What will agencies and sectors do to correct the operation of the corporate bond market and auction of land use rights?

1. The Minister of Public Security directs the Police of units and localities

Pursuant to Section 1 of Official Dispatch 304/CD-TTg of 2022 stipulating the responsibilities of the Minister of Public Security to direct the Police of units and localities as follows:

– Urgently coordinate with relevant agencies to investigate and verify to strictly handle violations in accordance with the law. provisions of law, ensuring activities of issuing, investing and using corporate bond capital for the right purposes, effectively, healthily, transparently, stably and safely, contributing to the development of production and business, promoting economic growth and macroeconomic stability.

– Strengthen understanding of the situation, promptly prevent, detect, stop and strictly handle acts of taking advantage of and violating legal regulations in the auction of use rights land for profiteering and disturbing the market.

2. The Minister of Finance, Governor of the State Bank of Vietnam directs agencies and functional units

Pursuant to Section 2 of Official Dispatch 304/CD-TTg of 2022 regulating the Minister of Finance and Governor of the State Bank of Vietnam to direct agencies and functional units as follows:

– Closely monitor and supervise market developments finance, currency, activities of issuance, investment, distribution, trading and use of corporate bond capital, ensuring compliance with current legal regulations

– Proactively review the legal framework, build response scenarios associated with drastic implementation of stabilization solutions, develop the market and stabilize investor psychology;

– Promote information and propaganda work transmit and promptly provide official information on the macroeconomic situation and capital markets; Strengthen inspection, supervision, information disclosure and strictly handle violations.

3. Minister of Finance, Chairman of the State Securities Commission directs functional agencies and units

Pursuant to Section 3 of Official Dispatch 304/CD-TTg of 2022 stipulating the Minister of Finance and Chairman of the State Securities Commission to direct agencies and functional units as follows:

– Urgently carry out inspection, examination and supervision of compliance with laws on issuance, investment, distribution, trading and use of capital proceeds from bond issuance, especially private bond issuance of real estate enterprises, of credit institutions related to real estate enterprises, enterprises with large issuance volumes, high interest rates, enterprises with loss-making business results, issuing enterprises without collateral or low-quality collateral… in accordance with the direction of the Prime Minister in Official Dispatch No. 8857/CD-VPCP dated December 3, 2019. 2021 of the Government Office, report to the Prime Minister on implementation results before April 15, 2022.

– Urgently review legal regulations related to the corporate bond market and the issuance and investment of corporate bonds to promptly amend and supplement according to authority or propose competent authorities to amend and supplement to enhance the effectiveness and efficiency of management and supervision. closely monitor the corporate bond market, ensuring the market develops healthily, transparently and safely; have early warning sanctions, risk management and strong and strict handling of violations of legal regulations. Report to the Prime Minister the results of the review before April 30, 2022.

– Proactively disclose information related to the above incident and implement solutions to stabilize the psychology of domestic and foreign investors, protect the legal rights of investors in accordance with the law.

– Strengthen the effectiveness of inspection, examination and strictly handle violations. violations in the corporate bond market according to legal regulations; Early warning and plans to promptly handle risks that may arise, ensuring market safety. Proactively coordinate closely and provide information, records, and documents according to regulations to the authorities during the process of inspection, examination, and investigation of cases.

4. The Minister of Natural Resources and Environment directs

Pursuant to Section 4 of Official Dispatch 304/CD-TTg of 2022 stipulating the Minister of Natural Resources and Environment to direct as follows:

– Review and strengthen inspection and supervision of auction organization of land use rights and real estate in localities.

– For cases with unusual manifestations, causing market instability, promptly verify and clarify violations and strictly handle according to the provisions of law to prevent profiteering from occurring.

– Review provisions of law related to land use rights auctions, promptly detect inadequacies and shortcomings, advise and propose competent authorities to amend, adjust, supplement and perfect the legal system on land use rights auctions to effectively prevent and combat abusive acts and violations for personal gain.

The Governor of the State Bank of Vietnam directs

Pursuant to Section Section 5 Official Telegram 304/CD-TTg of 2022 regulates the Governor of the State Bank of Vietnam to direct as follows:

– Direct the inspection, examination, and strict supervision of credit institutions investing in corporate bonds, participating in activities providing underwriting services, investing, distributing… corporate bonds, especially bonds issued by real estate enterprises, businesses with large issuance volumes, high interest rates, businesses with loss-making business results, businesses issuing without collateral…

– Review credit lending activities of credit institutions so that investors can participate in auctions of land use rights, promptly rectify and strictly handle violations of regulations on credit lending.

6. Other relevant agencies and departments

Pursuant to Section 6 of Official Dispatch 304/CD-TTg of 2022 stipulating other relevant agencies and departments as follows:

– Chairmen of the People’s Committees of provinces and centrally-run cities: review, inspect, and strengthen the organization of auctions of land use rights in the area to ensure correctness legal, public, transparent; promptly detect and strictly handle cases of violation of legal regulations in land auctions, prevent acts of taking advantage of auctions for profit, causing market instability.

– Minister of Information and Communications: directs news agencies to promptly report truthful and accurate news; Strictly handle cases of reporting news and articles that do not comply with regulations, causing negative impacts on investor psychology and financial market stability.