Can preference shares be converted into ordinary shares in Vietnam?

In Clause 5, Article 114 of the Law on Enterprises 2020, it is stipulated:

1. A joint stock company shall have ordinary shares, which are held by ordinary shareholders.

2. In addition to ordinary shares, a joint stock company may have preference shares, which are held by preference shareholders. Preference shares include:

a) Participating preference shares;

b) Redeemable preference shares;

c) Super-voting shares;

d) Other types of preference shares prescribed by the company's charter and securities laws.

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5. Ordinary shares cannot not be converted into preference shares. preference shares may be converted into ordinary shares under a resolution of the GMS.

Thus, according to the regulations in Vietnam, preference shares can be converted into ordinary shares but ordinary shares cannot be converted into preference shares.

Best Regards!