Organization of the Government Bond Payment System: Based on Which Principles?

11:55, 11/07/2024

The Ministry of Finance promulgates Circular 46/2017/TT-BTC guiding the activities of bond transaction payment the Government of Vietnam.

The prominent feature of the Government of Vietnam bond transaction payment principle is that the payment for Government of Vietnam bond transactions directly through the State Bank is conducted via the interbank electronic payment system. Additionally, there are the following principles:

- The payment for buying and selling Government of Vietnam bonds listed on the Stock Exchange is conducted according to the payment method for each transaction.- The Vietnam Securities Depository determines the payment obligations for money and Government of Vietnam bonds of each related party and sends payment information to the State Bank.- The transfer of Government of Vietnam bonds is conducted on the system of the Vietnam Securities Depository.- In cases where customers open depository accounts at depository members who are commercial banks and place trading orders through securities companies who are members of Government of Vietnam bond transactions, the transaction payment will be executed by the depository member who is the commercial bank.- Indirect payment institutions are responsible for selecting a member bank to pay on their behalf and for their customers.- The transaction payment time for Government of Vietnam bonds is decided by the State Securities Commission.

More details can be found in Circular 46/2017/TT-BTC effective from August 1, 2017.

- Thanh Lam -

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