Among the recent flurry of laws enacted and taking effect, the amended Enterprise Law stands out, shaking up business operations and the economy like a black Vietnamese coffee in an early morning of the National Rise Era.

Meanwhile, wrestling with a stack of private bond issuance deals, scratching our heads over the regulatory stance on the shiny new conditions for private bond offerings tucked into this law.

“The total liabilities (including the value of the proposed bond issuance) must not exceed five times the issuer’s equity as per the audited f inancial statements of the preceding year; except for state-owned enterprises, companies issuing bonds for real estate projects, credit institutions, insurance companies, reinsurance firms, insurance brokers, securities companies, or fund management companies, which are subject to relevant legal provisions.”

We have been tracking this since the draft stage, through endless rounds of feedback, but honestly, none of the explanations have hit the mark.

250718 VTN_NOT A REAL TWIST TO PRIVATE BOND PLACEMENT CONDITIONS