In September 2012, the Government issued Decree No. 58/2012/ND-CP ("Decree 58"), allowing foreign investors to acquire up to 49% of the charter capital in an existing fund management company or to establish a new 100%-owned fund management company provided that some certain criteria are met. However, there was a lack of detailed guidance on this matter, and no 100%-owned foreign-invested fund management company was established despite the issue of Decree 58. This is set to change, however, as the Ministry of Finance has now issued Circular 212/2012/TT-BTC ("Circular 212") with effect from 1 March 2013. Circular 212 sets out the detailed conditions and procedures for setting up a 100% foreign-invested fund management company. In addition, it also permits the fund management company to provide securities investment consultancy service, which is a new clarification on the law. With the new developments under Circular 212, it is expected that Vietnam's securities market will become more attractive to foreign investors.