亚开行-东盟+3债券市场指南_越南（英文）-2018.10-142页_3mb

ASEAN+3 Bond Market Guide Vietnam Summary

Core Content

This document provides a comprehensive overview of the Vietnamese bond market, its legal and regulatory framework, market characteristics, and the challenges and opportunities it faces. It is part of the ASEAN+3 Bond Market Forum (ABMF) initiative aimed at developing local currency bond markets and promoting regional financial integration.

Main Views and Key Information

I. Overview

• Introduction: The Vietnamese bond market has evolved significantly over the past decade, showing notable maturity among developing countries in the Mekong River basin.
• Market Development Milestones: The market has progressed through several key phases since its inception in 2000, with the establishment of trading centers and the introduction of new regulatory frameworks.
• Conversion of State-Owned Enterprises (SOEs): SOEs have been gradually converted into shareholding companies, aiming to improve transparency and efficiency in the market.
• Current Market Overview: Government bonds dominate the market, followed by corporate and government-guaranteed bonds.
• Roadmap and Vision: The 2017-2020 roadmap and vision toward 2030 focus on developing both government and corporate bond markets in alignment with the state economy.
• Regional and Global Cooperation: The ABMF seeks to harmonize regulations and promote cross-border bond transactions to enhance regional integration.

II. Legal and Regulatory Framework

• Legal Tradition: Vietnam has a regulatory framework based on international standards, particularly ISO 3166 and ISO 4217.
• Regulatory Bodies: Key institutions include the Ministry of Finance (MOF), State Securities Commission (SSC), and State Bank of Vietnam (SBV).
• Debt Securities Regulation: The legal structure includes detailed processes for debt securities issuance, continuous disclosure, and self-regulatory organizations.
• Market Entry and Exit Requirements: Non-residents must comply with specific regulations for entering and exiting the Vietnamese bond market.
• Credit and Securities Pricing Agencies: Regulations cover credit rating agencies and securities pricing agencies, ensuring transparency and standardization.

III. Characteristics of the Vietnamese Bond Market

• Securities Definition: The document outlines the definition of securities and the types of bonds and notes available.
• Market Segmentation: The market is segmented into government, corporate, and municipal bonds.
• Primary Market Issuance: Methods include auctions, private placements, and electronic trading systems.
• Secondary Market Trading: Trading platforms such as Hanoi Stock Exchange (HNX) and Hochiminh Stock Exchange (HOSE) are key to secondary market activities.
• Investor Protection: The market features include representative of bondholders, bankruptcy provisions, and event of default mechanisms.
• Market Participants: Includes government entities, SOEs, financial institutions, and professional investors.

IV. Bond Market Transactions and Trading Infrastructure

• Trading Practices: The document highlights the importance of standardized trading practices in enhancing market efficiency.
• Trading Platforms: HNX and HOSE are the main platforms, with the introduction of the Electronic Bond Trading System (E-BTS) in 2015.
• Market Monitoring and Surveillance: Includes mandatory trade reporting and information disclosure on the HNX platform.
• Yield Curves and Bond Indexes: HNX has developed yield curves and bond indexes to assist investors in decision-making.
• Repo Market and Derivatives: The repo market and derivatives trading, including futures contracts, are part of the secondary market infrastructure.

V. Securities Settlement System

• The settlement system is outlined, detailing the procedures for the safekeeping, settlement, and transfer of bonds and notes.

VI. Market Costs and Taxation

• Issuance Costs: Includes registration and listing fees.
• Ongoing Costs: Covers trading, settlement, and safekeeping costs.
• Taxation: Taxes on debt securities for non-resident institutional investors are outlined, including value-added tax (VAT) and corporate income tax (CIT).

VII. Market Size and Statistics

• The document includes statistics on the outstanding value of debt securities and the volume of bond trading in Vietnam.

VIII. Presence of an Islamic Bond Market

• The presence of an Islamic bond market in Vietnam is noted, though details are limited.

IX. Challenges and Opportunities

• Challenges: Includes issues such as limited private placement activity and the need for further regulatory harmonization.
• Opportunities: Emphasizes the potential for growth through increased transparency, improved infrastructure, and regional integration.

X. Recent Developments and Future Direction

• Recent Major Developments: Highlights the introduction of E-BTS, the launch of the derivatives market, and the development of yield curves.
• Bond Market Development Roadmap: Concluded in August 2017, the roadmap outlines steps for improving the bond market.
• Future Direction: Focuses on enhancing market efficiency, investor protection, and regional integration.

Appendices

• Group of Thirty Compliance: Outlines compliance with international standards.
• Practical References: Includes references to relevant laws and regulations.
• List of Laws and Regulations: Details the legal framework governing the bond market.
• Glossary of Technical Terms: Provides definitions of key terms used in the document.

Summary of Key Milestones

• 2000: Establishment of the Ho Chi Minh City Securities Trading Center (HoSTC), with government bonds as the only product.
• 2003: Enactment of Decree No. 144/2003/ND-CP, establishing a regulatory framework for the securities market.
• 2005: Launch of the Hanoi Securities Trading Center (HASTC) and the first sovereign bond issue in USD.
• 2006: Introduction of the Law on Enterprises, setting the conversion of SOEs to shareholding companies.
• 2009: Introduction of the electronic bond trading system and the creation of the Unlisted Public Company Market.
• 2010: The MOF set a target ratio of government bonds to GDP of 38% by 2020.
• 2015: Launch of E-BTS and G-Bond indexes to improve transparency and market access.
• 2017: Launch of the derivatives market on HNX, including VN30 Index futures.

Legal and Regulatory Highlights

• The legal framework is based on international standards, with the MOF, SSC, and SBV playing key roles.
• Continuous disclosure requirements are in place, especially for SOEs.
• Regulations on credit rating agencies and securities pricing agencies are well-defined to ensure market integrity.

Market Infrastructure and Development

• HNX and HOSE are the primary stock exchanges, with HNX focusing on government bonds and HOSE on corporate bonds.
• The E-BTS and E.ABS systems have improved accessibility and efficiency in bond trading.
• Derivatives markets, including futures contracts, are being developed to enhance liquidity and investor participation.

Conclusion

The Vietnamese bond market has made significant strides in recent years, supported by regulatory reforms and infrastructure developments. Continued efforts are needed to enhance transparency, investor protection, and regional integration, aligning with the goals of the ASEAN+3 Bond Market Forum.