Procedures for obtaining approval for listing stocks on foreign securities markets from January 29, 2026

1. Dossier of request for approval of the listing on foreign securities markets

Pursuant to Article 5 of Circular No. 47/2025/TT-NHNN, a dossier of request for approval of the listing of stocks on foreign securities markets by a joint-stock credit institution must comprise:

• A written request of the joint-stock credit institution for the State Bank of Vietnam’s approval of the listing of stocks on foreign securities markets (made according to Appendix I to Circular No. 47/2025/TT-NHNN).

• A letter of authorization in case the written request is signed by an authorized representative.

Accordingly, compared with the previous regulations stipulated in Article 6 of Circular No. 26/2012/TT-NHNN, the new regulations have removed the following dossier components:

• The resolution of the General Meeting of Shareholders, as all resolutions and decisions passed by the General Meeting of Shareholders have been previously sent in accordance with Article 68 of the Law on Credit Institutions 2024 upon the conclusion of the General Meeting of Shareholders or upon completion of vote counting in case of collecting written opinions.

• Financial statements.

In addition, the dossier must be made in Vietnamese by the joint-stock credit institution.

2. Procedures for obtaining approval of the listing on foreign securities markets

Step 1: Submission of dossier to the State Bank of Vietnam

Pursuant to Clause 1, Article 6 of Circular No. 47/2025/TT-NHNN, a joint-stock credit institution shall make one set of dossier as prescribed and send it to the State Bank of Vietnam’s head office (via the single-window unit) in one of the following forms as specified in Clause 3, Article 3 of this Circular:

• Hand delivery of the dossier to the head office of the State Bank of Vietnam;

• Sending the dossier by post to the head office of the State Bank of Vietnam.

Step 2: Review and settlement by the State Bank of Vietnam

After receiving the dossier of request for approval of the listing of stocks on foreign securities markets, in case the dossier is incomplete or invalid, within five working days after receiving the dossier, the State Bank of Vietnam shall request in writing the joint-stock credit institution to supplement and complete the dossier.

This is specified in Clause 1, Article 6 of Circular No. 47/2025/TT-NHNN.

Conversely, within 28 days after receiving a complete dossier as specified in Article 5 of this Circular, the State Bank of Vietnam shall issue a written approval of the listing of stocks on the foreign securities market by the joint-stock credit institution.

In case the State Bank of Vietnam refuses to approve the listing of stocks on foreign securities markets, it must issue a document of refusal clearly stating the reason(s).

The Credit Institutions Supervision Department acts as the focal agency for settlement, consideration and submission to the State Bank Governor for approval or refusal of the listing of stocks on foreign securities markets by joint-stock credit institutions.

Step 3: Listing of stocks on foreign securities markets

Within 12 months after the State Bank of Vietnam signs the written approval, the joint-stock credit institution must list stocks on foreign securities markets.

At the same time, pursuant to Article 7 of Circular No. 47/2025/TT-NHNN, the joint-stock credit institution must report in writing to the State Bank of Vietnam within five working days in the following cases:

• Receipt of overseas competent agencies’ decisions on approval or refusal of the listing of stocks at foreign stock exchanges;

• Receipt of written documents on delisting from foreign stock exchanges, in which case the report must clearly state the reason(s) for the delisting.

3. Effect of the State Bank of Vietnam’s written approval

This content is stipulated in Article 4 of Circular No. 47/2025/TT-NHNN. Accordingly, the State Bank of Vietnam’s written approvals take effect on the date of their signing.

Conversely, the State Bank of Vietnam’s written approvals shall automatically cease to be effective in the following cases:

• Within 12 months after written approvals are signed, joint-stock credit institutions’ stocks have not yet been listed on foreign securities markets;

• Joint-stock credit institutions’ stocks already listed on foreign stock exchanges are delisted.