This is a positive and promising signal. Because if the individual corporate bond market develops stably, safely and sustainably, this will be a very effective medium and long-term capital mobilization channel for businesses, as well as an important contribution to the economy. . At the same time, this market also contributes to diversifying the financial system, ensuring harmony and balance in the capital market structure.
However, to achieve expectations about the development of this market, there is still much work to be done and the immediate task is to upgrade the market scale.
According to data from AsianBondoline.adb.org, the size of Vietnam's corporate bond market is still very modest compared to other Asian countries. In the first quarter of 2024, Vietnam's corporate bond market accounted for only 9.6% of GDP, ahead of Indonesia (2%) and the Philippines (5.3%) but still far behind other countries in the region. .
In addition, according to statistics from the Hanoi Stock Exchange (HNX), as of July 19, 2024, there were 1,146 bond codes of 301 businesses registered on the individual corporate bond trading system. However, what is worrying is that 71% of them are non-standard bond codes or do not have enough information to calculate bond prices.
This shows the necessity for HNX and related agencies to quickly improve the quality of goods in this market, through improving the quality of individual corporate bond issuers.
Some solutions that need to be implemented include stronger application of credit ratings for organizations issuing individual corporate bonds and improving bond issuance conditions to minimize the number of newly established businesses. or do not have significant business activities and can issue bonds with a scale that far exceeds equity.
Finally, improving investor quality is an indispensable task, especially attracting professional investors in the financial sector, domestic and foreign institutional investors.
This will be a key factor to gradually reduce and eventually eliminate non-standard bond codes or lacking information, contributing to "cleaning" the market and building sustainable confidence for investors!
