What is the application for appraisal of corporate bond issue schemes in Vietnam? Who approves government-guaranteed corporate bond issue schemes in Vietnam?
What is the application for appraisal of corporate bond issue schemes in Vietnam?
According to the provisions of Clause 1, Article 19 of Decree No. 53/2009/ND-CP on appraisal of corporate bond issue schemes of state enterprises and enterprises issuing bonds with government guarantee stipulating as follows:
Appraisal of corporate bond issue schemes
1. For state enterprises and enterprises issuing bonds with government guarantee:
a/ They shall elaborate corporate bond issue schemes, submit them to their managing agencies, boards of directors or member councils for approval, and send them to the Ministry of Finance dossiers for appraisal. Such a dossier comprises:
- The corporate bond issue scheme already approved by competent authorities;
- The decision of competent authorities approving the corporate bond issue scheme (a copy);
- The feasibility study report and investment decisions of projects related to the corporate bond issue scheme (copies);
- The certificate of the credit rating company of the issuer's publicized credit rating (a copy), if the issue requires credit rating.
b/ After receiving a complete dossier of request from the enterprise, the Ministry of Finance shall appraise it in terms of:
(i) Issue purpose: On the basis of projects stated in the corporate bond issue scheme, to appraise the capital needs of these projects, consider the financial status of the issuing enterprise in the past three years. If the issue involves different projects, to appraise the capital need and financial status of each unit to use the capital of international bonds;
(ii) Related procedures of projects to use the capital of international bonds: Projects to use money raised from the issue of corporate bonds must be those which have completed domestic investment procedures and obtained investment decisions of competent authorities;
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Thus, the dossier includes:
- The corporate bond issue scheme already approved by competent authorities;
- The decision of competent authorities approving the corporate bond issue scheme (a copy);
- The feasibility study report and investment decisions of projects related to the corporate bond issue scheme (copies);
- The certificate of the credit rating company of the issuer's publicized credit rating (a copy), if the issue requires credit rating.
What is the application for appraisal of corporate bond issue schemes in Vietnam? Who approves government-guaranteed corporate bond issue schemes in Vietnam?
Who approves government-guaranteed corporate bond issue schemes in Vietnam?
Pursuant to Clause 1, Article 20 of Decree No. 53/2009/ND-CP on appraisal of corporate bond issue schemes of state enterprises and enterprises issuing bonds with government guarantee stipulating as follows:
Approval of corporate bond issue schemes
1. For state enterprises and enterprises issuing bonds with government guarantee:
After appraising the corporate bond issue scheme and collecting opinions of concerned agencies, the Ministry of Finance shall send a general appraisal report proposing the possibility of issue of corporate bonds on international capital markets to the Prime Minister for consideration and decision.
...
Thus, after appraising the corporate bond issue scheme and collecting opinions of concerned agencies, the Ministry of Finance shall send a general appraisal report proposing the possibility of issue of corporate bonds on international capital markets to the Prime Minister for consideration and decision.
What are the regulations on the organization of government-guaranteed corporate bond issue in the international capital market?
According to the provisions of Article 22 of Decree No. 53/2009/ND-CP on the organization as follows:
Organization of issue
1. After its bond issue scheme is approved by competent authorities under Article 19 of this Decree, the enterprise shall prepare and carry out the issue in the order stated in Article 7 of this Decree in the capacity as issuer.
2. After the issue, the enterprise shall report issue results to the agency having approved the issue and the Ministry of Finance.
Thus, after its bond issue scheme is approved by competent authorities, the enterprise shall prepare and carry out the issue in the capacity as issuer.
After the issue, the enterprise shall report issue results to the agency having approved the issue and the Ministry of Finance.
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