On May 17, 2021, the Ministry of Finance promulgated Circular 32/2021/TT-BTC guiding the initial sale of shares and the management and use of income obtained from the equitization of a state-owned enterprise and from the conversion into a joint stock company of a single-member limited liability company with 100% of its charter capital invested by a State-owned Company (Circular 32). Several key contents of Circular 32 are as follows:
(i) Stipulating the initial selling price of shares according to the share purchasers including: investors purchasing shares through auction, employees, trade union at the enterprise and strategic investors;
(ii) Stipulating 4 methods of selling shares including: auction, direct agreement, underwriting, and book-building.
