US Treasury to help VN with State bonds

03/07/2008 -- 11:15 AM

Hanoi (VNA) – The US Department of Treasury will give Vietnam technical assistance in the management and issue of State bonds and design of a secondary bond market. The announcement was made as Nguyen Ngoc Canh, director of the State Securities Commission’s International Co-operation Department, and US Department of Treasury representative Keith Krchak met in Hanoi on Tuesday to discuss capital market development. The commission will receive guidance on State bond market interest rate structures and methods of bond issuance, Canh said. The Treasury Department will also provide expertise on the establishment of a secondary State bond market. Specifically, advice will focus on transaction methods both with the primary market and within the secondary market, reporting and information announcement regulations, and how to deal with payment risks and payment duty violations. The commission plans a secondary bond market with three component parts: a State bond market, a local government bond market and a corporate bond market, Canh said. An official agreement on exactly what assistance will be provided is being drafted by the two sides and will be finalized in the coming months, he said. To develop the capital market, Vietnam must cut some public spending Krchak said.-Enditem
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