Rectifying Vietnam’s Corporate Bond Market and Land Auctions: What Authorities Did

Timeliness note: Official Telegram 304/CĐ-TTg of 2022 is a historical directive; its reporting deadlines (April 2022) were completed long ago. This article summarizes the context of the 2022 rectification campaign and — more importantly — the current legal framework governing the corporate bond market and land-use right auctions, along with notes on agency names after the government reorganization.

Context: Official Telegram 304/CĐ-TTg of 2022

In early 2022, the Prime Minister issued Official Telegram 304/CĐ-TTg requiring authorities to rectify the corporate bond market and land-use right auctions, including:

• Ministry of Public Security: investigate and strictly handle violations in the issuance and investment of corporate bonds; prevent profiteering through land auctions;
• Ministry of Finance, State Bank of Vietnam: closely supervise the financial market and bond issuance and trading; review the legal framework;
• State Securities Commission: inspect the private placement of bonds (especially by real estate enterprises, high-interest issuances, and unsecured bonds);
• Ministry of Natural Resources and Environment (since merged): review and inspect land-use right auctions in localities;
• Provincial People’s Committees: organize land auctions in accordance with law, openly and transparently.

Current legal framework to know

On corporate bonds

• Decree 153/2020/ND-CP, as amended by Decree 65/2022/ND-CP and Decree 08/2023/ND-CP: issuance conditions, professional investors, information disclosure;
• Privately placed bonds may only be offered to professional securities investors;
• Issuers must make periodic disclosures and use proceeds for the disclosed purposes.

On land-use right auctions

• The Land Law 2024 and its guiding documents: auctions of land-use rights when land is allocated or leased;
• Collusion, price suppression, or placing high bids then forfeiting deposits for profiteering may be subject to administrative or criminal sanctions and bans from auctions.

Notes on agency names after the government reorganization

From 2025, the Government reorganized and merged several ministries: the Ministry of Natural Resources and Environment merged into the Ministry of Agriculture and Environment; the Ministry of Information and Communications merged into the Ministry of Science and Technology. When researching current documents and procedures, use the new agency names.

What should investors note?

• Only buy corporate bonds when you understand the professional investor requirements and the risks;
• Participating in land auctions requires compliance with auction rules — avoid prohibited conduct;
• Monitor issuers’ disclosures and inspection conclusions of regulatory authorities.

To assess risks when investing in corporate bonds or participating in land-use right auctions, you should contact ANT Legal’s lawyers for review and advice before proceeding.