On November 3-4 2022, Vietnam Bond Market Association (VBMA) organized Roadmap for the implementation of IFRS in Vietnam, Back Office Operation for Bond Transactions, Bond default restructuring process and legal risks and Revised master agreement for repo transaction.

This was an annual event for back-office operation staffs and VBMA members, which were re-organized after 2 year- break due to Covid-19. The event was attended by government officials from Ministry of Finance, State Securities Commission of Vietnam, State Bank of Vietnam (SBV), Vietnam Securities Depository (VSD), Hanoi Stock Exchange (HNX) and representatives from VBMA members.

The workshop incorporated topical discussions, focusing on four main points:

• Sharing from Ministry of Finance’s government officials regarding policy direction on roadmap for the implementation of IFRS in Vietnam; sharing from KPMG’s representatives on adopting material IFRS standards on back-office operation for bond transactions, including accounting principles for investing and issuing corporate bonds. Also, representatives from VPBank and Vietcombank shared about their experiences on implementing IFRS project in banks.
• Sharing from VSD’s representatives on registration, depositing and payments of corporate bond issued under private placement and sharing from HNX’s representatives on plans to organize corporate bond transactions at HNX.
• Sharing from VBMA’s representative on Vietnamese Revised Version of Mini GMRA and consulting opinions from participants on the Revised Mini GMRA.
• Sharing from SBV Operations Center’s representatives on revised articles of Draft Circular replacing Circular 04/2016/TT-NHNN on regulating the valuable papers depository and use at the State Bank of Vietnam.
• Sharing on bond default restructuring process, including process and legal risks associated.

After the workshop, VBMA shall collect ideas from participants and continue to consolidate the recommendations/ suggestions to relevant regulators regarding back-office operations.