Illustration photo.

These targets are part of the Government’s Resolution 54/NQ-CP dated April 12 issuing an action plan on economic restructuring in the 2021-2025 period.

This targets set in the context that the corporate bond market has shown signs of fast growth over the past three years with an issuance volume of over VND658 trillion (over US$ 28 billion, accounting for more than 14 percent of GDP, according to the Viet Nam Bond Market Association.

However, Viet Nam’s corporate bond market remains modest in comparison with regional peers namely Malaysia (accounting for 56 percent of GDP), Singapore (38 percent), and Thailand (25 percent).

The Government has continuously issued decisions to deal with a number of violations related to the corporate bond market in recent past, including the financial strategy towards 2030.

The resolution was promulgated following the arrests of Chairman of the FLC Group Trinh Van Quyet and Do Anh Dung, chairman of Tan Hoang Minh Group for unlawful practices in the financial markets.

The Government tasked the Ministry of Finance to assume the prime responsibility for, and coordinate with ministries, branches and localities in formulating solutions to diversify financial institutions, venture capital funds, credit guarantee funds, microfinance institutions, financial consulting organizations, accounting services, auditing, credit rating.

The Government also ordered the development of policies and regulations encouraging venture investments, and asked the Ministry of Planning and Investment to coordinate with relevant ministries, branches and localities to compose the Law on Venture Investment and submit it to the Prime Minister in 2022./.