Unlisted public companies must register trading on Unlisted PublicCompany Market (UPCoM) within three months of the date they are grantedsecurities registration certificates by the Vietnam SecuritiesDepository.

The earlier deadline was six months.

This wasmentioned on the draft circular to replace Decision 108/2008/QD-BTCabout the management of securities trading of unlisted public companies,which the State Securities Commission circulated on June 25 forcomments.

The draft circular also creates conditions for publiccompanies which have implemented initial public offerings or not gainedeligibility for listing on exchanges to register trading on the UPCommarket.

A decree issued at the end of last year aboutadministrative punishments in the securities sector stated thatcompanies must be listed on exchanges within one year from their initialpublic offerings. Or else, they could be fined 150 million VND (7,100USD) for late listing.

Delisted companies (compulsory oroptional) must trade on UPCoM within 30 days from their delisting. Thesame deadline would also be applied to public companies which weretransformed from wholly State-owned enterprises.

Recently, manydelisted stocks moved to be traded on UPCoM, including Song Da 19 JSC.,Quang Nam Post Telecoms Construction & Services Corporation (QCC)and Yen Bai Cement and Minerals Company (YBC).

UPCoM is thetrading floor for stocks and convertible bonds of public companies whichhave not been listed on Exchanges. To date, 147 stocks are traded onUPCom, 17 times higher than when the market started operating in 2009with the total capitalisation of 28.9 trillion VND (13.7 billion USD),statistics with the Hanoi Stock Exchange show.

At the end of May, there were 998 public companies registered with the State Securities Commission.

Unlistedpublic companies are joint stocks companies which have their initialpublic offerings implemented or shares of which are held by at least 100investors with charter capital of 10 billion VND (476,100 USD).-VNA