Shorten the IPO process, make corporate bonds transparent

These solutions are expected to help the capital market truly become the main medium- and long-term capital mobilization channel of the economy .

The Ministry of Finance said that according to the Stock Market Development Strategy to 2030, approved in Decision No. 1726/QD-TTg dated December 29, 2023, the Government has set out solutions such as encouraging all types of enterprises to conduct initial public offerings of shares associated with listing on the stock market; at the same time, developing the corporate bond market in a public, transparent and sustainable manner.

Previously, according to Decree No. 155/2020/ND-CP, the stock listing registration dossier included documents such as the report on securities offering results, the Stock Registration Certificate issued by the Vietnam Securities Depository and Clearing Corporation... Therefore, the Stock Exchange only had enough basis to consider the listing dossier after the enterprise had completed the IPO.

In addition, according to the provisions of the Securities Law, the issuing organization is allowed to distribute securities within 90 days and is extended up to 30 days. Thus, the IPO is usually distributed within 3-4 months, which means that after completing the IPO, the enterprise must supplement the latest Quarterly Financial Report/Semi-annual Financial Report in the registration dossier for listing shares. This leads to the actual processing time for listing shares after IPO being longer.

To overcome this limitation, the Government issued Decree No. 245/2025/ND-CP dated September 11, 2025, amending and supplementing a number of articles of Decree 155/2020/ND-CP. A notable new point is the addition of new regulations on procedures for listing shares simultaneously with IPO, shortening the time for listing shares after IPO, better ensuring the rights of investors.

Specifically, the IPO dossier is unified with the listing registration dossier; the State Securities Commission and the Stock Exchange will simultaneously review the IPO registration and listing dossier as soon as the enterprise submits the dossier, helping to shorten the processing time to 30 days, ensuring the rights of investors and promoting liquidity for enterprises after the IPO.

Regarding the issuance of corporate bonds to the public, pursuant to Law No. 56/2024/QH15 and Decree No. 245/2025/ND-CP, the Government has added many new regulations on credit rating, bondholder representatives and financial safety requirements of the issuing organization, in order to ensure transparency and publicity of the offering and enhance the protection of the rights and legitimate interests of investors.

Regarding the privately issued corporate bond market, the provisions of the Law on Enterprises (amended) under Law No. 76/2025/QH15 and the Law on Securities (amended) under Law No. 56/2024/QH15 have been completed in the direction of approaching international practices.

Accordingly, only professional institutional securities investors are allowed to participate in purchasing, trading, and transferring individual bonds; professional individual investors are only allowed to purchase bonds with credit ratings and secured assets or payment guarantees from credit institutions.

In addition, the new regulation also limits the loan ratio of issuing enterprises, adds the responsibility of the Provincial People's Committee for enterprises after business registration within the scope of local management, contributing to risk control and improving issuance quality.

Currently, the Government is drafting a Decree to replace current regulations on the issuance of individual corporate bonds, aiming to improve bond quality, enhance transparency and risk monitoring capabilities, thereby meeting businesses' needs for access to medium- and long-term capital.

MINH PHUONG

Source: https://nhandan.vn/rut-ngan-quy-trinh-ipo-minh-bach-hoa-trai-phieu-doanh-nghiep-post921772.html