Category Archives: Vietnam – Securities Law

Navigating Blockchain Law – Presentation at Vietnam Blockchain Week – 8 Mar 2018

7-8 March 2018, Vietnam Blockchain Week organized by Infinity Blockchain Labs — probably the first big, international blockchain event in Vietnam. Reportedly, more than 2,000 registered visitors and 50 speakers.

My speech and slides on “Navigating Blockchain Law” covered multiple jurisdictions and blockchain topics, including cryptocurrencies, exchanges, ICOs, AML/KYC, personal data protection, regulatory sandboxes and innovation space. The message is that  innovators and big investments go to places that have clear and “friendly” regulations for them to thrive.

Unregulated - what does it mean?

Every day is different though, and we constantly receive new statements from regulators and other authorities. Technology moves much faster than the law. The information in my slides is already old by the time they are uploaded. Likewise, the heat map below is very subjective and  represents only a momentary snapshot.

Blockchain Legal Heat Map

For more information, please contact Manfred Otto at MOtto@duanemorris.com or any other lawyer you are regularly communicating with at Duane Morris.

Disclaimer: This post has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. Each case should be analyzed individually with the support of competent legal counsel. For more information, please see the firm’s full disclaimer.

タイビバ、記録的な5500億円ベトナムM&A取引で外資規制回避方法の実証

タイビバ・サベコ投資ストラクチャーの賛否

タイビバ系関連会社が、法律上「ベトナム国内投資家」としてサベコの49%外国人保有比率上限を突破しました。

ベトナム商工省は、2017年12月18日にサイゴンビール・アルコール飲料総公社(サベコ)普通株の過半数を競売しました。サベコのベトナムビール市場シェアが40%強です。タイ・ビバレッジ(タイビバ)系のベトナム・ビバレッジ社が、このラウンドで放出予定のほぼ全株53.59%を110兆ベトナムドン(約5,500億円)で取得し、ベトナムにとって記録的な取引となりました。

Sabeco's stock chart世界のビール会社から高い関心が寄せられましたが、国内外を含め、入札に参加した企業はタイビバ以外が出ませんでした。(一方、入札にはベトナム人個人投資家が一人参加しました。)その理由の一つは、売却額が高額だったことです。このような売却を予期してよく起きることですが、商工省が競売日を公表した前の6ヵ月の間にサベコの株価が約75%上昇していました。ベトナム・ビバレッジが落札した価格は、1株32万ベトナムドンで2017年度株価収益率のほぼ47倍となります。株価が取引完了後に急落し、過去数週間25万5000ベトナムドン前後の狭帯域で取引されています。

価格に加えて、国際投資家がためらった他の主な理由は、サベコの外国人保有比率上限と、競売公表、入札登録そして競売日のタイミングの組み合わせでしたかもしれません。タイビバでさえが、2017年12月22日に上場しているシンガポール証券取引所(SGX)への報告書で、応札登録のスケジュールが「極めて過密」であり、事前に正式な株主の承認を得ることなく、資金調達の点でも妥協しなければならなかたことを明らかにしました。タイミングは非常に重要ではありますが、ここではサベコの外国人保有比率上限及びタイビバが使用した法的構造をもう少し詳しくみていきます。まずストラクチャーをご理解し、これからの投資案件の準備、そして厳しい締切りに整えるために役立つと願っています。

タイビバ・サベコの投資ストラクチャー

タイビバのサベコに対する出資の法的構造(ストラクチャー)を公開された情報に基づいて以下の表でまとめました。弊所はこの構造をベトナムの現投資法が施行された2015年から提案してきました。弊所の解釈は、投資法第23条により、外国人保有比率51%未満のベトナムで登録されている会社の子会社は、国内投資家と同じ条件で投資活動を行うことができます。この解釈の有効性が今回のサベコ案件により確立され、重大なディールでも、上記のような子会社には外資規制が適用されません。

ThaiBev-Sabeco structure chart

ここで、ベトナム・ビバレッジは、Vietnam F&B Alliance Investment Joint Stock Company(ベトナムF&B) の全額出資子会社となります。タイビバの香港で登録されている間接子会社BeerCo Limited(ビールコ)が、ベトナムF&B 株の49%を保有しています。ビールコ が保有するベトナムF&B株は51%未満で、 ベトナムF&Bの子会社であるベトナム・ビバレッジには、外国人投資家の外資規制が適用されません。従って、ベトナムF&B は、サベコ株を国内投資家として取得することができました。

サベコの外国人保有比率上限

外国人保有比率上限が適用されるサベコ株の過半数を取得する為には、タイビバは、上記の国内企業構造を選択したと発表しました。ベトナム証券規制により、外国投資家が原則としていわゆる「条件付き」事業内容を登録している公開会社の合計49%までしか保有することができません(国際条約や国内法によって別途に定めがない限り)。

条件付き事業内容とは、追加条件(特別な事業ライセンスなど)の対象となる活動です。ベトナム地場企業でよくみられますが、サベコも事業内容を豊富に登録していました。その中には、例えば、流通及び不動産取引などの条件付き活動もあります。(ベトナムでの会社は、全ての事業活動を登録しなければなりません。)事業内容を大幅に再構築しない限り、サベコの外国人投資家への売却は制限されていました。合計49%という上限でしたが、外国人投資家が既にサベコ株の10.4%(ハイネケン5%を含む)を保有していたことを考えると、今回売却対象の54%弱のうち外国人投資家が購入できる上限は39%未満でした。しかし、タイビバ傘下のベトナム・ビバレッジは国内投資家として過半数の株式を取得することができました。

タイビバによるサベコのコントロールはどの程度か?

サベコに対するタイビバのコントロール・レベルは大きな課題です。ベトナム・ビバレッジは、サベコ株の過半数54%を保有しています。但し、ベトナム・ビバレッジの100%親会社がベトナムF&B で、タイビバの子会社ビールコ がベトナムF&Bの少数株主に過ぎません。

政治などをさておき、純粋に法律観点から会社の決議採択要件をみてみましょう。株主総会の普通決議は原則として、総会に出席した株主全員の議決票総数の少なくとも51%を代表する株主の賛成で採択されます。特別決議の場合は、65%以上が必要です。同様に、取締役会の決議は、出席した取締役の多数が賛成するれば採択されます。ベトナムの企業法により、会社が定款で決議採択のためにより高い割合を定めることができます。しかし、公開されている最新の定款により、サベコは標準的な決議採択割合(株主総会51%及び65%、また、7名の取締役会で51%)を設定していました。従って、ベトナム・ビバレッジは、(関連当事者間取引を除き)サベコの株主総会普通決議を一方的に採択し、取締役候補者を選任することができます。

但し、ベトナムF&B株 の少数49%しか保有していませんので、タイビバはベトナム・ビバレッジを完全にコントロールすることはできない可能性があります。ベトナム人個人株主二人が51%を保有しています。2017年12月22日付タイビバのSGX報告書によると、『ベトナムF&Bのベトナム人投資家一人は、ベトナムにおける事業家で、ベトナムで弊社のアルコール飲料販売会社と同じグループの一員です。もう一人のベトナム人投資家は、〔サベコの〕買収に関連する助言を提供し、弊社の現地における事業コンサルタントです。』

上記のストラクチャーは、ベトナムにおける名義借り会社(ノミニー会社)と似たような潜在的問題をもたらします。要するに、タイビバのビールコ は、ベトナムF&B のベトナム人株主二人をどの程度コントロールすることができるでしょうか?

  • ビールコ 及びベトナム人株主は、ビールコ に更なるコントロール権を与える保留事項などの権利保護措置を含む適切な株主間契約を締結し、ベトナムF&B の定款を承認したか?(ベトナム企業法により、政府の承認を受け、発起株主のみが議決権優先株式を掌握でき、また、その有効期限が最大3年間に限られている。)
  • サベコ及びベトナム・ビバレッジの配当金はどうなるか?ベトナム人株主二人は51%をもらえるのか?(配当優先株主には議決権がないため、ビールコには役立たないと考えられる。)
  • タイビバはベトナム人株主の株式を買収することが可能か?いくらで?(ベトナムF&Bの市場価値は今やとてつもなく高くなっているはず。)
  • 彼らが株式を競合へ売却したらどうなるか?
  • もし争う場合、裁判所は株主間の約束を認め、執行するのでしょうか?(ベトナムでは裁判所判決の30%未満しか執行されず、 ましてや外国仲裁判断の承認及び執行。)

ベトナムF&Bの資料が公表されていませんので、全ての疑問を確かめることができませんが、このタイビバ・サベコ出資構造にはいくつかの潜在的なリスクがあります。

新投資法及び国有企業株式化の新管理委員会

ベトナムは、施行から3年間もかからず、投資法を再び改正しようとしています。最初に公開された草案には、M&Aの事前承認を含むM&A活動に影響を与えうる改正条項が含まれています。上記のタイビバ構造は、将来そのまま採用できない可能性があります。新法が早ければ2019年施行される予定です。従って、のちのHabeco、PV Power、PV Oil を含む後の国有株式の放出や商工省が保有するサベコの残り35%の売却は、2018年内にクロージングすれば、上記のストラクチャーを適用するチャンスがあるかもしれません。

その上、省々及び国家資本投資公社(SCIC)から権限を引き継ぐ、これから国有株式の放出を管理する新な国家資産管理委員会を設立する予定です。投資家にとって、今まで交渉したお話相手が変わる可能性があります。

タイビバ・サベコ投資ストラクチャーの賛否

+ 外国人投資家が国内投資家と同じ条件で、
投資活動に参加できる。

- その投資対象を完全に保有せず、
コントロールが限られている。

詳細につきましては、オットー マンフレッド 倉雄(motto@duanemorris.com) 、又はドウェイン・モリス法律事務所で通常連絡を取られている弁護士へご連絡ください。

〈ご注意〉こちらの記事は皆様に情報をお届けする目的でのみ作成・掲載しておりますので、法的なアドバイスとして提供・構成することを目的としておりません。詳細につきましては、当事務所の注意書きをご一読下さい。

ThaiBev’s Record $4.8 billion Vietnam M&A Deal Verifies Foreign Ownership Limit Work-Around

Pros and Cons of the ThaiBev-Sabeco Structure

ThaiBev affiliate’s legal status as a Vietnamese domestic investor enabled it to acquire a majority stake in Sabeco, despite a foreign ownership cap of 49%.

Vietnam’s Ministry of Industry and Trade (MOIT) auctioned off a majority stake in Saigon Beer – Alcohol – Beverage Joint Stock Company (Sabeco) on 18 December 2017. The former State-owned enterprise has a 40% share of the Vietnamese beer market. The Thai Beverage (ThaiBev) affiliate Vietnam Beverage acquired a 53.59% stake for VND 110 trillion (or roughly US$4.85 billion) – a record for Vietnam.

Sabeco's stock chart

No other companies – domestic or foreign – submitted bids despite much interest. One of the reasons could have been the high price. As seems to happen often in anticipation of such sales, within 6 months before the MOIT announced the auction, Sabeco’s share price had risen about 75%. Vietnam Beverage paid VND 320,000 per share – a 2017 P/E ratio of almost 47 times. The price fell quickly after the deal went through, and the shares have been trading within a narrow band around VND 255,000 for the past few weeks.

Besides the price, the other main reason for international investors holding back could have been a combination of Sabeco’s foreign ownership limit and the timing between the official announcement, bid registration, and auction date. Even ThaiBev admitted in its 22 December 2017 Singapore Exchange (SGX) filing that the timeline for the submission of bids was “extremely tight” and that they had to make compromises, including not obtaining official shareholder approval in advance and in terms of financing of the deal. While timing is very important, we will take a closer look at Sabeco’s foreign ownership limit and legal structure of ThaiBev’s investment here. Understanding the structure first can help investors to position themselves for future deals and meet tight deadlines.

The ThaiBev-Sabeco structure

We illustrated the legal structure of ThaiBev’s investment in Sabeco in the following chart based on publicly available information. We have suggested this structure since 2015, when Vietnam’s then-new Investment Law came into force. Our interpretation of Article 23 of the Investment Law is that subsidiaries of companies registered in Vietnam with a foreign ownership of less than 51% can conduct investment activities under the same conditions as domestic investors. The Sabeco deal confirms the validity of this structure in practice, even for bigger deals, and that foreign ownership limitations do not apply to such subsidiaries.

ThaiBev-Sabeco structure chart

Here, Vietnam Beverage is a wholly-owned subsidiary of Vietnam F&B Alliance Investment Joint Stock Company (Vietnam F&B). ThaiBev’s indirectly wholly-owned subsidiary BeerCo Limited, a Hong Kong company, owns 49% in Vietnam F&B. Because BeerCo’s stake in Vietnam F&B is less than 51%, Vietnam F&B’s subsidiary Vietnam Beverage is not subject to investment conditions that apply to foreign investors. Therefore, Vietnam F&B could buy Sabeco shares as a domestic investor.

Sabeco’s foreign ownership limit

ThaiBev announced that it chose the above domestic-company structure to acquire a majority stake in Sabeco, because of Sabeco’s foreign ownership cap. Under Vietnamese securities regulations, foreign investors can only own up to 49% (in aggregate) of a public company where the company has registered so-called “conditional” business lines (unless otherwise provided by international treaties or domestic law).

A conditional business line is an activity that is subject to additional requirements, such as a special business license. Like many Vietnamese domestic companies, Sabeco had a long list of registered business lines, including conditional activities, e.g. – distribution and real estate trading. (By law, a company in Vietnam must register all its business activities.) Without substantially restructuring its business, Sabeco’s sale to foreign buyers was limited. Considering the 49% cap and that foreign investors had already owned 10.4% of Sabeco (including Heineken’s 5%), less than 39% of the total 54% for sale in this round were available to foreign buyers. But as a domestic investor, ThaiBev’s affiliate Vietnam Beverage could buy a majority stake.

To what extent does ThaiBev control Sabeco?

The 4.8 billion-dollar question is ThaiBev’s level of control over Sabeco. Although, Vietnam Beverage has a 54% majority stake in Sabeco, Vietnam Beverage is wholly owned by Vietnam F&B, where ThaiBev’s wholly-owned subsidiary BeerCo owns only a minority stake.

Politics and other levers aside, from a pure legal perspective, the general meeting of shareholders (GMS) can pass ordinary resolutions with approval of attending shareholders representing at least 51% of the votes. Special resolutions require at least 65%. Likewise, decision in the board of management (akin to a board of directors in some other jurisdictions) require a simple majority of all attending board members. Although, Vietnam’s Enterprise Law permits that companies stipulate higher voting thresholds in their charters, Sabeco’s most recent publicly available charter sets out the same default 51% and 65% ratios for the GMS and 51% for its 7-member board. Therefore, Vietnam Beverage can now unilaterally control ordinary resolutions of Sabeco’s GMS (except for related party transactions) and can vote its nominees to the board.

However, ThaiBev may not fully control Vietnam Beverage, because it only has 49% minority stake in Vietnam F&B. Two Vietnamese individual shareholders own 51%. According to ThaiBev’s 22 December 2017 SGX filing, “One of the Vietnamese investors in Vietnam F&B is a business person [who] is in the same group as the Company’s distributor of alcohol beverages in Vietnam. The other Vietnamese investor is the Company’s local business consultant [who advised] the Company in relation to the [Sabeco acquisition].

This raises a number of questions similar to those that arise in nominee companies in Vietnam: How much control can ThaiBev/BeerCo exert over the two Vietnamese shareholders in Vietnam F&B?

  • Did BeerCo and the Vietnamese shareholders enter into a properly drafted shareholders’ agreement and approve a charter for Vietnam F&B with reserved matters and other guards to give BeerCo more control? (NB: Vietnam’s Enterprise Law permits voting preference shares only with Government approval and only to founding shareholders for maximum three years.)
  • What happens with the dividends from Sabeco/Vietnam Beverage – will the two Vietnamese shareholders get 51%? (Dividend preference shareholders have no voting rights, so that wouldn’t be in BeerCo’s interest.)
  • Can ThaiBev buyout those Vietnamese shareholders? How much will it cost? (The market value of Vietnam F&B should be sky high now.)
  • What if they sell their stakes to a competitor?
  • Will the courts enforce the shareholders’ arrangements when contested (less than 30% of Vietnamese court judgments are enforced in Vietnam; let alone foreign arbitral awards)?

We do not know for sure, as Vietnam F&B’s documents are not public, but those are a few of the potential risks of the ThaiBev-Sabeco structure.

New Investment Law and management committee for SOE equitization

It is important to note that Vietnam is in the process of amending its Investment Law (again, after less than three years in force). The first published draft has revised provisions that affect M&A activities – including the dreaded pre-M&A approval requirement. The ThaiBev structure may or may not work in the future. At the earliest, we expect the new law to come into force in 2019. So, upcoming SOE divestments including Habeco, PV Power, PV Oil as well as the sale of the MOIT’s remaining 35% of Sabeco might still be in time to apply the above structure if they close in 2018.

In addition, the Government plans to establish a new State capital management committee to coordinate divestments of all State-owned assets taking over powers from the various ministries and State Capital Investment Corporation (SCIC).

Pros and cons of the ThaiBev-Sabeco structure

+ Allows foreign investors to participate in investments under the same conditions as domestic investors.

– No full ownership and limited control over those investments.

For more information, please contact Manfred Otto at  MOtto@duanemorris.com or any other lawyer you are regularly communicating with at Duane Morris.

Disclaimer: This post has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. Each case should be analyzed individually with the support of competent legal counsel. For more information, please see the firm’s full disclaimer.

Vietnam steps up sale of SOEs

Hopes abound that a new Decree will drag the near-moribund process of privatising large State-owned enterprises (SOEs) into a new and more efficient phase.

 

Over the past 30 years, the restructuring of SOEs has been a key component of Vietnam’s economic reforms under Doi Moi (renovation). The process has been undertaken by successive governments and is a central pillar to creating the business-friendly climate desired by the current leadership.

 

Nevertheless, it remains largely a work in progress. According to a report by the Central Institute for Economic Management (CIEM), since 1992, Vietnam has ‘equitised’ over 4,500 enterprises (‘privatized’ being considered an unsuitable term for Vietnam and not always accurate anyway given the propensity for the State to maintain controlling stakes).  The fact is that many of these took place in a short period of time and were smaller production units of large conglomerate-type corporations.  The CIEM report concluded that progress is below expectations. SOEs have struggled to attract strategic investors and sale of shares has not reduced the level of State budget in SOEs’ charter capital, as was hoped.

 

There are multiple reasons for the disappointing progress including restrictions on foreign ownership, and the State’s desire to maintain ultimate management control.  Opaque valuations and concerns over transparency also deter strategic and other investors from getting involved in the process and ultimately slow it down.

 

To continue growing, Vietnam is under increasing pressure to reform the equitisation process for its SOEs, with new efforts being made to accelerate the government’s divestment. Under plans announced earlier this year, the government will equitise a further 137 SOEs in the 2016-2020 period.  Many of those slated are large and some can be considered the cream of the crop.

 

This renewed motivation is driven in large part by the government’s need to mobilise financial resources to deal with a rising fiscal deficit and public debt. The country’s obligations under a number of free trade agreements also provide impetus to break up the big entities.

 

Determining demand

 

Recently, a significant change was announced in a bid to speed up equitisation of SOEs: the law will change to allow book building as a means of determining interest and price for IPOs of SOEs.

 

Up until now, the equitisation of Vietnam’s SOEs has been handled through public auction, direct negotiation and underwriting. Most have adopted the public auction method, but this has proved unattractive to investors, with even big assets like Vinamilk failing to generate the expected interest.

 

Under new Decree 126/2017/ND-CP, the Prime Minister has instructed the Ministry of Finance to prepare detailed guidelines on implementation of book building to facilitate efficient IPOs as part of the equitisation process.

 

This method of price discovery, used widely internationally and now approved for the first time in Vietnam in connection with equitisation purposes, is expected to make the process more efficient and attractive to strategic investors.  Decree 126 also eases restrictions on the profitability of strategic partners (from three to two years), cuts the lock-in period (from five to three years) and provides more detailed guidance on valuations of SOEs generally (notably removing reference to DCF valuation and providing more clarity around valuation of land use rights and goodwill).

 

It is hoped that this move, to take effect from 1 January 2018, will enhance transparency in SOE equitisation and hasten the hitherto slow listing on the country’s stock exchanges. The Decree will have a particular impact on the next wave of SOE IPOs, slated for 2018-19.

 

Energy giants next?

 

An area in dire need of extensive equitisation is the energy sector. In order to ease electricity shortages, attract more investment and boost economic growth the country will need to tackle inefficient State-owned power actors.

 

The issue of power shortages could come to a head in the next four years, with forecasts predicting that annual growth in electricity consumption will start to match, and possibly outpace, the installed capacity growth. If consumption continues to expand at a similar rate to the last decade (an average of 12 percent a year) the country could soon be facing a power crisis.

 

This gloomy scenario is looking increasingly likely, considering that foreign direct investment (FDI) into the manufacturing sector, which accounts for 50 percent of total electricity consumption, has doubled over the past four years to reach US$63.1 billion. Luckily for businesses, the government is keen on keeping this development trend going, and having the electricity to power it.

 

Recent reports in the media state that the government has lined up a series of sizable IPOs of major power corporations, including PV Power, EVN Generation Corporation Number 3 (Genco 3) and Binh Son Refining and Petrochemical Company Limited (BSR). If the above projections on power demand growth are anything to go by, Vietnam’s power sector holds significant potential, and may prove an irresistible offer to foreign firms. This offer, however, is contingent on the government breaking up the energy giants and levelling the playing field for investors. Official approval of the book building method for pricing IPOs is a start.

 

PV Power, the country’s second-largest electricity producer, plans to auction a 20 percent stake through its IPO scheduled for the end of this year, and 28.8 percent of shares will be sold to strategic investors. Meanwhile, the equitisation of Genco 3 is awaiting the government’s go-ahead.

 

The changes above demonstrate a willingness to step up the equitisation of SOEs, with looming budget considerations providing a timely incentive. Beginning next year, the slow process may finally gather some much needed pace and see involvement of foreign players previously put off by the state of play.

 

For more information about Vietnam’s equitisation and IPO processes, please contact Giles at GTCooper@duanemorris.com or any of the lawyers in our office listing. Giles is co-General Director of Duane Morris Vietnam LLC and branch director of Duane Morris’ HCMC office.

Plenty of life in Vietnam’s M&A market despite bumps

Globally, 2017 has been an unpredictable year for the mergers and acquisitions (M&A) market, with the hangover of political and economic instability from 2016 inspiring caution among investors.

 

Foreign investment has been put on the back foot due to rising protectionism and the failure of promising free trade deals like the TPP (Trans-Pacific Partnership). Vietnam in particular has suffered and will need some big breakthroughs to regain lost momentum.

 

Although the TPP would have brought some big benefits to Vietnam, it is expected that other trade deals on the horizon will make up most of the shortfall. The nation has joined six regional FTAs as an ASEAN member, including the ASEAN Free Trade Area (AFTA) and the five FTAs between ASEAN and China, Japan, South Korea, India, Australia and New Zealand, as well as four bilateral FTAs with Chile, Japan, South Korea and the Eurasia Economic Union (EAEU). Negotiations over an FTA with the European Union (EU) have also been concluded.

 Sluggish start

 

Whereas 2016 was an exciting year for M&A in Vietnam, 2017 has gotten off to a slower start. According to a report released in advance of the M&A Forum (August 10, HCMC), deals in Vietnam hit an all-time record of US$5.8 billion in 2016, a growth of 11.92 percent compared to 2015. However, the market has slumped since the latter half of last year with fewer headline signings. The total value of M&A activity reached just US$1.1 billion in the first quarter, a drop of 24.4 percent year-on-year.

Continue reading Plenty of life in Vietnam’s M&A market despite bumps

3 Things About Overseas Securities Investment by Vietnamese Residents

Buying foreign securities has been for years a vague promise for most Vietnamese residents having an appetite to invest in shares and bonds issued abroad. Although legally permitted since 2006 at the legislative level, such promise remained on paper in practice due to the absence of a detailed regulatory framework. All investments in foreign securities were subject to ad hoc approvals by various governmental authorities, including the Ministry of Planning and Investment and the State Bank of Vietnam (“SBV“). This situation seems set to change when on the last day of 2015 the Government adopted Decree no. 135/2015/ND-CP on Indirect Overseas Investment (“Decree 135“) (the term used in Decree 135 is “overseas indirect investment” (“đu tu gián tiếp ra nuớc ngoài“); curiously, this term is no longer used in the new Law on Investment no. 67/2014/QH13 dated 26 November 2014) which became effective on 15 February 2016. Certain Vietnamese residents (i.e. economic organisations established and operating in Vietnam (companies, cooperatives, cooperative unions and other entities having an investment/business activity) and individuals) are now permitted to make investments in foreign securities. Here are the three most important things you should know: Continue reading 3 Things About Overseas Securities Investment by Vietnamese Residents