Page 403 - Ebook HTKH 2024

Fourthly, organize a secondary trading market for privately issued corporate
bonds. The secondary trading market is where investors can buy and sell issued bonds

without having to wait for the maturity date. This creates liquidity for bonds, making
investments in bonds more flexible and attractive Thereby, it also helps the bond market
develop more strongly, increasing capital sources for businesses.
Fifthly, it is necessary to build a credit rating system for businesses. According to
international practice, the corporate bond market needs the participation of valuation
and credit rating organizations to increase the quality of bonds traded in the corporate
bond market in general, and green bonds in particular.
Sixthly, it is necessary to increase publicity, transparency, and limit risks for

investors through regulations to manage separately between private issuance and public
issuance for investors for issuing enterprises, it is necessary to improve the management
of private issuance of corporate bonds by the enterprises themselves. Issuing enterprises
must enhance autonomy and self-responsibility when mobilizing bond capital; comply
with issuance conditions and investors buying bonds and fully disclose information to
investors and the Information Portal on corporate bonds in general and green bonds in

particular.
4.2. Solutions to promote the development of green bonds
The National Assembly needs to supplement the Resolution on law-making; the
Government directs relevant ministries and branches to urgently submit to the
Government and the National Assembly the draft Law on Green Economic
Development, the Government's Decree on Green Economy, or the Circular of the
Ministry of Finance on issuing green bonds. Accordingly, legal regulations need to

ensure the following requirements:
First, regulations on classifying and certifying national green projects to apply
incentive policies must consider the similarities between Vietnam's green criteria and
international standards. This makes it convenient for businesses to implement projects
and attract domestic and foreign investment according to the same system of standards.
In addition, consider regulating green criteria including levels corresponding to

different levels of policy incentives. At that time, businesses issuing green bonds can
gradually access incentive policies and create goals/motivations to achieve sustainable
growth. At the same time, (ii) Issue guidelines for issuing and reporting green bonds,
taking into account the specific regulations between the operations of credit institutions
and economic organizations.
Second, there are specific and clear regulations on the support mechanism,
encouraging enterprises to make green transformations and issue green bonds through
continuing to research and expand policies to support enterprises issuing green bonds

such as supporting issuance costs, tax incentives, etc.; promoting training and
development of human resources on the environment; promoting propaganda and
encouraging enterprises to make green transformation.

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