Shorten IPO time, increase transparency of corporate bonds

On November 8, the Ministry of Finance said that with the goal of developing a stable, safe, healthy and effective stock market, becoming the main medium and long-term capital mobilization channel for the economy, the Ministry is implementing many solutions to further develop the capital mobilization channel through primary stock issuance (IPO) and corporate bonds, so that these two channels can truly become pillars of the national capital market.

According to the Stock Market Development Strategy to 2030, approved under Decision No. 1726/QD-TTg dated December 29, 2023, the Government aims to encourage all types of enterprises to conduct initial public offerings of shares associated with listing on the stock market, while strongly developing the corporate bond market.

Previously, according to the provisions of Decree No. 155/2020/ND-CP, the dossier for registration of stock listing included documents such as the report on the results of securities offering, the Certificate of stock registration 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 for a maximum of 30 days. Thus, the IPO is usually distributed within 3-4 months, leading to the fact that after completing the IPO, the enterprise must supplement the latest Quarterly Financial Report/Semi-annual Financial Report in the stock listing registration dossier (Clause 1, Article 107 of Decree No. 155/2020/ND-CP). This leads to the actual time for processing the stock listing after the IPO being longer.

To overcome the above limitations, the Government issued Decree No. 245/2025/ND-CP dated September 11, 2025 amending and supplementing a number of articles of Decree No. 155/2020/ND-CP, which added new regulations on procedures for listing shares simultaneously with IPO, shortening the time for listing shares after IPO, better ensuring the rights of investors. Accordingly, IPO dossiers are regulated in a unified manner with listing registration dossiers; the State Securities Commission and the Stock Exchange will simultaneously review IPO registration dossiers/stock listing registration dossiers as soon as the enterprise submits the dossiers. The time for reviewing IPO dossiers and approving stock listing registration is only 30 days.

Regarding the issuance of corporate bonds to the public, pursuant to Law No. 56/2024/QH15, Decree No. 245/2020/ND-CP supplements detailed regulations related to credit rating, Bondholder Representatives and financial safety requirements of the issuing organization, ensuring the publicity and transparency of the offering and better protection of the rights and legitimate interests of investors.

Regarding the issuance of individual corporate bonds, the Law on Enterprises amended and supplemented under Law No. 76/2025/QH15 and the Law on Securities amended and supplemented under Law No. 56/2024/QH15 have provisions to guide the development of this market according to international practices, accordingly, investors who are allowed to participate in purchasing, trading and transferring individual corporate bonds are professional institutional securities investors; individual professional securities investors are only allowed to participate in purchasing, trading and transferring individual corporate bonds with credit ratings, and have collateral or payment guarantees from credit institutions for those bonds.

In addition, regulations on the loan ratio of issuing enterprises; additional responsibilities of provincial People's Committees for enterprises after business registration within the scope of local management.

To detail Law No. 76/2025/QH15 and Law No. 56/2024/QH15, the Government is currently drafting a Decree to replace the Decrees on privately issued corporate bonds in the direction of improving bond quality, enhancing transparency, controlling risks, and meeting the need to access capital sources for businesses.

Source: https://baotintuc.vn/thi-truong-tien-te/rut-ngan-thoi-gian-ipo-tang-minh-bach-trai-phieu-doanh-nghiep-20251108144036095.htm