Article 3.5 of Decision 88/2009 provides that the foreign ownership limit applicable to an equitised State-owned enterprise (Equitised SOE) will be determined in the “plan approved by competent authorities” provided that:

• if the Equitised SOE operates in sectors and business lines, which are subject to special laws, then the Equitised SOE must comply with the foreign ownership limits provided in such special laws;
• if the Equitised SOE operates in commercial service sectors then the Equitised SOE must comply with the foreign ownership limits provided in the international treaties to which Vietnam is a member. Currently, the commitments of Vietnam to the World Trade Organisation contain most of the foreign ownership limits applicable to various services sectors in Vietnam; and
• if the Equitised SOE operates in more than one sector or line of business and is subject to more than one foreign ownership limit then the lowest foreign ownership limit applies.

It is not clear whether the term “plan approved by competent authorities” in Decision 88/2009 refers to the Equitisation Plan (Phương án cổ phần hóa) under Decree 59/2011. While it is not clear, it is likely that if as a result of the public offer of shares during equitisation, the equitised joint stock company becomes a public company then the 49% foreign ownership limit applicable to public companies under Decision 88/2009 will also apply to the equitised joint stock company.