--- title: Trading Private Placement Corporate Bonds on HNX description: Learn professional investor requirements, two order matching methods on HNX, and T+0 book-entry settlement via VSDC under Vietnam's regulatory framework. url: https://ginity.vn/en/blog/trading-private-placement-corporate-bonds-hnx canonical: https://ginity.vn/en/blog/trading-private-placement-corporate-bonds-hnx markdown: https://ginity.vn/en/blog/trading-private-placement-corporate-bonds-hnx.md language: en datePublished: 2026-10-30T00:00:00+07:00 dateModified: 2026-10-30T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: learn name: Learn investing url: https://ginity.vn/en/learn tickers: [] sources: - name: Vietnam Government Portal url: https://vanban.chinhphu.vn/?docid=206561&pageid=27160 title: Decree 65/2022/ND-CP amending Decree 153/2020/ND-CP - name: Ministry of Finance url: https://vanban.chinhphu.vn/?classid=1&docid=208050&orggroupid=4&pageid=27160 title: Circular 30/2023/TT-BTC guiding private placement corporate bond trading - name: Vietnam Securities Depository and Clearing Corporation url: https://vsdc.vn/vi/sd/XAz40d2Q-9j569TvBgLQaQ title: Clearing and settlement - name: Government News url: https://baochinhphu.vn/van-hanh-hieu-qua-he-thong-giao-dich-trai-phieu-doanh-nghiep-rieng-le-102240818090527134.htm title: Efficient operation of the private corporate bond trading system - name: Journal of Economics and Finance url: https://tapchikinhtetaichinh.vn/chinh-thuc-van-hanh-he-thong-giao-dich-trai-phieu-rieng-le-tai-so-giao-dich-chung-khoan-ha-noi-40160.html title: Official operation of private bond trading system at Hanoi Stock Exchange publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Trading Private Placement Corporate Bonds on HNX > Learn professional investor requirements, two order matching methods on HNX, and T+0 book-entry settlement via VSDC under Vietnam's regulatory framework. Gini · Learn investing · 2026-10-30 · https://ginity.vn/en/blog/trading-private-placement-corporate-bonds-hnx _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Investors purchasing non-convertible private placement corporate bonds without warrants must qualify as professional securities investors under Decree 65/2022/ND-CP. - The dedicated trading market at HNX officially launched on July 19, 2023, offering electronic put-through and common put-through mechanisms. - VSDC executes transaction-by-transaction book-entry transfers on a T+0 settlement cycle alongside settlement bank Vietcombank. - Bond issuers must complete registration at VSDC and list for trading on HNX under Circular 30/2023/TT-BTC. The private placement corporate bond market in Vietnam operates under a centralized trading model on the Hanoi Stock Exchange (HNX) and settles through the Vietnam Securities Depository and Clearing Corporation (VSDC). The modern regulatory framework clearly defines professional investor eligibility, put-through trading mechanisms, and transaction-by-transaction book-entry settlement cycles. ## Investor Eligibility Requirements The regulatory framework governing private placement corporate bond offerings and secondary transfers is set out in [Decree 65/2022/ND-CP](https://vanban.chinhphu.vn/?docid=206561&pageid=27160). This decree amended and supplemented provisions of Decree 153/2020/ND-CP regarding secondary market trading eligibility. Under Article 8 of [Decree 65/2022/ND-CP](https://vanban.chinhphu.vn/?docid=206561&pageid=27160), for non-convertible corporate bonds without warrants issued through private placements, eligible buyers are qualified professional securities investors. For convertible bonds and bonds with warrants, eligible buyers include professional securities investors and strategic investors according to statutory rules. Under [Decree 65/2022/ND-CP](https://vanban.chinhphu.vn/?docid=206561&pageid=27160), issuing corporations and service organizations must verify investor eligibility and cannot distribute bonds to unqualified buyers. ## Centralized Trading System on HNX The Ministry of Finance issued [Circular 30/2023/TT-BTC](https://vanban.chinhphu.vn/?classid=1&docid=208050&orggroupid=4&pageid=27160) on May 17, 2023, providing regulatory guidance on registration, custody, ownership transfer, and trading of private placement corporate bonds. On July 19, 2023, the Hanoi Stock Exchange officially launched its dedicated trading system for private corporate bonds according to an article published on August 06, 2023, by the [Journal of Economics and Finance](https://tapchikinhtetaichinh.vn/chinh-thuc-van-hanh-he-thong-giao-dich-trai-phieu-rieng-le-tai-so-giao-dich-chung-khoan-ha-noi-40160.html). Corporate bonds issued through private placements must be registered for trading on HNX through trading member securities firms. Investors route orders through their account-holding brokerages rather than interfacing directly with exchange systems. Following 1 year of operation as of July 19, 2024, the exchange put into trading 1,146 bond codes from 301 enterprises according to [Government News](https://baochinhphu.vn/van-hanh-hieu-qua-he-thong-giao-dich-trai-phieu-doanh-nghiep-rieng-le-102240818090527134.htm) on August 18, 2024. ## Two Order Matching Methods on HNX The HNX platform employs put-through agreement mechanisms for private corporate bond transactions. Based on [Circular 30/2023/TT-BTC](https://vanban.chinhphu.vn/?classid=1&docid=208050&orggroupid=4&pageid=27160), the trading system supports two execution methods: 1. Electronic put-through: The buying or selling party submits a bid or offer quote into the HNX system. Quotes appear on trading terminals across member firms to identify counterparties and confirm trades. 2. Common put-through: Both parties negotiate transaction volume and pricing bilaterally before their representing securities firms submit the agreed trade into the HNX system for execution confirmation. ## T+0 Settlement Mechanism via VSDC Unlike the equity market where multilateral netting cycles apply, private placement corporate bonds settle on an immediate transaction-by-transaction basis. Under the [clearing and settlement](https://vsdc.vn/vi/sd/XAz40d2Q-9j569TvBgLQaQ) rules of VSDC (Decision 27/QD-HDTV dated August 10, 2023), VSDC carries out book-entry bond transfers between seller and buyer depository accounts on a T+0 settlement cycle. Settlement executes as soon as the buyer provides sufficient funds and the seller maintains required bonds in depository records. ```flow Bond trading and settlement process: 1. Order Placement Professional investors route orders through member securities brokerages 2. Trade Confirmation on HNX The HNX system processes and confirms electronic or common put-through orders 3. Immediate Settlement Completion VSDC completes book-entry bond transfers and Vietcombank transfers cash on T+0 ``` The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) acts as the designated settlement bank. Upon receiving transfer instructions from VSDC, Vietcombank debits the buyer cash account and credits the seller account in accordance with execution results. According to [VSDC](https://vsdc.vn/vi/sd/XAz40d2Q-9j569TvBgLQaQ), the delivery-versus-payment (DVP) mechanism eliminates principal risk in settlement operations, ensuring that the buyer receives securities upon payment and the seller receives payment upon transfer of securities. ## Key Operational Milestones and Rules The table below summarizes key operational parameters for the private placement corporate bond market in Vietnam: | Parameter | Regulatory Provision | Governing Document | | :--- | :--- | :--- | | Eligible buyer (non-convertible, without warrants) | Qualified professional securities investors | [Decree 65/2022/ND-CP](https://vanban.chinhphu.vn/?docid=206561&pageid=27160) | | Centralized trading | Dedicated trading system on HNX | [Circular 30/2023/TT-BTC](https://vanban.chinhphu.vn/?classid=1&docid=208050&orggroupid=4&pageid=27160) | | Trading methods | Electronic put-through and common put-through | [Circular 30/2023/TT-BTC](https://vanban.chinhphu.vn/?classid=1&docid=208050&orggroupid=4&pageid=27160) | | Depository institution | Vietnam Securities Depository and Clearing Corporation | [VSDC Settlement Rules](https://vsdc.vn/vi/sd/XAz40d2Q-9j569TvBgLQaQ) | | Settlement cycle | Transaction-by-transaction T+0 | [VSDC Settlement Rules](https://vsdc.vn/vi/sd/XAz40d2Q-9j569TvBgLQaQ) | | Settlement bank | Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) | [VSDC Settlement Rules](https://vsdc.vn/vi/sd/XAz40d2Q-9j569TvBgLQaQ) | *Source: Compiled from statutory legal documents and disclosure data at HNX and VSDC.* ## Sources - Vietnam Government Portal: [Decree 65/2022/ND-CP](https://vanban.chinhphu.vn/?docid=206561&pageid=27160) (16/09/2022) - Ministry of Finance: [Circular 30/2023/TT-BTC](https://vanban.chinhphu.vn/?classid=1&docid=208050&orggroupid=4&pageid=27160) (17/05/2023) - Vietnam Securities Depository and Clearing Corporation: [Clearing and settlement](https://vsdc.vn/vi/sd/XAz40d2Q-9j569TvBgLQaQ) (10/08/2023) - Government News: [Efficient operation of the private corporate bond trading system](https://baochinhphu.vn/van-hanh-hieu-qua-he-thong-giao-dich-trai-phieu-doanh-nghiep-rieng-le-102240818090527134.htm) (18/08/2024) - Journal of Economics and Finance: [Official operation of private bond trading system at Hanoi Stock Exchange](https://tapchikinhtetaichinh.vn/chinh-thuc-van-hanh-he-thong-giao-dich-trai-phieu-rieng-le-tai-so-giao-dich-chung-khoan-ha-noi-40160.html) (06/08/2023) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._