On October 29, during the National Assembly session, Deputy Prime Minister and Minister of Finance Ho Duc Phoc presented a draft proposal to amend several legal regulations, including the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Law on Management and Use of Public Property, Tax Management Law, and National Reserve Law. This omnibus proposal, or "1 Law Amends 7 Laws," includes comprehensive updates across these legislative areas.

Regarding the Securities Law, Deputy Prime Minister Phoc emphasized updates aimed at strengthening oversight and penalizing fraud in securities issuance and trading.

The proposal clarifies the responsibilities of all organizations and individuals involved in securities transactions, with the government adding provisions that prohibit market manipulation, insider trading, and unannounced transactions.

Significantly, the draft proposal removes the restriction on professional individual investors from trading private bonds. Instead, individuals may now purchase, trade, and transfer private bonds, provided the issuing companies have adequate credit ratings, asset-backed guarantees, and bank-backed assurances.

Under the 2019 Securities Law, individual professional investors are defined as individuals holding listed securities portfolios worth at least 2 billion VND or those with annual taxable incomes exceeding 1 billion VND. The new draft tightens these standards, requiring individual professional investors to demonstrate a minimum investment duration and regular trading frequency. Additionally, foreign entities and individuals are also considered professional investors under the proposed amendment.

Public bond offerings will require companies to appoint bondholder representatives, maintain appropriate debt ratios, and meet ownership value and credit rating requirements.

Le Quang Manh, Chairman of the National Assembly’s Finance and Budget Committee, noted strong support for the government’s proposal, which allows professional individual investors to buy, trade, and transfer private bonds.

The oversight committee, however, suggested further refinements to ensure that issuing companies meet market needs and adequately protect individual investors.

The committee also endorsed expanding the definition of professional investors to include foreign organizations and individuals. This measure is expected to attract foreign participation in Vietnam’s securities market and strengthen it as a channel for indirect foreign investment.

Regarding prohibited activities in securities trading, Mr. Manh explained that the committee supports regulations defining market manipulation as determined by relevant authorities.

This approach aims to prevent legal overlap between prohibited behaviors and standard practices in the securities industry.

Quang Phong