[Last updated: 1 January 2025, unless otherwise noted]

6.1 Due diligence and market abuse rules

The investor is bound by restrictions on insider trading. During the due diligence of the target, or others, if the investor obtains any sensitive information relating to a public company/public fund which has not been disclosed to the public, and which, if being disclosed, may significantly affect the price of such public company's/public fund's securities, the investor is prohibited from using such information to buy or sell securities for themselves or for others; or from accidentally or deliberately disclosing and providing such information or advising others to buy or sell securities based on such information.

6.2 Hostile vs. friendly bids

Vietnamese law does not provide any specific rules relating to a hostile bid. However, it would be useful for the investor to gain support from the target company in order to have access to the target company's information.

6.3 Deal protection methods

Certain deal protection methods, such as exclusivity, break fees and lock- ups, are often used in public M&A transactions in Vietnam.

6.4 Anti-takeover defense mechanisms

Hostile takeovers are still uncommon (as takeovers are not facilitated under the Securities Law 2019) in Vietnam and it also appears that anti-takeover defense mechanisms implemented in other, more developed, jurisdictions are not commonly used in Vietnam yet.