Supervision tightened to safeguard corporate bond buyers' interests: finance minister
Corporate issuers have pledged they would pay bondholders their due when their bonds mature, Finance Minister Ho Duc Phoc said Monday.

Vietnam's Finance Minister Ho Duc Phoc. Photo courtesy of the government's portal.
Phoc gave this assurance in the wake of corporate bondholders' concerns about their investment after police arrested Truong My Lan, chairwoman of Ho Chi Minh City-based property developer Van Thinh Phat Group, for alleged fraud in the issuance and trading of corporate bonds in 2018 and 2019.
In April, Do Anh Dung, chairman of property developer Tan Hoang Minh Group, was also arrested for alleged fraudulent appropriation of property via corporate bond issuances.
The finance minister told local media that his ministry has met with corporate bond issuers and asked them to ensure investors’ interests.
"They have all committed to paying bond buyers in time. We are closely monitoring the situation to protect investors’ interests," he said.
Many people who have bought bonds associated with Van Thinh Phat Group and its subsidiary An Dong Investment Co. are worried that they would not get paid due to the alleged scam.
According to Hanoi Stock Exchange statistics, An Dong Investment Co. issued three lots of five-year bonds worth VND25,000 billion ($1.08 billion) in the 2018-2019 period that will mature between 2023 and 2024.

An office of Tan Viet Securities JSC on Tran Thai Tong street in Hanoi. Photo by The Investor/Nhat Huynh.
HCMC-based Tan Viet Securities JSC (TVSI) is one of the issuance consulting units for Van Thinh Phat, and it also represents the bondholders.
TVSI stated Sunday that it was working with the issuer to work out plans to ensure payment for the buyers, both the original investment and interest, both before and on maturity.
Starting Monday, October 10, the broker stopped accepting corporate bonds issued by An Dong Investment Co. TVSI and the issuing units will meet online or in person with investors to let them know specific payment plans, the firm said.
News of the sudden death of Nguyen Tien Thanh, chairman and CEO of Tan Viet Securities, on Friday triggered market concerns. Thanh, 49, was also an independent board member of Saigon Commercial Bank (SBC). Rumors were also rife about Thanh’s relations with Van Thinh Phat Group.
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