With domestically issued bonds, enterprises can only change their terms and conditions if these are approved by the issuer and at least 65% of bondholders, says the decree.
The decree also adds a way to identify professional securities investors who are allowed to invest and trade in private placements of corporate bonds. Such investors must have financial capacity and expertise in securities. They must hold listed stocks worth at least VND2 billion, and their portfolio value should not include margin lending and resale.
The new decree has been issued in the context of rapid growth of the corporate bond with many disturbances and violations.
The government wants to increase the size of the corporate bond market from last year’s 11.5% of GDP to at least 20% by 2025.
The total value of bonds issued in the country last year is estimated at VND682 trillion.