New important points of the draft compared to the previous regulations:
(i) Tightening conditions for issuers: liabilities ratio does not exceed 5 times equity.
(ii) Tightening the purpose of capital use: the mobilized capital cannot be used to purchase share capital, or cooperate in business. Credit institutions may only purchase corporate bonds for the purpose of supplementing working capital when the issuer can prove the use of the corresponding amount to supplement working capital as above.
(iii) Increase the level of transparency in supervision, management and control of the usable cash flow through the supplementation of Clause 14-15-16 and amendment of Clause 3, Article 6 and Clause 2, Article 7.
(iv) Suspension of the implementation of Clause 11 Article 4 of Circular No. 16/2021/TT-NHNN to contribute to supporting the corporate bond market until the end of December 31, 2023.

Proposing amendments creates a corridor for credit institutions to be able to trade corporate bonds again, thereby supporting businesses that face difficulties in mobilizing via the bond channel, especially in the context of distrust from individual investors in the recent months while the credit institutions channel is temporarily “locked” due to the provisions of Clause 11, Article 4 of Circular 16/2021/TT-NHNN.