On 5 December 2012, the Vietnamese Ministry of Finance (MOF) issued Circular No. 212/2012/TT-BTC (Circular 212) on the establishment, organisation and operation of fund management companies (FMCs).

Previously, Decree No. 58/2012/ND-CP of 20 July 2012 (Decree 58) had paved the way for incorporation of 100 percent foreign-owned securities business companies, including FMCs.

Now, Circular 212 provides detailed guidelines on the implementation of the provisions of Decree 58 on FMCs and replaces Decision No. 35/2007/QD-BTC dated 15 May 2007 (as amended on 26 December 2008) (Decision 35). Some salient provisions of Circular 212 are discussed in this legal update.

For inquiries related to this Legal Update, please contact Cuong Manh Nguyen, Orsolya Szotyory-GroveThinh Phu Dan or your usual contacts with our firm. 

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