Arcording to Article 90.1 of Decree 58/2012/ND-CP, a Real estate investment fund operates in 2 ways:


Foreign investors who wish to bring their real estate investment fund into investment activities in Vietnam, first, Foreign Investors will invest under the form of establishing an economic organization, or establishing a Fund Management Company.

For more information about establishing a Fund Management Company, Investors can refer to the following article: []

Fund’s operation mechanism

REIF can be a type of closed-end fund, which offers fund certificates to public and investors can not request the REIF to repurchase the certificate, with the main purpose of investing in leasing real estate in order to make stable profit in accordance with the laws.

As one of the business activities of the Fund is securities investment, the REIF must perform securities investment registration procedures to the SSC (Security Commission of Viet Nam).

Pursuing to Article 3 Circular 123/2015/TT-BTC regarding securities investment activities of foreign investors, the foreign investors shall invest in Viet Nam’s stock market under these following forms:

  • Directly or authorize their transactional representatives or securities trading organizations to trade shares, stocks and other securities types; carry out capital contribution, buy, sell and swap shares in accordance with legal regulations on securities and securities market;
  • Carry out indirect investments in the form of entrusting their capital to the care of fund management companies or branches of offshore fund management companies.

Below, CNC presents step by step, conditions and regulations for these 2 forms of investment, specifically:

Form of direct investment or authorized representatives

Before foreign investors make a direct investment in Vietnamese stock market, they must register a securities trading code to Viet Nam Securities Depository through depository members.Registration of securities trading code

Steps by steps:

Dossiers submitted to apply for securities trading code registration shall include:

No. Documents Notes
1 The application form of registration of securities trading code given in form in Circular 123/2015/TT-BTC
2 Foreign investor’s credentials (Registration Certificate, passport,…) Under instructions given in Appendix 12 in Circular 123/2015/TT-BTC
3 Supplementary materials (In case of transactional representatives):

  • The written authorization of transactional representatives; and
  • Transactional representative’s information slip; and
  • The valid duplicate identification cards or passports held by transactional representatives; and
  • The valid copy professional certificates of securities business held by transactional representatives.


  • Form stipulated in Appendix 10 in Circular 123/2015/TT-BTC
  • Form stipulated in Appendix 11 in Circular 123/2015/TT-BTC
  • Valid copy.
4 The written authorization of depository member registering the securities trading code

Documentation submitted to apply for securities trading code registration shall include:

No. Documents Notes
1 The application form Attached form in Circular no. 123/2015/TT-BTC
2 Depository contracts entered into between fund management companies, branches of offshore fund management companies operating in Vietnam and depository banks Valid duplicate or original
3 Certificates of establishment and operation of fund management companies Valid duplicate
4 A copy of written authorization, which is filed to depository members to apply for trading code registration

Entrusting their capital to the care of fund management companies or branches of offshore fund management companies

The Investor must Entrusting their capital instead of registering their trading codes to make investments.While a local Fund established in Vietnam can entrust the capital to a Vietnam fund management Company, a Fund established in foreign countries must entrust to foreign Companies or Branches belonging to offshore Fund Management Companies.The procedures to establish A Fund Management Company was prepare at Because of with complex conditions, procedures. CNC hopes that giving this Document can help the Clients/Investors making decisions in your investments.  

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