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Regulations for Asset Management Companies and Public Funds in Vietnam

Establishment of a Public Fund

To establish a public fund, an asset management company must meet three primary conditions as outlined in Article 31:

Be a duly established asset management company under this Law.
Have an appropriate number of fund managers with professional licenses for public fund management.
Have a fundraising plan and an investment plan for public funds.

To establish a public fund, an asset management company must submit the following application documents to the SC as outlined in Article 32:

An application in the form of the SC.
Brief biographies of appointed public fund managers.
Copies of the enterprise registration certificate and tax identification certificate of the asset management company.
A prospectus for sale of public fund units.
By-laws of the public fund (if established as a juristic person) or a custodian agreement between the asset management company and the custodian bank.
A public fund contract between the asset management company, custodian bank, and investors (if established by contract).
Financial statements.
Other documents prescribed by the SC.

The by-laws or public fund contract must contain the following information as outlined in Article 33:

Name of the public fund.
Names, locations, and branches of the asset management company.
Fundraising objectives and investment policies.
Category and term of the public fund.
Number and par value of public fund units.
Registered capital of the public fund.
Methods of public fund management.
Calculation methods for net asset value of the public fund.
Methods of allocation of profit or distribution of dividend of the public fund.
Fees and service fees to be paid to the asset management company and custodian bank.

The prospectus must contain the following information as outlined in Article 34:

Name, category, and term of the public fund.
Information about the public fund manager, asset management company, custodian bank, and legal advisor.
Number and par value of public fund units.
Objectives, strategies, methods, procedures, and scopes of investment and risk factors of the public fund.
Financial status of the public fund (for funds that have been in operation for three years or from commencement date).
Yield and redemption plan.
Plans for issuance of public fund units and guidelines for investment.