Reference

Details

Decree 65/2022/NĐ-CP amending and supplementing a number of articles of Decree 153/2020/NĐ-CP and Decree 153/2020/NĐ-CP

Decree 08/2023/NĐ-CP

Clause 3 Article 34 Decree 153/2020/NĐ-CP

Payment of bond principal and interests

Make full and timely payments of bond principal and interests when they become due, and exercise associated rights (if any) for bondholders under terms and conditions of bonds.

For corporate bonds in domestic market, in case the issuer is unable to make full and timely payments of bond principal and interest in Vietnam dong according to the bond issuance plan announced to investors in accordance with Article 17 of the Decree No. 153/2020/ND-CP, issuer can negotiate with bondholders to pay bond principal and interests due with other assets on the following principles:
- Comply with the provisions of civil law and relevant laws. For conditional business lines, enterprises shall also comply with the provisions of law on such conditional business lines.
- Must be approved by the bondholder
- The issuer must disclose ad-hoc information and take full responsibility for the legal status of the assets used to pay bond principal and interest in accordance with the law.

Point b Clause 3 Article 3 Decree 65/2022/NĐ-CP

Revising Terms and Conditions of bond

The issuer shall not be allowed to change the term of its issued bonds.

The change of Terms and Conditions of bonds must ensure the following principles:
- Complying with the provisions of Clause 3, Article 1 of Decree No. 65/2022/ND-CP, which stipulates that for bonds issued in the domestic market, enterprises can only change the terms and conditions of the bonds when the regulations are met:
   + The issuer’s competent authority; and
   + A number of bondholders that represents at least 65% of total outstanding bonds of the same type;
- In case of extending the term of a bond, the maximum duration is no more than 02 years compared to the term at bond issuance plan announced to investors.
- For bond holders who do not agree to change the terms and conditions of the bond, the issuer is responsible for negotiating to ensure the interests of investors. In case the bond issuer does not accept the negotiation plan, the enterprise must fulfill all obligations towards the bond issuer according to the bond issuance plan announced to investors (even if the change of bond terms and conditions has been approved by bond holders representing 65% of total outstanding bonds)

Clause 6 Article 1 Decree 65/2022/NĐ-CP

Professional investors

An individual that is identified as a professional investor as prescribed in Point d Clause 1 Article 11 of the Law on Securities shall be eligible to buy privately placed bonds if he/she holds a quantity of listed or registered securities, excluding securities borrowed to conduct margin transactions and those of repo transactions, of which the daily average price determined in a minimum period of 180 consecutive days preceding the date on which he/she is identified as a professional investor shall not be lower than VND 02 billion. The certification of a professional investor status as prescribed in this Point shall be valid for 03 months from the date of certification.

Suspension of effect until the end of 31/12/2023

Clause 7, 8 Article 1 Decree 65/2022/NĐ-CP

Duration for bonds distribution

Bonds offered in each offering wave must be distributed within 30 days from the date of disclosure of information before offering. Total duration for a multiple-wave offering shall not exceed 06 months from the issue date of the first offering wave.
The issuer shall complete the distribution of bonds within 30 days from the date of information disclosure before offering.

Suspension of effect until the end of 31/12/2023

Clause 9 Article 1 Decree 65/2022/NĐ-CP

Requirement on credit rating of the issuer

The bond offering dossier shall include the report on credit rating of the issuer that is subject to compulsory credit rating

Suspension of effect until the end of 31/12/2023