Enterprises can change the purpose of using bond capital.
In the draft Decree regulating the offering and trading of individual corporate bonds, which is being consulted by the Ministry of Finance and the State Securities Commission, enterprises can change the plan to use capital raised from the offering when the number of people owning more than 65% of the same type of bonds agrees, according to the draft new regulations. According to the Ministry of Finance, there are currently no regulations on enterprises being allowed to change the plan to use capital raised from bond offerings. This leads to difficulties in practice when enterprises need to adjust to optimize cash flow, ensure the rights of shareholders, investors and serve production and business activities.
According to the draft new Decree, enterprises are allowed to adjust their capital use plans when they satisfy two conditions, including approval by the competent authority of the enterprise and approval by the number of owners representing more than 65% of the same type of bonds. Enterprises must disclose unusual information about this. The Ministry of Finance believes that the new regulation will help clarify the source of money collected from the offering with other sources of money, while strengthening financial discipline for enterprises and strengthening investors' confidence in the issuing organization.
Statistics from the regulator show that the size of the individual corporate bond market by the end of June 2025 reached 9.8% of last year's GDP, equivalent to about VND1,130 trillion.
In the first 10 months of this year, the value of new issuance reached more than 441,000 billion VND, about 1.4 times higher than the same period last year. Credit institutions accounted for more than 66% of the issuance volume, followed by real estate enterprises with about 26%, the rest came from other sectors. The average interest rate reached 7.23% per year.
According to the Ministry of Finance, the development of the corporate bond issuance channel has contributed to reducing the pressure on capital supply from the bank credit channel. Despite rapid growth, bonds are not yet the main capital mobilization channel for enterprises. The legal compliance of some enterprises is still limited, demonstrated by the failure to fulfill the responsibility and obligation to report and provide full information to investors.
Source: https://vtv.vn/doanh-nghiep-co-the-thay-doi-muc-dich-su-dung-von-trai-phieu-100251125213336967.htm
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