Bond trustees in Vietnam

In other markets, a bond trustee acting for the benefits the bondholders is intended to make it easier for numerous bondholders to take collective action against the bond issuer especially in case of default by the bond issuer. In the U.S, a bond trustee is subject to duties under the Trustee Indenture Act of 1939.

In Vietnam, a representative of bondholders (đại diện người sở hữu trái phiếu) is the nearest concept to bond trustee in other markets. However, there are only a few provisions under Vietnamese law about a representative of bondholders:

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A New Decree on Derivatives in Vietnam

Decree 42/2015 is an entirely new decree governing “derivative securities” (chứng khoán phái sinh) and will take effect from July 2015. A quick read of Decree 42/2015 seems to indicate that Decree 42/2015 is intended to provide a legal framework for a regulated market for derivatives in Vietnam. In particular, Decree 42/2015 provides detailed requirements for:

 

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    What is a bribery crime in Vietnam?

    Article 279 of the Criminal Code imposes criminal liability on the act of receiving bribes (tội nhận hối lộ), which is defined as an act, among others, of a person who holds an official position or power and directly or indirectly has received or will receive money, properties or other “material benefit” in any form, which has a value of VND 2,000,000 (approx. USD100) or more “with the intent of taking advantage of his/her official position or power in order to perform or refrain from performing certain acts for the benefit of, or as requested by, the person who offers the bribe”.

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    Whether a manager of a State-owned enterprise is a public official in Vietnam?

    A manager of a State-owned enterprise (SOE Manager) is not a public official who may be “cadre” (cán bộ), “civil servant” (công chức) or “public employees” (viên chức) under Vietnamese law. This is because SOE Manager is not covered by the legal definitions of public officials under Vietnamese law. There are certain specific regulations relating to public officials which are applicable to the appointment, demotion or performance review of certain SOE Managers at a wholly State-owned enterprise.  These managers include:

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