Page 401 - Ebook HTKH 2024

tools to evaluate and trust corporate bonds when up to now, there are only two
organizations allowed to operate credit rating in the market.

3.3.2 Causes from investors
Investors mainly rely on the psychology of the majority without a full
understanding and analysis of the corporate bond market and do not have an awareness
of green bonds. Individual investors do not have the ability and resources to fully assess
the risks of bonds, so each investor needs to learn and have a certain amount of
knowledge. Some prominent reasons from investors include:
Lack of legal knowledge: The Securities Law, the Enterprise Law, and the Decrees
on the issuance of corporate bonds stipulate that only professional securities investors

are allowed to buy and trade privately issued corporate bonds. Accordingly, investors
need to learn about the regulations on conditions, supporting documents, and regulations
on sanctions for violations against professional securities investors.
Lack of information about the issuing enterprise and the bond: Bonds need to be
evaluated and analyzed in terms of the field of operation, the issuing enterprise, financial
situation, purposes of capital use, quality of collateral, as well as the conditions and

terms of the bond.
4. Recommendations for sustainable development of the corporate bond
market
In the context of economic tensions between countries in the world due to political
conflicts, the Vietnamese stock market is also greatly affected. In addition, the nature of
the market still has many limitations as analyzed above. This article recommends some
solutions to contribute to stabilizing and sustainably developing the corporate bond

market in general and green bonds in particular in Vietnam in the coming time.
4.1. Solutions for sustainable development of the bond market in general
Firstly, it is necessary to urgently complete the legal framework and organize the
implementation of the Government's policies to promote the development of the
corporate bond market in general and green bonds in particular
It is necessary to have specific regulations on the responsibilities of the State

Securities Commission, the State Bank of Vietnam, and the Stock Exchange as
specialized management agencies in managing and supervising the issuance and
provision of corporate bond services for securities companies and credit institutions;
focusing on the focal point for managing the corporate bond market at the State
Securities Commission in the direction of distinguishing the management and
supervision methods between bonds issued to the public (licensed) and bonds issued
privately.
In addition, to restore the attractiveness of the corporate bond market, the

Government needs to review all taxes that investors must pay in the corporate bond
investment sector, creating conditions to encourage long-term investors through
exemption or reduction of all or part of taxes on bond income and taxes on bond repo
transactions.

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