{"id":58228,"date":"2023-09-22T15:56:20","date_gmt":"2023-09-22T06:56:20","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=58228"},"modified":"2024-06-05T17:50:36","modified_gmt":"2024-06-05T08:50:36","slug":"venture-capital-investment","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment","title":{"rendered":"B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 li\u00ean quan \u0111\u1ebfn vi\u1ec7c t\u0103ng v\u1ed1n b\u1eb1ng ph\u01b0\u01a1ng th\u1ee9c ph\u00e2n ph\u1ed1i cho b\u00ean th\u1ee9 ba"},"content":{"rendered":"\n<p>Khi c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p thu h\u00fat v\u1ed1n t\u1eeb c\u00e1c b\u00ean th\u1ee9 ba nh\u01b0 VC (V\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m), vi\u1ec7c ph\u1ed5 bi\u1ebfn l\u00e0 c\u1ed5 phi\u1ebfu m\u1edbi s\u1ebd \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC th\u00f4ng qua vi\u1ec7c t\u0103ng v\u1ed1n b\u1eb1ng c\u00e1ch ph\u00e2n b\u1ed5 cho b\u00ean th\u1ee9 ba. Khi ti\u1ebfn h\u00e0nh t\u0103ng v\u1ed1n b\u1eb1ng c\u00e1ch ph\u00e2n b\u1ed5 cho b\u00ean th\u1ee9 ba, c\u00f3 nhi\u1ec1u v\u1ea5n \u0111\u1ec1 c\u1ea7n \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, do \u0111\u00f3 th\u01b0\u1eddng xuy\u00ean t\u1ea1o ra b\u1ea3ng \u0111i\u1ec1u kho\u1ea3n (term sheet) trong giai \u0111o\u1ea1n \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng. V\u00ec v\u1eady, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch nh\u1eefng v\u1ea5n \u0111\u1ec1 n\u00e0o s\u1ebd tr\u1edf th\u00e0nh \u0111i\u1ec3m \u0111\u00e0m ph\u00e1n trong h\u1ee3p \u0111\u1ed3ng v\u00e0 \u0111\u01b0\u1ee3c ghi trong b\u1ea3ng \u0111i\u1ec1u kho\u1ea3n c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Hop_dong_dau_tu_la_gi\" title=\"H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec?\">H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Cac_loai_hop_dong_dau_tu\" title=\"C\u00e1c lo\u1ea1i h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0\">C\u00e1c lo\u1ea1i h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Phat_hanh_co_phieu_cho_ben_thu_ba_trong_hop_dong_dau_tu\" title=\"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu cho b\u00ean th\u1ee9 ba trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0\">Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu cho b\u00ean th\u1ee9 ba trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Bieu_do_thuat_ngu_trong_hop_dong_dau_tu\" title=\"Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0\">Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Y_nghia_cua_Bang_dieu_khoan_Term_Sheet\" title=\"\u00dd ngh\u0129a c\u1ee7a B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n (Term Sheet)\">\u00dd ngh\u0129a c\u1ee7a B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n (Term Sheet)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Cac_muc_trong_Bieu_do_thuat_ngu\" title=\"C\u00e1c m\u1ee5c trong Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef\">C\u00e1c m\u1ee5c trong Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Thong_tin_lien_quan_den_co_phieu_loai_hinh\" title=\"Th\u00f4ng tin li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh\">Th\u00f4ng tin li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Cac_van_de_lien_quan_den_co_phieu\" title=\"C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu\">C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Cac_van_de_lien_quan_den_viec_dieu_hanh_cong_ty\" title=\"C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111i\u1ec1u h\u00e0nh c\u00f4ng ty\">C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111i\u1ec1u h\u00e0nh c\u00f4ng ty<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/venture-capital-investment\/#Tom_tat\" title=\"T\u00f3m t\u1eaft\">T\u00f3m t\u1eaft<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hop_dong_dau_tu_la_gi\"><\/span>H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Khi m\u1ed9t c\u00f4ng ty nh\u1eadn \u0111\u1ea7u t\u01b0 t\u1eeb VC ho\u1eb7c c\u00e1c b\u00ean th\u1ee9 ba kh\u00e1c, c\u1ea7n ph\u1ea3i k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec1u ki\u1ec7n \u0111\u1ea7u t\u01b0. C\u00e1c b\u00ean tham gia h\u1ee3p \u0111\u1ed3ng n\u00e0y bao g\u1ed3m c\u00f4ng ty nh\u1eadn \u0111\u1ea7u t\u01b0, c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu nh\u01b0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp, v\u00e0 VC ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi.<\/p>\n\n\n\n<p>Vi\u1ec7c k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 kh\u00f4ng ph\u1ea3i l\u00e0 quy tr\u00ecnh b\u1eaft bu\u1ed9c theo Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n, nh\u01b0ng n\u1ebfu kh\u00f4ng c\u00f3 h\u1ee3p \u0111\u1ed3ng, c\u00f4ng ty nh\u1eadn \u0111\u1ea7u t\u01b0 s\u1ebd kh\u00f4ng th\u1ec3 ch\u1ee9ng minh r\u1eb1ng s\u1ed1 ti\u1ec1n nh\u1eadn t\u1eeb VC ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c l\u00e0 d\u00e0nh cho m\u1ee5c \u0111\u00edch \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 g\u00e2y ra r\u1eafc r\u1ed1i sau n\u00e0y. N\u1ebfu kh\u00f4ng th\u1ec3 ch\u1ee9ng minh r\u1eb1ng s\u1ed1 ti\u1ec1n nh\u1eadn \u0111\u01b0\u1ee3c l\u00e0 d\u00e0nh cho m\u1ee5c \u0111\u00edch \u0111\u1ea7u t\u01b0, c\u00f3 r\u1ee7i ro b\u1ecb VC ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c r\u00fat l\u1ea1i s\u1ed1 v\u1ed1n \u0111\u00e3 \u0111\u1ea7u t\u01b0. V\u00ec v\u1eady, vi\u1ec7c k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 r\u1ea5t quan tr\u1ecdng, \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00f4ng ty nh\u1eadn \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec? T\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_loai_hop_dong_dau_tu\"><\/span>C\u00e1c lo\u1ea1i h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Vi\u1ec7c k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng khi nh\u1eadn \u0111\u1ea7u t\u01b0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua m\u1ed9t h\u1ee3p \u0111\u1ed3ng duy nh\u1ea5t, th\u01b0\u1eddng th\u00ec n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c chia th\u00e0nh nhi\u1ec1u h\u1ee3p \u0111\u1ed3ng t\u00f9y thu\u1ed9c v\u00e0o n\u1ed9i dung. Hai lo\u1ea1i h\u1ee3p \u0111\u1ed3ng quan tr\u1ecdng nh\u1ea5t khi k\u00fd k\u1ebft v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 h\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c k\u00fd k\u1ebft gi\u1eefa c\u00f4ng ty nh\u1eadn \u0111\u1ea7u t\u01b0 v\u00e0 VC ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi, trong \u0111\u00f3 quy \u0111\u1ecbnh v\u1ec1 n\u1ed9i dung c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u1ea7u t\u01b0, t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh v\u00e0 qu\u1ea3n l\u00fd c\u1ee7a c\u00f4ng ty \u0111\u1ea7u t\u01b0, c\u00e1c \u0111i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft cho quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0, v\u00e0 c\u00e1c \u0111i\u1ec1u kho\u1ea3n kh\u00e1c.<\/p>\n\n\n\n<p>Ng\u01b0\u1ee3c l\u1ea1i, h\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c k\u00fd k\u1ebft bao g\u1ed3m c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu nh\u01b0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp. Trong h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p, ng\u01b0\u1eddi s\u00e1ng l\u1eadp v\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu s\u1edf h\u1eefu h\u01a1n m\u1ed9t n\u1eeda t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty nh\u1eadn \u0111\u1ea7u t\u01b0. Theo Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n, c\u1ed5 \u0111\u00f4ng s\u1edf h\u1eefu h\u01a1n m\u1ed9t n\u1eeda t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n c\u00f3 th\u1ec3 quy\u1ebft \u0111\u1ecbnh \u0111\u01a1n ph\u01b0\u01a1ng v\u1ec1 c\u00e1c v\u1ea5n \u0111\u1ec1 c\u01a1 b\u1ea3n c\u1ee7a c\u00f4ng ty. VC v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c th\u01b0\u1eddng \u0111\u1ea7u t\u01b0 v\u1edbi m\u1ee5c ti\u00eau tham gia v\u00e0o qu\u1ea3n l\u00fd, nh\u01b0ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111i\u1ec1u n\u00e0y, h\u1ecd c\u1ea7n r\u00e0ng bu\u1ed9c c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, nh\u1eefng ng\u01b0\u1eddi s\u1edf h\u1eefu h\u01a1n m\u1ed9t n\u1eeda t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n, th\u00f4ng qua h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 m\u1ed1i quan h\u1ec7 gi\u1eefa h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 h\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/investment-contract-and-shareholder-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">M\u1ed1i quan h\u1ec7 gi\u1eefa h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 h\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Phat_hanh_co_phieu_cho_ben_thu_ba_trong_hop_dong_dau_tu\"><\/span>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu cho b\u00ean th\u1ee9 ba trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Khi VC ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu, c\u00f4ng ty nh\u1eadn \u0111\u1ea7u t\u01b0 s\u1ebd ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0y. Ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y l\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu cho b\u00ean th\u1ee9 ba. Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu cho b\u00ean th\u1ee9 ba l\u00e0 m\u1ed9t quy tr\u00ecnh trong \u0111\u00f3 c\u00f4ng ty cung c\u1ea5p quy\u1ec1n mua c\u1ed5 phi\u1ebfu m\u1edbi m\u00e0 c\u00f4ng ty ph\u00e1t h\u00e0nh cho m\u1ed9t b\u00ean th\u1ee9 ba c\u1ee5 th\u1ec3, v\u00e0 VC ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c mua c\u1ed5 phi\u1ebfu n\u00e0y. \u0110\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n. Khi thu h\u00fat v\u1ed1n t\u1eeb VC ho\u1eb7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c b\u1eb1ng c\u00e1ch ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu th\u00f4ng qua ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu cho b\u00ean th\u1ee9 ba, c\u00f3 nhi\u1ec1u v\u1ea5n \u0111\u1ec1 c\u1ea7n quy\u1ebft \u0111\u1ecbnh trong giai \u0111o\u1ea1n \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng, bao g\u1ed3m c\u1ea3 c\u00e1c \u0111i\u1ec1u ki\u1ec7n \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bieu_do_thuat_ngu_trong_hop_dong_dau_tu\"><\/span>Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/Monolith.law\/wp-content\/uploads\/2020\/05\/shutterstock_765046777-1024x682.jpg\" alt=\"\" class=\"wp-image-9809\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Y_nghia_cua_Bang_dieu_khoan_Term_Sheet\"><\/span>\u00dd ngh\u0129a c\u1ee7a B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n (Term Sheet)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Khi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi th\u00f4ng qua vi\u1ec7c t\u0103ng v\u1ed1n b\u1eb1ng ph\u01b0\u01a1ng th\u1ee9c ph\u00e2n ph\u1ed1i cho b\u00ean th\u1ee9 ba \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (VC), b\u1ea1n s\u1ebd c\u1ea7n k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, n\u1ed9i dung c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng r\u1ea5t d\u00e0i v\u00e0 ph\u1ee9c t\u1ea1p, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh c\u00e1c quan h\u1ec7 quy\u1ec1n l\u1ee3i ph\u1ee9c t\u1ea1p trong giai \u0111o\u1ea1n \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng v\u1edbi nhi\u1ec1u b\u00ean li\u00ean quan.<\/p>\n\n\n\n<p>Ch\u00ednh v\u00ec v\u1eady, tr\u01b0\u1edbc khi t\u1ea1o h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, th\u1ef1c t\u1ebf th\u01b0\u1eddng t\u1ea1o ra B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n &#8211; m\u1ed9t t\u00e0i li\u1ec7u li\u1ec7t k\u00ea c\u00e1c \u0111i\u1ec1u kho\u1ea3n h\u1ee3p \u0111\u1ed3ng ch\u00ednh d\u01b0\u1edbi d\u1ea1ng b\u1ea3ng &#8211; v\u00e0 s\u1eed d\u1ee5ng n\u00f3 nh\u01b0 l\u00e0 c\u01a1 s\u1edf cho vi\u1ec7c \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_muc_trong_Bieu_do_thuat_ngu\"><\/span>C\u00e1c m\u1ee5c trong Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>C\u00e1c m\u1ee5c trong B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n c\u1ee7a H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 H\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 thay \u0111\u1ed5i t\u00f9y theo t\u1eebng d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0, nh\u01b0ng c\u00e1c m\u1ee5c ch\u00ednh th\u01b0\u1eddng bao g\u1ed3m nh\u1eefng \u0111i\u1ec1u sau. L\u01b0u \u00fd, n\u1ebfu ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh, n\u1ed9i dung li\u00ean quan \u0111\u1ebfn c\u1ed5 \u0111\u00f4ng lo\u1ea1i h\u00ecnh c\u0169ng s\u1ebd \u0111\u01b0\u1ee3c th\u00eam v\u00e0o.<\/p>\n\n\n\n<ul>\n<li>Th\u00f4ng tin li\u00ean quan \u0111\u1ebfn c\u00e1c b\u00ean tham gia h\u1ee3p \u0111\u1ed3ng<\/li>\n\n\n\n<li>T\u1ed5ng quan v\u1ec1 vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n (Lo\u1ea1i c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh, t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh v\u00e0 t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh, s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u00e1t h\u00e0nh, gi\u00e1 ph\u00e1t h\u00e0nh, t\u1ed5ng s\u1ed1 ti\u1ec1n g\u00f3p, \u0111i\u1ec1u ki\u1ec7n g\u00f3p v\u1ed1n, v\u1ed1n \u0111i\u1ec1u l\u1ec7, ng\u00e0y \u0111\u00f3ng g\u00f3p, m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n, v.v.)<\/li>\n\n\n\n<li>Th\u00f4ng tin li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh (Quy\u1ec1n \u01b0u ti\u00ean chia c\u1ed5 t\u1ee9c, \u01b0u ti\u00ean ph\u00e2n ph\u1ed1i t\u00e0i s\u1ea3n c\u00f2n l\u1ea1i, quy\u1ec1n y\u00eau c\u1ea7u mua l\u1ea1i, \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i, quy\u1ec1n bi\u1ec3u quy\u1ebft, chia c\u1ed5 phi\u1ebfu, v.v.)<\/li>\n\n\n\n<li>Th\u00f4ng tin li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu (B\u1ea3o \u0111\u1ea3m kh\u1eb3ng \u0111\u1ecbnh, quy\u1ec1n \u01b0u ti\u00ean mua c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, x\u1eed l\u00fd khi vi ph\u1ea1m h\u1ee3p \u0111\u1ed3ng, k\u1ebft th\u00fac h\u1ee3p \u0111\u1ed3ng, v.v.)<\/li>\n\n\n\n<li>Th\u00f4ng tin li\u00ean quan \u0111\u1ebfn vi\u1ec7c qu\u1ea3n l\u00fd c\u00f4ng ty (M\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n, \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn n\u1ed7 l\u1ef1c ni\u00eam y\u1ebft, c\u1eed \u0111\u1ea1i di\u1ec7n h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb ho\u1eb7c ng\u01b0\u1eddi gi\u00e1m s\u00e1t, th\u00f4ng b\u00e1o tr\u01b0\u1edbc v\u00e0 ph\u00ea duy\u1ec7t tr\u01b0\u1edbc \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0, ti\u1ebft l\u1ed9 th\u00f4ng tin \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0, ngh\u0129a v\u1ee5 t\u1eadp trung c\u1ee7a c\u1ed5 \u0111\u00f4ng s\u00e1ng l\u1eadp, v.v.)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thong_tin_lien_quan_den_co_phieu_loai_hinh\"><\/span>Th\u00f4ng tin li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Khi nh\u1eadn \u0111\u1ea7u t\u01b0 t\u1eeb VC v\u00e0 c\u00e1c ngu\u1ed3n kh\u00e1c, n\u1ebfu b\u1ea1n ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh, c\u00e1c \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh s\u1ebd \u0111\u01b0\u1ee3c ghi trong t\u1edd thu\u1eadt ng\u1eef. C\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh l\u00e0 lo\u1ea1i c\u1ed5 phi\u1ebfu m\u00e0 m\u1ed9t ph\u1ea7n n\u1ed9i dung li\u00ean quan \u0111\u1ebfn quy\u1ec1n l\u1ee3i c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng khi nh\u1eadn \u0111\u1ea7u t\u01b0 t\u1eeb VC v\u00e0 c\u00e1c ngu\u1ed3n kh\u00e1c.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, c\u00f3 c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu quy \u0111\u1ecbnh n\u1ed9i dung kh\u00e1c nhau v\u1ec1 vi\u1ec7c ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn d\u01b0 v\u00e0 t\u00e0i s\u1ea3n c\u00f2n l\u1ea1i, ho\u1eb7c c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu c\u00f3 n\u1ed9i dung c\u1ea5p quy\u1ec1n t\u1eeb ch\u1ed1i \u0111\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 n\u1ed9i dung quy\u1ebft \u0111\u1ecbnh c\u1ee7a \u0110\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng. Nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (VC) th\u01b0\u1eddng d\u1ef1 \u0111\u1ecbnh s\u1ebd tham gia v\u00e0o vi\u1ec7c qu\u1ea3n l\u00fd doanh nghi\u1ec7p \u0111\u1ea7u t\u01b0 sau khi \u0111\u1ea7u t\u01b0, do \u0111\u00f3, h\u1ecd c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh c\u00e1c lo\u1ea1i c\u1ed5 phi\u1ebfu c\u00f3 n\u1ed9i dung nh\u01b0 v\u1eady.<\/p>\n\n\n\n<p>Khi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh, n\u1ed9i dung c\u1ee7a c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh s\u1ebd \u0111\u01b0\u1ee3c ghi trong t\u1edd \u0111i\u1ec1u kho\u1ea3n. V\u00ed d\u1ee5, trong m\u1ee5c \u01b0u ti\u00ean ph\u00e2n ph\u1ed1i t\u00e0i s\u1ea3n c\u00f2n l\u1ea1i, n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u01b0 sau.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u0110\u1ed1i v\u1edbi m\u1ed7i c\u1ed5 phi\u1ebfu, gi\u00e1 tr\u1ecb l\u00e0 \u3007 y\u00ean (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi \u3007% s\u1ed1 ti\u1ec1n g\u00f3p cho m\u1ed7i c\u1ed5 phi\u1ebfu), \u01b0u ti\u00ean cho c\u1ed5 phi\u1ebfu th\u01b0\u1eddng tr\u01b0\u1edbc, sau \u0111\u00f3 l\u00e0 c\u1ed5 phi\u1ebfu \u01b0u ti\u00ean lo\u1ea1i \u3007, xem x\u00e9t nh\u01b0 [c\u00f9ng c\u1ea5p ho\u1eb7c \u01b0u ti\u00ean], v\u00e0 quy\u1ebft \u0111\u1ecbnh l\u00e0 [c\u00f3 tham gia ho\u1eb7c kh\u00f4ng tham gia]\n<\/blockquote>\n\n\n\n<p>V\u1ec1 c\u00e1c \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu lo\u1ea1i h\u00ecnh v\u00e0 n\u1ed9i dung c\u1ee7a n\u00f3 trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_van_de_lien_quan_den_co_phieu\"><\/span>C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V\u1ec1 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh khi \u0111\u1ea7u t\u01b0, ch\u00fang ta c\u00f3 nh\u1eefng \u0111i\u1ec3m sau \u0111\u00e2y. \u0110\u1ed1i v\u1edbi c\u00e1c \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/investment-contract-shares-provision\" target=\"_blank\" rel=\"noreferrer noopener\">\u0110i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 \u01b0u ti\u00ean mua c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 quy\u1ec1n mua \u01b0u ti\u00ean v\u00e0 quy\u1ec1n mua tr\u01b0\u1edbc<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 mua c\u1ed5 phi\u1ebfu<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 quy\u1ec1n b\u00e1n chung v\u00e0 quy\u1ec1n tham gia chuy\u1ec3n nh\u01b0\u1ee3ng<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 quy\u1ec1n k\u00e9o theo trong vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu (Drag Along Right)<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 gi\u1ea3 \u0111\u1ecbnh thanh l\u00fd<\/li>\n<\/ul>\n\n\n\n<p>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 \u01b0u ti\u00ean th\u1ee5 h\u01b0\u1edfng li\u00ean quan \u0111\u1ebfn quy\u1ec1n \u0111\u01b0\u1ee3c \u01b0u ti\u00ean th\u1ee5 h\u01b0\u1edfng c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh, nh\u1eb1m duy tr\u00ec t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n c\u1ee7a m\u00ecnh. Quy\u1ec1n \u01b0u ti\u00ean th\u1ee5 h\u01b0\u1edfng s\u1ebd \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 nh\u01b0 sau tr\u00ean t\u1edd \u0111i\u1ec1u kho\u1ea3n.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Khi c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ho\u1eb7c t\u01b0\u01a1ng t\u1ef1, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u01b0u ti\u00ean mua theo t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n m\u00e0 h\u1ecd \u0111ang n\u1eafm gi\u1eef. Tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y kh\u00f4ng bao g\u1ed3m vi\u1ec7c ph\u00e1t h\u00e0nh l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi \u3007\uff05 t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh.<\/p>\n<\/blockquote>\n\n\n\n<p>Ngo\u00e0i ra, \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i c\u1ed5 phi\u1ebfu l\u00e0 \u0111i\u1ec1u kho\u1ea3n quy \u0111\u1ecbnh quy\u1ec1n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC, v.v., \u0111\u1ed1i v\u1edbi c\u00f4ng ty v\u00e0 c\u00e1c nh\u00e2n vi\u00ean l\u00e3nh \u0111\u1ea1o, y\u00eau c\u1ea7u mua l\u1ea1i c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd s\u1edf h\u1eefu khi x\u1ea3y ra m\u1ed9t s\u1ed1 s\u1ef1 ki\u1ec7n nh\u1ea5t \u0111\u1ecbnh. \u0110i\u1ec1u kho\u1ea3n mua l\u1ea1i c\u1ed5 phi\u1ebfu s\u1ebd \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 nh\u01b0 sau tr\u00ean t\u1edd Term Sheet. \u0110i\u1ec1u ki\u1ec7n ph\u00e1t sinh quy\u1ec1n y\u00eau c\u1ea7u mua l\u1ea1i v\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 mua l\u1ea1i l\u00e0 nh\u1eefng \u0111i\u1ec3m quan tr\u1ecdng.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 y\u00eau c\u1ea7u c\u00f4ng ty ph\u00e1t h\u00e0nh v\u00e0 c\u1ed5 \u0111\u00f4ng s\u00e1ng l\u1eadp mua l\u1ea1i c\u1ed5 phi\u1ebfu m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang n\u1eafm gi\u1eef n\u1ebfu x\u1ea3y ra b\u1ea5t k\u1ef3 l\u00fd do n\u00e0o sau \u0111\u00e2y:<br> \u30fbTr\u01b0\u1eddng h\u1ee3p vi ph\u1ea1m nghi\u00eam tr\u1ecdng \u0110i\u1ec1u kho\u1ea3n \u3007, \u3007, \u3007 trong h\u1ee3p \u0111\u1ed3ng n\u00e0y<br> \u30fbN\u1ebfu ph\u00e1t hi\u1ec7n ra r\u1eb1ng c\u00e1c \u0111i\u1ec1u \u0111\u00e3 kh\u1eb3ng \u0111\u1ecbnh v\u00e0 b\u1ea3o \u0111\u1ea3m kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 th\u1eadt ho\u1eb7c ch\u00ednh x\u00e1c, v\u00e0 n\u1ed9i dung \u0111\u00f3 quan tr\u1ecdng<br> 2. Gi\u00e1 c\u1ed5 phi\u1ebfu m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 mua l\u1ea1i do y\u00eau c\u1ea7u mua l\u1ea1i \u1edf tr\u00ean s\u1ebd \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f4ng ty ph\u00e1t h\u00e0nh c\u00f9ng c\u1ed5 \u0111\u00f4ng s\u00e1ng l\u1eadp \u0111\u00e3 th\u1ecfa thu\u1eadn<\/p>\n<\/blockquote>\n\n\n\n<p>V\u1ec1 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i c\u1ed5 phi\u1ebfu trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/investment-stock-purchase-clause\" target=\"_blank\" rel=\"noreferrer noopener\">\u0110i\u1ec1u kho\u1ea3n mua c\u1ed5 phi\u1ebfu trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec[ja]<\/a><\/p>\n\n\n\n<p>H\u01a1n n\u1eefa, &#8220;Quy\u1ec1n k\u00e9o theo&#8221; (Drag Along Right) l\u00e0 \u0111i\u1ec1u kho\u1ea3n cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 Qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (VC) c\u00f3 th\u1ec3 bu\u1ed9c th\u1ef1c hi\u1ec7n vi\u1ec7c M&amp;A ho\u1eb7c EXIT d\u01b0\u1edbi s\u1ef1 d\u1eabn d\u1eaft c\u1ee7a h\u1ecd. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC, &#8220;Quy\u1ec1n k\u00e9o theo&#8221; c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 hi\u1ec7u qu\u1ea3 \u0111\u1ec3 thu h\u1ed3i \u0111\u1ea7u t\u01b0, v\u00e0 c\u00f3 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau c\u1ea7u \u0111i\u1ec1u ki\u1ec7n nh\u01b0 v\u1eady. Ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn &#8220;Quy\u1ec1n k\u00e9o theo&#8221; trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/investment-law-drag-along-right\" target=\"_blank\" rel=\"noreferrer noopener\">\u0110i\u1ec1u kho\u1ea3n quy\u1ec1n k\u00e9o theo trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 c\u1ee7a doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p[ja]<\/a><\/p>\n\n\n\n<p>\u0110i\u1ec1u kho\u1ea3n thanh l\u00fd gi\u1ea3 \u0111\u1ecbnh l\u00e0 g\u00ec, sau khi VC v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c \u0111\u00e3 \u0111\u1ea7u t\u01b0, n\u1ebfu c\u00f4ng ty m\u00e0 h\u1ecd \u0111\u1ea7u t\u01b0 b\u1ecb mua l\u1ea1i, \u0111i\u1ec1u kho\u1ea3n n\u00e0y cho ph\u00e9p coi nh\u01b0 c\u00f4ng ty \u0111\u00e3 \u0111\u01b0\u1ee3c thanh l\u00fd m\u1ed9t l\u1ea7n v\u00e0 ph\u00e2n ph\u1ed1i t\u00e0i s\u1ea3n cho VC v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c. \u0110\u1eb7c bi\u1ec7t, n\u1ebfu b\u1ea1n \u0111\u00e3 \u0111\u1ea7u t\u01b0 t\u1eeb th\u1eddi \u0111i\u1ec3m th\u00e0nh l\u1eadp, c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng c\u00f4ng ty s\u1ebd b\u1ecb mua l\u1ea1i th\u00f4ng qua M&amp;A m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ebfn IPO, do \u0111\u00f3, n\u1ebfu kh\u00f4ng c\u00f3 \u0111i\u1ec1u kho\u1ea3n thanh l\u00fd gi\u1ea3 \u0111\u1ecbnh, c\u00f3 th\u1ec3 b\u1ea1n s\u1ebd kh\u00f4ng th\u1ec3 thu h\u1ed3i kho\u1ea3n \u0111\u1ea7u t\u01b0. Ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 \u0111i\u1ec1u kho\u1ea3n thanh l\u00fd gi\u1ea3 \u0111\u1ecbnh trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/investment-contract-liquidation-provision\" target=\"_blank\" rel=\"noreferrer noopener\">\u0110i\u1ec1u kho\u1ea3n thanh l\u00fd gi\u1ea3 \u0111\u1ecbnh trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_van_de_lien_quan_den_viec_dieu_hanh_cong_ty\"><\/span>C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111i\u1ec1u h\u00e0nh c\u00f4ng ty<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111i\u1ec1u h\u00e0nh c\u00f4ng ty \u0111\u01b0\u1ee3c ghi trong t\u1edd thu\u1eadt ng\u1eef h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 bao g\u1ed3m nh\u1eefng \u0111i\u1ec1u sau \u0111\u00e2y. L\u01b0u \u00fd, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 c\u00e1c \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111i\u1ec1u h\u00e0nh c\u00f4ng ty trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/Monolith.law\/corporate\/investment-contract-clause-management-company\" target=\"_blank\" rel=\"noreferrer noopener\">\u0110i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn qu\u1ea3n l\u00fd c\u00f4ng ty trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec?[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 ngh\u0129a v\u1ee5 c\u1ed1 g\u1eafng ni\u00eam y\u1ebft<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 vi\u1ec7c c\u1eed \u0111i\u1ec1u h\u00e0nh vi\u00ean ho\u1eb7c ng\u01b0\u1eddi quan s\u00e1t<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 b\u1ea3o \u0111\u1ea3m tuy\u00ean b\u1ed1<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 th\u00f4ng b\u00e1o v\u00e0 s\u1ef1 ch\u1ea5p thu\u1eadn tr\u01b0\u1edbc c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 c\u00e1c v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 th\u00f4ng b\u00e1o sau c\u00f9ng \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<\/li>\n\n\n\n<li>\u0110i\u1ec1u kho\u1ea3n v\u1ec1 t\u1eadp trung v\u00e0o qu\u1ea3n l\u00fd<\/li>\n<\/ul>\n\n\n\n<p>\u0110i\u1ec1u kho\u1ea3n ph\u00e1i c\u1eed gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh l\u00e0 \u0111i\u1ec1u kho\u1ea3n m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC, v.v., cho ph\u00e9p nh\u00e2n vi\u00ean c\u1ee7a m\u00ecnh gi\u1eef ch\u1ee9c v\u1ee5 gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh t\u1ea1i c\u00f4ng ty \u0111\u1ea7u t\u01b0. Th\u00f4ng th\u01b0\u1eddng, VC v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c y\u00eau c\u1ea7u \u0111\u01b0\u1ee3c tham gia v\u00e0o qu\u1ea3n l\u00fd c\u00f4ng ty \u0111\u1ea7u t\u01b0 \u0111\u1ec3 thu h\u1ed3i v\u1ed1n \u0111\u1ea7u t\u01b0. N\u1ebfu ph\u00e1i c\u1eed nh\u00e2n vi\u00ean c\u1ee7a VC, v.v., l\u00e0m gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh, h\u1ecd kh\u00f4ng ch\u1ec9 c\u00f3 th\u1ec3 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c t\u00ecnh h\u00ecnh n\u1ed9i b\u1ed9 c\u1ee7a c\u00f4ng ty \u0111\u1ea7u t\u01b0 theo th\u1eddi gian th\u1ef1c, m\u00e0 c\u00f2n c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty \u0111\u1ea7u t\u01b0 \u0111\u1ebfn m\u1ed9t m\u1ee9c \u0111\u1ed9 nh\u1ea5t \u0111\u1ecbnh b\u1eb1ng c\u00e1ch \u0111\u01b0a ra \u00fd ki\u1ebfn t\u1ea1i h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. C\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn vi\u1ec7c ch\u1ec9 \u0111\u1ecbnh gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh s\u1ebd \u0111\u01b0\u1ee3c ghi ch\u00fa nh\u01b0 sau tr\u00ean t\u1edd term sheet (b\u1ea3n ghi nh\u1edb \u0111i\u1ec1u kho\u1ea3n).<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>C\u1ed5 \u0111\u00f4ng s\u1edf h\u1eefu tr\u00ean \u3007\uff05\/\u3007 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00e3 ph\u00e1t h\u00e0nh c\u00f3 quy\u1ec1n ch\u1ec9 \u0111\u1ecbnh 1 ng\u01b0\u1eddi l\u00e0m gi\u00e1m \u0111\u1ed1c<\/p>\n<\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<p>V\u1ec1 c\u00e1c \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn vi\u1ec7c c\u1eed ph\u00e1i gi\u00e1m \u0111\u1ed1c v\u00e0 nh\u1eefng v\u1ecb tr\u00ed t\u01b0\u01a1ng t\u1ef1 trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan:<a href=\"https:\/\/monolith.law\/corporate\/clause-dispatching-of-company-executives\" target=\"_blank\" rel=\"noreferrer noopener\"> \u0110i\u1ec1u kho\u1ea3n ph\u00e1i c\u1eed gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec[ja]<\/a><\/p>\n\n\n\n<p>Ngo\u00e0i ra, trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u kho\u1ea3n b\u1ea3o \u0111\u1ea3m tuy\u00ean b\u1ed1 ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o r\u1eb1ng c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh v\u00e0 qu\u1ea3n l\u00fd c\u00f4ng ty c\u1ee7a c\u00f4ng ty \u0111\u1ea7u t\u01b0 l\u00e0 ph\u00f9 h\u1ee3p v\u00e0 \u0111\u00fang nh\u01b0 \u0111\u00e3 tuy\u00ean b\u1ed1 tr\u01b0\u1edbc \u0111\u00f3. V\u00e0 nh\u1eefng v\u1ea5n \u0111\u1ec1 g\u00ec \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m tuy\u00ean b\u1ed1 c\u0169ng s\u1ebd \u0111\u01b0\u1ee3c ghi trong t\u1edd gi\u1ea5y \u0111i\u1ec1u kho\u1ea3n. V\u1ec1 \u0111i\u1ec1u kho\u1ea3n b\u1ea3o \u0111\u1ea3m tuy\u00ean b\u1ed1 trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan:<a href=\"https:\/\/monolith.law\/corporate\/representations-and-warranties-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\"> \u0110i\u1ec1u kho\u1ea3n \u0111\u1ea3m b\u1ea3o v\u00e0 tuy\u00ean b\u1ed1 trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec[ja]<\/a><\/p>\n\n\n\n<p>Ngo\u00e0i ra, c\u0169ng c\u00f3 th\u1ec3 \u0111\u1eb7t quy \u0111\u1ecbnh h\u1ea1n ch\u1ebf vi\u1ec7c c\u00e1c gi\u00e1m \u0111\u1ed1c r\u00f2 r\u1ec9 ra b\u00ean ngo\u00e0i sau khi \u0111\u1ea7u t\u01b0, nh\u01b0 m\u1ed9t \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn vi\u1ec7c t\u1eadp trung v\u00e0o qu\u1ea3n l\u00fd. Tr\u00ean t\u1edd \u0111i\u1ec1u kho\u1ea3n, n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u01b0 n\u1ed9i dung sau \u0111\u00e2y.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. Kh\u00f4ng t\u1eeb ch\u1ee9c ho\u1eb7c t\u1eeb ch\u1ed1i t\u00e1i b\u1ea7u l\u00e0m gi\u00e1m \u0111\u1ed1c m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 ch\u1ea5p thu\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0<\/p>\n\n\n\n<p>2. C\u1ea5m vi\u1ec7c l\u00e0m th\u00eam v\u00e0 ki\u00eam nhi\u1ec7m m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 ch\u1ea5p thu\u1eadn tr\u01b0\u1edbc c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0<\/p>\n\n\n\n<p>3. Ngh\u0129a v\u1ee5 kh\u00f4ng c\u1ea1nh tranh trong th\u1eddi gian \u0111\u1ea3m nhi\u1ec7m v\u00e0 sau khi t\u1eeb ch\u1ee9c trong v\u00f2ng \u3007 n\u0103m<\/p>\n<\/blockquote>\n\n\n\n<p>Ngo\u00e0i ra, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC th\u01b0\u1eddng nh\u1eafm \u0111\u1ebfn vi\u1ec7c thu h\u1ed3i v\u1ed1n th\u00f4ng qua vi\u1ec7c ni\u00eam y\u1ebft c\u00f4ng ty \u0111\u1ea7u t\u01b0 (IPO), do \u0111\u00f3, c\u00f3 th\u1ec3 s\u1ebd c\u00f3 ngh\u0129a v\u1ee5 n\u1ed7 l\u1ef1c ni\u00eam y\u1ebft cho c\u00f4ng ty \u0111\u1ea7u t\u01b0. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, tr\u00ean t\u1edd thu\u1eadt ng\u1eef, s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u01b0 sau.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. C\u00f4ng ty ph\u00e1t h\u00e0nh v\u00e0 c\u1ed5 \u0111\u00f4ng s\u00e1ng l\u1eadp c\u00f3 ngh\u0129a v\u1ee5 n\u1ed7 l\u1ef1c \u0111\u1ec3 ni\u00eam y\u1ebft tr\u00ean S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n T\u00e0i ch\u00ednh v\u00e0o cu\u1ed1i th\u00e1ng \u3007 n\u0103m \u3007.<br>2. C\u00f4ng ty ph\u00e1t h\u00e0nh v\u00e0 c\u1ed5 \u0111\u00f4ng s\u00e1ng l\u1eadp c\u00f3 ngh\u0129a v\u1ee5 h\u1ee3p t\u00e1c trong tr\u01b0\u1eddng h\u1ee3p nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ec3 kh\u00f4ng b\u00e1n c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh do h\u1ebft h\u1ea1n ho\u1eb7c l\u00fd do kh\u00e1c.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tom_tat\"><\/span>T\u00f3m t\u1eaft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Nh\u01b0 ch\u00fang ta \u0111\u00e3 th\u1ea3o lu\u1eadn \u1edf tr\u00ean, khi nh\u1eadn \u0111\u1ea7u t\u01b0 th\u00f4ng qua vi\u1ec7c t\u0103ng v\u1ed1n b\u1eb1ng c\u00e1ch ph\u00e2n b\u1ed5 cho b\u00ean th\u1ee9 ba, b\u1ea1n c\u1ea7n ph\u1ea3i quy\u1ebft \u0111\u1ecbnh nhi\u1ec1u v\u1ea5n \u0111\u1ec1. C\u00e1c v\u1ea5n \u0111\u1ec1 m\u00e0 b\u1ea1n quy\u1ebft \u0111\u1ecbnh \u1edf \u0111\u00e2y \u0111\u1ec1u quan tr\u1ecdng trong vi\u1ec7c qu\u1ea3n l\u00fd c\u00f4ng ty sau n\u00e0y, do \u0111\u00f3 vi\u1ec7c xem x\u00e9t c\u1ea9n th\u1eadn t\u1eebng \u0111i\u1ec1u m\u1ed9t \u1edf giai \u0111o\u1ea1n b\u1ea3n ghi nh\u1edb \u0111i\u1ec1u kho\u1ea3n (Term Sheet) l\u00e0 r\u1ea5t quan tr\u1ecdng. Nhi\u1ec1u v\u1ea5n \u0111\u1ec1 \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c v\u1ec1 Lu\u1eadt c\u00f4ng ty Nh\u1eadt B\u1ea3n l\u00e0m ti\u1ec1n \u0111\u1ec1, n\u00ean c\u00f3 th\u1ec3 kh\u00f3 hi\u1ec3u. Do \u0111\u00f3, khi \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 nh\u1eadn \u0111\u1ea7u t\u01b0 t\u1eeb b\u00ean th\u1ee9 ba nh\u01b0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (VC), ch\u00fang t\u00f4i khuy\u1ebfn ngh\u1ecb b\u1ea1n n\u00ean tham v\u1ea5n v\u1edbi lu\u1eadt s\u01b0 c\u00f3 kinh nghi\u1ec7m v\u1ec1 vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.chusho.meti.go.jp\/kinyu\/shikinguri\/equityfinance\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.chusho.meti.go.jp\/kinyu\/shikinguri\/equityfinance\/index.html[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Khi c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p thu h\u00fat v\u1ed1n t\u1eeb c\u00e1c b\u00ean th\u1ee9 ba nh\u01b0 VC (V\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m), vi\u1ec7c ph\u1ed5 bi\u1ebfn l\u00e0 c\u1ed5 phi\u1ebfu m\u1edbi s\u1ebd \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC th\u00f4ng qua vi\u1ec7c t\u0103ng v\u1ed1n b\u1eb1ng c\u00e1ch ph\u00e2n b [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":58927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/58228"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=58228"}],"version-history":[{"count":6,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/58228\/revisions"}],"predecessor-version":[{"id":68545,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/58228\/revisions\/68545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/58927"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=58228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=58228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=58228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}