Việt Nam is moving forward with new measures to strengthen its corporate bond sector as regulators seek to improve fundraising opportunities for businesses while increasing market transparency and investor protection.
The Vietnam Corporate Bond Market is undergoing regulatory changes through a revised legal framework that aims to support sustainable growth and improve confidence among investors and market participants.
The Government recently issued Decree 200/2026/NĐ-CP to enhance regulations governing the issuance and trading of privately placed corporate bonds. The decree is part of a broader effort to create a safer and more efficient financial market while helping businesses access long-term capital.
According to Nguyễn Hoàng Dương, Vice Chairman of the State Securities Commission (SSC), the new decree is designed to help companies meet bond issuance requirements and improve the quality of information disclosed to investors.
The updated framework also includes additional safeguards intended to support stable market development and strengthen investor trust.
Following the release of the decree, the SSC reviewed existing regulations and began preparing a new circular to align current rules with the updated legal requirements.
The proposed circular will replace Circular 30/2023/TT-BTC and Circular 76/2024/TT-BTC, both issued by the Ministry of Finance.
Officials say the new circular retains regulations that continue to work well while updating provisions that have created practical challenges for businesses and investors.
The development of a stronger legal framework is considered important for balancing market discipline with the need to support legitimate fundraising activities.
Regulators believe that clear and transparent rules can help companies raise capital more effectively while ensuring that investors have access to reliable information.
The draft circular has already gone through an extensive consultation process. Authorities collected feedback from 36 agencies and organizations.
Of those participants, 26 expressed support for the draft, while 10 provided comments and recommendations regarding specific provisions.
Officials say the feedback will help refine the final version before it is submitted to the Ministry of Finance for approval.
One major area covered by the draft is bond trading.
The proposal provides detailed guidance on registering privately issued corporate bonds for trading. It also explains procedures for adjusting trading volumes and removing bonds from exchange listings when necessary.
In addition, the draft outlines trading arrangements and clarifies the duties and reporting responsibilities of market participants.
Settlement procedures are another key focus.
The draft identifies organizations that will participate in the private corporate bond settlement system and provides guidance on processing transactions.
It also includes procedures for handling settlement errors and addressing temporary payment issues that may arise during trading activities.
Transparency remains a central goal of the proposed reforms.
Under the draft, issuers must continue to follow disclosure requirements already established under existing regulations.
These requirements include information disclosures before issuance, regular reporting, and disclosures related to significant events that may affect investors.
The draft also introduces new reporting templates required under Decree 200/2026/NĐ-CP.
Several existing forms have been updated to simplify compliance and reduce administrative burdens for issuers.
Regulators believe these changes will make reporting easier while ensuring that investors receive important information in a clear and consistent format.
The proposal also expands reporting obligations for organizations involved in bond issuance and trading activities.
These organizations include issuance advisers, bondholder representatives, underwriters, issuing agents, auction organizers, stock exchanges, and securities depository institutions.
Each participant will have defined reporting responsibilities to support transparency and effective market oversight.
A new reporting mechanism for provincial authorities has also been included in the draft.
Under the proposal, provincial people’s committees will submit annual reports to the Ministry of Finance regarding private bond issuance activities within their areas.
The reports will also include information on inspections, monitoring activities, and enforcement actions involving issuers that are not public companies, securities firms, or fund management companies.
Another important feature of the proposal is enhanced information sharing.
The draft establishes a mechanism that allows data from the stock exchange’s corporate bond information portal to be shared with provincial authorities and the State Securities Commission.
Officials say this measure will improve supervision and help regulators identify potential risks more quickly.
At the same time, the proposed circular does not introduce new administrative procedures.
By avoiding additional regulatory requirements, authorities aim to keep compliance costs low for businesses and market participants.
The Vietnam Corporate Bond Market plays an important role in providing long-term financing for companies and supporting economic growth.
With the new decree and the upcoming circular, regulators hope to create a more transparent, stable, and efficient market that supports business fundraising while protecting investors and strengthening confidence in Việt Nam’s financial system.
