The Ministry of Finance has issued a circular asking state-owned enterprises (SOEs) wanting to launch an initial public offering (IPO) to list on Unlisted Public Company Market (UPCoM) at least 90 days before the official listing.

Circular 01/2015 / TT-BTC, issued by the ministry on January 5, laid down regulations on securities registration for unlisted firms operating in the local stock market, including SOEs. The circular, replacing the ministry's earlier decision No 108 in 2008, will become effective on March this year.

Specifically, SOEs, which launched or prepared their IPO after November 1, 2014, must list on UPCoM within 90 days after being licensed as a public firm and after having registered with State Securities Commission (SSC) and Vietnam Securities Depository (VSD).

For SOEs having launched IPO before that date, they have to list on UPCoM at least one year before getting the green light to launch the IPO, according to the circular.

In addition, delisted companies are required to be traded in the UPCoM within 30 days before relisting.

The Government of Vietnam plans to equitize 532 SOEs during 2014 to 2015.

By the end of 2014, two giant SOEs—the Vietnam National Textile and Garment Group and Vietnam Airlines had issued their IPOs.

From 2011 to 2013, about 180 SOEs were arranged to be equitized, merged or disbanded, of which 99 ones were already equitized with a total value of around VND19 trillion worth of shares.

In the first 9 months of 2014, 71 SOEs went through equitization.

In 432 SOEs which are forced to be equitized in 2014-2015 period, and about 75 companies had their equitization plans approved.

According to the plan, by the end of 2014 there would be about 200 SOEs to be equitized. In fact, as of December 25, only 167 SOEs were equitized.