The law on credit rating in the enterprise market of bonds of Japan and Malaysia - experiences for Vietnam

Abstract

Credit Rating is an important activity on the enterprise market of bonds. Its purpose is to supply the basis for investors to make effective investment decision. In Vietnam, the laws on Credit Rating and the development of such organisations are not in accordance with their roles in the enterprise bond market. This paper suggest recommendations to amend, supplement or abrogate some provisions of the Law on Stocks 2019 and other legal documents on credit rating. One of its suggesstions are  supplementing Article 15.4 of the Law on Stocks 2019; supplementing provisions on the cases that must have the minimum credit rating; supplementing provisions on credit rating for enterprises having bonds on the stocks exchanges lists; abrogating Article 13.1.đ of the Decree N⁰ 163/2018/ND-CP dated 4/12/2018 of the Government on the release of corporate bonds; etc.