Infrastructure bond investment fund coming soon, adding long-term capital channel for the economy

(Dan Tri) - The Ministry of Finance has proposed for the first time regulations on infrastructure bond investment funds, helping to mobilize capital from people, businesses and foreign investors to develop infrastructure and serve the socio-economy.

In the draft Circular amending and supplementing a number of articles of Circular No. 98/2020 guiding the operation and management of securities investment funds, the Ministry of Finance proposed adding two new types of funds: Infrastructure bond investment fund and money market instrument investment fund.

According to the draft, the infrastructure bond investment fund will be organized according to the closed-end fund model, which means mobilizing capital once from public investors and not withdrawing capital during the entire operation period. This model helps the fund have a stable source of capital, suitable for investing in infrastructure bonds with medium and long terms.

Fund certificates will be listed and traded on the Stock Exchange, allowing investors to resell when needed without affecting the fund's capital size.

Regarding the investment portfolio, the draft stipulates that the fund is allowed to invest in corporate bonds issued for infrastructure development, along with government debt instruments, government-guaranteed bonds, local government bonds, deposits, money market instruments and other types of securities similar to current investment funds.

The draft also requires the fund to maintain at least 65% of its net asset value (NAV) invested in infrastructure bonds, government debt instruments, deposits and certificates of deposit. This ratio is to ensure that capital is prioritized for the infrastructure sector, while still allowing the fund to have a certain flexibility depending on the market situation and bond supply at each stage.

Intersection of Ring Road 3 with Ho Chi Minh City - Trung Luong Expressway, section passing through Tay Ninh province (Photo: An Huy).

Meanwhile, the Ministry of Finance has proposed to deploy the money market instrument investment fund under the open-end fund model, allowing flexible capital mobilization and regular transactions. This type of fund is aimed at a group of investors who want to optimize idle money in the short term, while also being in line with international practice, as most money market funds in the world operate under this model.

Regarding the investment portfolio, the draft stipulates that the fund is allowed to invest in deposits, deposit certificates, government debt instruments, government-guaranteed bonds, local government bonds, listed corporate bonds and other money market investment fund certificates.

According to the draft, at least 80% of the fund's net asset value (NAV) must be invested in short-term fixed-income assets such as deposits, deposit certificates or government debt instruments with a maturity of no more than 12 months. This regulation helps maintain liquidity, ensuring the fund can meet investors' capital withdrawal needs at any time.

In addition, funds must also fully comply with the investment limits prescribed in Article 110 of the Securities Law 2019, to ensure transparency, risk management and safety for investors.

Source: https://dantri.com.vn/kinh-doanh/sap-co-quy-dau-tu-trai-phieu-ha-tang-them-kenh-von-dai-han-cho-nen-kinh-te-20251113014428666.htm