beginning. If long-term plans include raising capital through share issuance, establishing a joint-stock company from the start will save time and conversion costs later.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Specific conditions for businesses to issue shares to the public<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>It&#8217;s not simply about &#8220;which businesses can issue shares,&#8221; but also about meeting a series of strict conditions. Issuing shares to the public (IPO) in Vietnam is like an Olympic competition &#8211; only strong businesses can cross the finish line.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>According to the Securities Law 2019, a joint-stock company wanting to IPO must overcome the following barriers:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Minimum paid-up charter capital of 30 billion VND at the time of registration<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Business operations of the most recent year must be profitable and have no accumulated losses<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>A minimum of 15% of voting shares must be sold to at least 100 investors who are not major shareholders<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Major shareholders must commit to holding 100% of shares for at least 01 year<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Have an issuance and capital usage plan approved by the General Meeting of Shareholders<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>The process of issuing shares to the public in Vietnam<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>The IPO process is not a sprint but a marathon requiring thorough preparation and patience. Many Vietnamese companies like Vinhomes, Techcombank, or Masan Consumer have gone through this journey and achieved success.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Stage<\/th>\n<th>Main activities<\/th>\n<th>Timeframe<\/th>\n<th>Important notes<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Internal preparation<\/td>\n<td>Prepare legal, financial, and organizational documents<\/td>\n<td>3-6 months<\/td>\n<td>Need to hire professional consultants, independent auditors<\/td>\n<\/tr>\n<tr>\n<td>Application submission<\/td>\n<td>Submit registration documents to SSC<\/td>\n<td>1-2 weeks<\/td>\n<td>Documents must be complete and accurate according to regulations<\/td>\n<\/tr>\n<tr>\n<td>Verification<\/td>\n<td>SSC reviews and approves documents<\/td>\n<td>30-45 days<\/td>\n<td>May require additional information and explanations multiple times<\/td>\n<\/tr>\n<tr>\n<td>Offering<\/td>\n<td>Implement share offering according to the plan<\/td>\n<td>90 days<\/td>\n<td>Must be completed within the specified timeframe<\/td>\n<\/tr>\n<tr>\n<td>Reporting<\/td>\n<td>Report results to SSC<\/td>\n<td>10 days<\/td>\n<td>Need to disclose information to investors<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>A controversial point in Vietnam&#8217;s financial community is the requirement for businesses to be profitable in the most recent year to be eligible for an IPO. While many technology startups worldwide can IPO while operating at a loss, this regulation may make it difficult for Vietnamese startups to access capital through the stock market. However, this regulation also helps protect investors from businesses without sustainable business models.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option provides in-depth analysis of upcoming IPOs, helping you evaluate investment opportunities from an early stage. As a wise investor once said: &#8220;Money is made not when you sell but when you buy&#8221; &#8211; investing in potential IPOs can bring significant profits.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Types of shares that joint-stock companies can issue in Vietnam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>When researching &#8220;which types of businesses have the right to issue various types of shares&#8221;, you need to know that the Vietnamese market doesn&#8217;t have just one type of share. Like a restaurant with different dishes, joint-stock companies can issue many types of shares with different characteristics and benefits.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Share type<\/th>\n<th>Main characteristics<\/th>\n<th>Advantages<\/th>\n<th>Disadvantages<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Common shares<\/td>\n<td>Most common type, with voting rights<\/td>\n<td>Full shareholder rights, high price appreciation potential<\/td>\n<td>High risk when the business faces difficulties<\/td>\n<\/tr>\n<tr>\n<td>Preferred dividend shares<\/td>\n<td>Receive fixed dividends, prioritized before common shareholders<\/td>\n<td>Stable income, lower risk<\/td>\n<td>No voting rights, limited price appreciation potential<\/td>\n<\/tr>\n<tr>\n<td>Redeemable preferred shares<\/td>\n<td>Can request the company to buy back under predetermined conditions<\/td>\n<td>Has a safe exit option<\/td>\n<td>Usually higher priced, low liquidity<\/td>\n<\/tr>\n<tr>\n<td>Voting preferred shares<\/td>\n<td>Have more voting rights than common shares<\/td>\n<td>Greater control in the company<\/td>\n<td>Limitations on quantity and eligible issuers<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>An interesting fact is that in Vietnam, common shares account for over 95% of all shares in circulation. Preferred shares are still quite rare, unlike the US market where preferred shares make up a significant proportion. This is both a challenge and an opportunity for investors looking to diversify their portfolios.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>According to regulations, joint-stock companies in Vietnam can issue preferred shares but must ensure that common shares account for at least 65% of total outstanding shares. This is like a protective barrier, preventing a small group of shareholders from holding too much power in the company.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>The Pocket Option platform provides in-depth analytical tools to help you understand the advantages and disadvantages of each share type. Choosing the right type of share is as important as choosing the right company to invest in &#8211; this is a secret that many successful investors apply.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Methods of share issuance by Vietnamese companies<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>&#8220;Types of businesses that can issue shares&#8221; is determined not only by the business type but also by the issuance method. Similar to having many roads leading to success, Vietnamese joint-stock companies have various methods to bring shares to investors.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Common issuance methods in Vietnam<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>IPO through public auction &#8211; the most transparent method<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Additional issuance to existing shareholders &#8211; protects shareholders&#8217; interests<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ESOP programs &#8211; motivates employees<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Private placement for strategic investors &#8211; usually accompanied by cooperation<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Issuing shares to pay dividends &#8211; retains capital for business operations<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Issuing shares for exchange in mergers and acquisitions (M&amp;A)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Method<\/th>\n<th>Real examples in Vietnam<\/th>\n<th>Issuance volume<\/th>\n<th>Notable features<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO<\/td>\n<td>Vinhomes (2018): Raised $1.35 billion<\/td>\n<td>Large (usually 10-30% of capital)<\/td>\n<td>Large scale, attracts many investors<\/td>\n<\/tr>\n<tr>\n<td>Issuance to existing shareholders<\/td>\n<td>Vinamilk (2023): Issued at a ratio of 5:1<\/td>\n<td>Medium (5-20% of capital)<\/td>\n<td>Implementation rate usually high, less dilution<\/td>\n<\/tr>\n<tr>\n<td>ESOP<\/td>\n<td>FPT (annually): 0.5-1% of capital<\/td>\n<td>Small (1-3% of capital)<\/td>\n<td>Price usually lower than market, with conditions<\/td>\n<\/tr>\n<tr>\n<td>Private placement<\/td>\n<td>Masan (2021): Attracted investment from SK Group<\/td>\n<td>Medium-large (5-25% of capital)<\/td>\n<td>Usually includes strategic cooperation commitments<\/td>\n<\/tr>\n<tr>\n<td>Dividend payment in shares<\/td>\n<td>Hoa Phat (2022): Ratio 2:1<\/td>\n<td>Medium (10-50% of capital)<\/td>\n<td>Doesn&#8217;t increase real value, only increases quantity<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>A noteworthy point is that Vietnamese companies are increasingly flexible in combining multiple issuance methods. For instance, a company might conduct an IPO, then issue ESOP to retain talent, and then continue with private placement to attract strategic partners. This is a &#8220;triple play&#8221; strategy that helps optimize capital structure and business value.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Experts from Pocket Option note that each issuance method brings different investment opportunities. For example, IPOs usually have high price appreciation potential in the short term but are also riskier, while issuance to existing shareholders is typically safer but with lower profit potential. Understanding these characteristics helps you &#8220;catch the wave&#8221; at the right time.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>The listing process after a company issues shares<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>After understanding &#8220;which companies can issue shares&#8221;, you need to know that issuing shares is just the first step in a business&#8217;s long journey in the stock market. Listing &#8211; or bringing shares to a trading platform &#8211; is the equally important next step.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam currently has three main exchanges: HOSE (Ho Chi Minh City Stock Exchange), HNX (Hanoi Stock Exchange), and UPCoM (market for trading unlisted public company shares). Each exchange is like a different league, with different &#8220;entry&#8221; requirements.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Criteria<\/th>\n<th>HOSE<\/th>\n<th>HNX<\/th>\n<th>UPCoM<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Minimum charter capital<\/td>\n<td>120 billion VND<\/td>\n<td>30 billion VND<\/td>\n<td>10 billion VND<\/td>\n<\/tr>\n<tr>\n<td>Operating time<\/td>\n<td>2 years<\/td>\n<td>1 year<\/td>\n<td>No requirement<\/td>\n<\/tr>\n<tr>\n<td>Business results<\/td>\n<td>Profitable for 2 consecutive years<\/td>\n<td>Profitable in the most recent year<\/td>\n<td>No requirement<\/td>\n<\/tr>\n<tr>\n<td>Free float ratio<\/td>\n<td>\u2265 20% of charter capital<\/td>\n<td>\u2265 15% of charter capital<\/td>\n<td>No requirement<\/td>\n<\/tr>\n<tr>\n<td>Liquidity<\/td>\n<td>High<\/td>\n<td>Medium<\/td>\n<td>Low<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>In 2024, the Vietnamese market witnessed a wave of companies moving from HNX to HOSE as a way to elevate their brand. This is similar to a club being promoted from the first division to the V-League &#8211; meaning access to more investors, especially foreign and institutional investors.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>An interesting perspective is that some businesses choose to remain on UPCoM despite meeting conditions for HOSE or HNX. They believe the cost of complying with official exchange regulations is too high compared to the benefits received. This is a &#8220;big fish in a small pond&#8221; strategy &#8211; still attracting small investors but without the burden of complex disclosure obligations.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option provides in-depth analytical tools for investment opportunities across all three exchanges. Pocket Option users can access comprehensive data on trading history, liquidity, and business information, helping make more accurate investment decisions.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Secrets to successful investment in newly issued shares in Vietnam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Understanding &#8220;which businesses can issue shares&#8221; is just the starting point. How to turn this knowledge into profit is what matters most to investors. Investing in newly issued shares is like exploring uncharted territory &#8211; great potential but not without risks.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Analyze the prospectus carefully &#8211; this is the company&#8217;s &#8220;genetic code&#8221;<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Evaluate the leadership team&#8217;s capabilities &#8211; they are the &#8220;captains&#8221; steering the ship<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Research industry prospects &#8211; no ship can go against a waterfall<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Compare valuation with companies in the same industry &#8211; to know the fair price<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Evaluate the purpose of using capital from the issuance &#8211; where will the money flow?<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Type of issuance<\/th>\n<th>Investment characteristics<\/th>\n<th>Appropriate strategy<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO<\/td>\n<td>Large increase\/decrease range, limited information<\/td>\n<td>Research thoroughly, allocate capital wisely, be ready to hold medium-long term<\/td>\n<\/tr>\n<tr>\n<td>Additional issuance<\/td>\n<td>May cause temporary EPS dilution<\/td>\n<td>Evaluate capital usage efficiency, buy when price adjusts after issuance<\/td>\n<\/tr>\n<tr>\n<td>Dividend shares<\/td>\n<td>Doesn&#8217;t increase real value, only increases quantity<\/td>\n<td>No special action needed, monitor adjusted price movements<\/td>\n<\/tr>\n<tr>\n<td>ESOP issuance<\/td>\n<td>Motivates employees, slight dilution<\/td>\n<td>Evaluate long-term impact on company culture and performance<\/td>\n<\/tr>\n<tr>\n<td>Private placement<\/td>\n<td>Usually discounted, includes cooperation<\/td>\n<td>Evaluate added value from strategic partners<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>In Vietnam, some notable IPOs such as Vinhomes (2018) and Techcombank (2018) have brought large profits to early investors. However, there were also cases like Bao Viet Insurance (2018) or Vietjet Air (2017) where price performance didn&#8217;t meet expectations. This shows not all opportunities yield similar results.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option provides technical and fundamental analysis tools, helping you comprehensively evaluate investment opportunities in newly issued shares. From technical charts to industry analysis reports, Pocket Option is a reliable companion in your investment journey.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Conclusion: The future of the share issuance market in Vietnam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>After exploring in detail &#8220;which types of businesses have the right to issue various types of shares&#8221; and many related aspects, we can clearly see that Vietnam&#8217;s capital market is on a strong development path. From an increasingly perfected legal framework to the growing number of businesses issuing shares, everything indicates enormous potential for the future.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vietnam&#8217;s stock market is gradually maturing, with increasing liquidity depth and growing participation from institutional and foreign investors. This creates a favorable environment for businesses to raise capital through share issuance, while also bringing many attractive investment opportunities.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>A prominent trend in the coming years is the wave of IPOs from Vietnamese technology startups, following the success of VNG and The Coffee House. The fintech, e-commerce, and logistics sectors are predicted to lead this wave, opening up investment opportunities in the &#8220;rising stars&#8221; of the digital economy.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option is proud to be a trusted partner in your investment journey, providing not only modern trading tools but also insightful market analysis. We are committed to accompanying Vietnamese investors, helping you seize opportunities from the increasingly dynamic wave of share issuances.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Remember that investing in shares is a long-term journey requiring knowledge, discipline, and patience. With support from Pocket Option and the knowledge shared in this article, you are ready to become a smart investor in the Vietnamese stock market.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n"},"faq":[{"question":"Which companies can issue shares in Vietnam?","answer":"In Vietnam, only joint-stock companies are allowed to issue shares. Other business types such as limited liability companies, private enterprises, or partnerships do not have this right. To be able to issue shares, these businesses need to convert to joint-stock companies according to the Enterprise Law 2020."},{"question":"What conditions must a company meet to issue shares to the public?","answer":"To issue shares to the public (IPO), a business must meet: Minimum charter capital of 30 billion VND; Profitable business operations in the most recent year, with no accumulated losses; At least 15% of shares sold to at least 100 investors who are not major shareholders; Major shareholders commit to holding 100% of their shares for at least 1 year; Have an issuance and capital usage plan approved by the General Meeting of Shareholders."},{"question":"What types of shares can be issued in Vietnam?","answer":"Joint-stock companies in Vietnam can issue four main types of shares: Common shares (with full voting rights, dividends); Preferred dividend shares (prioritized fixed dividends); Redeemable preferred shares (right to request company buyback); and Voting preferred shares (higher voting rights). However, common shares must account for at least 65% of total outstanding shares."},{"question":"How does the share listing process work in Vietnam after issuance?","answer":"After issuing shares, a company can list on HOSE, HNX, or UPCoM depending on meeting conditions. The process includes: (1) Preparing listing documents; (2) Submitting documents to the exchange; (3) Exchange verification (30 days); (4) Information disclosure; (5) Official trading. HOSE requires minimum capital of 120 billion VND and profitability for 2 consecutive years, while HNX requires 30 billion VND and profitability in the most recent year."},{"question":"How to evaluate investment opportunities in newly issued shares?","answer":"To evaluate investment opportunities in newly issued shares, investors should: Study the prospectus carefully; Assess leadership quality; Analyze industry prospects; Compare valuation with similar companies; Consider the purpose of capital use; Evaluate expected liquidity. Pocket Option provides analytical tools to help investors make smart investment decisions, from the IPO stage to when shares are listed and trading stably."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Which companies can issue shares in Vietnam?","answer":"In Vietnam, only joint-stock companies are allowed to issue shares. Other business types such as limited liability companies, private enterprises, or partnerships do not have this right. To be able to issue shares, these businesses need to convert to joint-stock companies according to the Enterprise Law 2020."},{"question":"What conditions must a company meet to issue shares to the public?","answer":"To issue shares to the public (IPO), a business must meet: Minimum charter capital of 30 billion VND; Profitable business operations in the most recent year, with no accumulated losses; At least 15% of shares sold to at least 100 investors who are not major shareholders; Major shareholders commit to holding 100% of their shares for at least 1 year; Have an issuance and capital usage plan approved by the General Meeting of Shareholders."},{"question":"What types of shares can be issued in Vietnam?","answer":"Joint-stock companies in Vietnam can issue four main types of shares: Common shares (with full voting rights, dividends); Preferred dividend shares (prioritized fixed dividends); Redeemable preferred shares (right to request company buyback); and Voting preferred shares (higher voting rights). However, common shares must account for at least 65% of total outstanding shares."},{"question":"How does the share listing process work in Vietnam after issuance?","answer":"After issuing shares, a company can list on HOSE, HNX, or UPCoM depending on meeting conditions. The process includes: (1) Preparing listing documents; (2) Submitting documents to the exchange; (3) Exchange verification (30 days); (4) Information disclosure; (5) Official trading. HOSE requires minimum capital of 120 billion VND and profitability for 2 consecutive years, while HNX requires 30 billion VND and profitability in the most recent year."},{"question":"How to evaluate investment opportunities in newly issued shares?","answer":"To evaluate investment opportunities in newly issued shares, investors should: Study the prospectus carefully; Assess leadership quality; Analyze industry prospects; Compare valuation with similar companies; Consider the purpose of capital use; Evaluate expected liquidity. Pocket Option provides analytical tools to help investors make smart investment decisions, from the IPO stage to when shares are listed and trading stably."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Which companies can issue shares: Smart investment secrets in the Vietnamese market<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/en\/knowledge-base\/learning\/which-company-is-issued-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which companies can issue shares: Smart investment secrets in the Vietnamese market\" \/>\n<meta property=\"og:url\" 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