Ho Chi Minh City will use prime land assets worth more than VND23.4 trillion ($889.4 million) and public funds to compensate Masterise for two major bridge projects under build-transfer (BT) contracts, according to a new decision by the city People's Council.

The council approved adjustments to the investment policies for the Can Gio bridge and Phu My 2 bridge projects, both of which are being developed by the local developer under public-private partnership (PPP) arrangements.

For the Can Gio bridge project, authorities revised the payment structure after changes to the land bank earmarked for investor compensation. The city will now allocate two downtown land plots with a combined estimated value of more than VND7.5 trillion ($285.06 million) and use budget funds to cover the remainder of the payment obligation.

The sites include a property at 8-12 Le Duan boulevard, valued at VND3.42 trillion ($130 million), and another at 2-4-6 Hai Ba Trung street, valued at around VND4.11 trillion ($156.21 million).

The land assets account for roughly 69.7% of the BT contract value for the bridge construction, estimated at VND10.82 trillion ($411.25 million). The remaining VND3.74 trillion ($142.15 million) will be paid from the local budget after the land transfer is completed.

The Can Gio bridge project has a revised total investment of about VND13.35 trillion ($507.41 million), including interest expenses during construction, up by VND148 billion ($5.63 million) from the previously approved plan.

The bridge will span across the Soai Rap river, linking Can Gio with Nha Be communes and replacing the Binh Khanh ferry crossing. The project includes a bridge section of about three kilometers and connecting roads, bringing the total length to roughly seven kilometers.

Separately, the city approved adjustments to the Phu My 2 bridge project, for which land assets valued at approximately VND15.91 trillion ($604.72 million) are expected to be used as payment to the investor.

The bridge will connect Nguyen Huu Tho road in HCMC with Lien Cang road in the neighboring industrial city of Dong Nai. The route will stretch about 6.64 km, including 4.6 km within HCMC and 2.04 km in Dong Nai.

Designed with eight traffic lanes and supporting infrastructure, the project carries a total investment of about VND21.83 trillion ($829.73 million), including financing costs during construction. Completion is targeted for 2029.

Authorities view Phu My 2 as a strategic transport link that will strengthen connections between southern HCMC, Dong Nai's Nhon Trach commune, and Long Thanh International Airport.

Once completed, the bridge is expected to ease congestion on the existing Phu My bridge, National Highways 1 and 51, and the Ho Chi Minh City-Long Thanh expressway, while improving logistics efficiency and supporting economic activity across the southern key economic region.

According to the State Securities Commission, the new decree completes the legal framework, thoroughly address practical difficulties, and enhance transparency to protect the legitimate rights of investors, creating conditions for businesses to raise medium- and long-term capital to serve economic growth.

HÀ NỘI — New regulations on private placement of corporate bonds will help strengthen investor confidence and promote the development of a sustainable market, according to the State Securities Commission (SSC).

Decree 200/2026/NĐ-CP has taken effect this month to replace Decree No. 153/2020/NĐ-CP, Decree No. 65/2022/NĐ-CP and Decree No. 08/2023/NĐ-CP.

According to the SSC, the new decree completes the legal framework, thoroughly addresses practical difficulties and enhances transparency to protect the legitimate rights of investors, creating conditions for businesses to raise medium- and long-term capital to serve economic growth.

One of the notable changes in the decree is the clear distinction between the conditions, documents and procedures for offering securities according to two different groups of businesses: the first group includes public companies, securities companies and securities investment management companies; and the second group includes businesses not falling under the aforementioned categories.

“This separation aims to both facilitate businesses in the implementation process and to make it easier for management authorities to categorise inspections, audits and violations according to the specific characteristics of each group,” the SSC explains.

To ensure the financial safety of the system, the decree added a crucial condition: the debt of enterprises, including the value of bonds expected to be issued, must not exceed five times their equity capital, as stipulated in the amended Enterprise Law of 2025. However, this regulation also includes reasonable exceptions for State-owned enterprises, credit institutions, insurance companies, or entities issuing bonds to implement specific real estate projects.

In parallel with controlling financial leverage, Decree 200 also redefines the purpose of issuance and the management and use of capital. Accordingly, funds raised from bond issuance must be used to implement investment projects in accordance with the forms stipulated in the Investment Law.

Notably, enterprises are obligated to separately monitor this capital, ensuring that the management and use of capital are in line with the issuance plan announced to investors. In cases where an enterprise issues bonds through a second party to use the capital for an investment project, the issuer must establish strict monitoring measures to ensure the second party fulfils its commitments.

To create flexibility while maintaining security, the decree allows businesses to deposit funds in commercial banks or purchase certificates of deposit when the raised capital has not yet reached the disbursement deadline.

Simultaneously, the mechanism for changing bond terms or issuance purposes has been standardised. Specifically, it must be approved by the competent authority and receive the consent of bondholders representing 65 per cent or more of the total outstanding bonds. For bondholders who do not agree, the enterprise is required to complete the early repurchase of the bonds before implementing these changes.

Aiming for a professional bond market and minimising risks for individual investors, the decree has significant adjustments regarding the eligible participants in transactions.

Accordingly, professional individual investors are only allowed to purchase and transfer privately placed corporate bonds under certain conditions. Specifically, for bonds other than convertible bonds issued by financial institutions or public companies, individuals can only participate if the bond has a credit rating and is secured by collateral, or if there is a payment guarantee from a credit institution. The decree also clarifies that the collateral must have sufficient value to pay the entire principal of the bond and absolutely cannot include shares, stocks, or capital contributions of the issuing company itself. This regulation aims to ensure that the collateral is substantial and highly liquid in the event of a crisis.

In terms of documentation and information transparency, the new decree abolishes the regulation allowing the use of audited semi-annual or quarterly financial statements as a basis for determining issuance eligibility. Instead, businesses are required to rely on audited annual financial statements to accurately determine the debt-to-equity ratio, in line with the spirit of the 2025 Enterprise Law. For parent-subsidiary company models, both audited consolidated financial statements and audited financial statements of the parent company are mandatory.

The responsibilities of service providers such as consulting firms, issuing agents, auditing organisations, and credit rating agencies have also been increased. Specifically, these organisations are directly responsible for the accuracy and truthfulness of the reports and documents in the issuance dossier.

The decree also regulates the issuer's obligation to disclose information, which extends until the bonds are fully delinquent, including periodic reports on capital utilisation, to ensure maximum oversight for investors.

According to the SSC, the new decree is a significant step forward in perfecting the institutional framework for Việt Nam's capital market. By combining measures to tighten discipline with regulations to create transparency, the decree not only protects investors but also helps financially sound businesses find effective capital-raising channels.

“This helps bring the corporate bond market back onto a sustainable development trajectory and makes a positive contribution to the development of the economy,” the SSC said.

Vietnam’s state utility EVN has urged regulators to clarify the economic and operational benefits of solar power projects equipped with battery energy storage systems (BESS), warning that the technology could raise electricity costs while delivering uncertain benefits to the national grid.

In comments submitted to the Electricity Authority of Vietnam on the proposed 2026 power generation price framework for ground solar power and BESS-integrated floating solar power projects, EVN said the addition of battery storage significantly increases project investment costs, resulting in higher electricity tariffs than conventional solar plants.

According to current pricing frameworks issued by the Ministry of Industry and Trade, solar projects integrated with battery storage receive tariffs that are approximately VND140-190 (0.53 - 0.73 U.S. cent) per kilowatt-hour higher than equivalent projects without storage, or up roughly 11-14%.

However, EVN said the actual effectiveness of battery storage investments and their contribution to grid operations remain unclear.

“The efficiency of investment and the effectiveness of energy storage systems in power system operations have not yet been clearly demonstrated,” the utility said in its submission.

EVN has recommended the ministry define the rights and obligations associated with battery storage systems, including dispatch authority, operational objectives, storage utilization mechanisms, and developers’ responsibilities for maintaining system availability.

The utility also urged regulators to assess the actual needs of Vietnam’s power system before approving large numbers of renewable projects combined with storage.

Without careful planning, EVN warned, Vietnam could face excess investment similar to situations seen in some neighboring countries where renewable generation and storage capacity expanded faster than system requirements.

Under EVN’s proposed calculations, generation price ceilings for utility-scale solar projects equipped with storage would range between VND1,104 - VND 1,550 (4,2-5.9 U.S. cents) per kWh for ground-mounted projects, depending on location and storage investment assumptions.

For floating solar projects with battery storage, proposed price ceilings would range from VND1,299 - VND1,823 per kWh.

The highest tariff would apply to floating solar projects in northern Vietnam, while the lowest would be available for ground-mounted solar plants in the south.

The utility’s calculations assume storage systems equivalent to 10% of a solar plant’s installed capacity. Investment cost estimates were derived from domestic power-sector tenders, Chinese market data, and global industry averages.

EVN noted that several key assumptions remain preliminary and recommended that the ministry seek additional input from independent consultants and international organizations before finalizing the pricing framework.

The debate comes as Vietnam seeks to rapidly expand battery storage capacity to support growing renewable energy deployment.

Battery Energy Storage Systems (BESS) store electricity during periods of excess generation and discharge power when demand rises, helping stabilize grid operations and improve the integration of intermittent renewable sources such as solar and wind.

Under the revised eighth Power Development Plan VIII (PDP VIII), Vietnam aims to develop between 10,000 MW and 16,300 MW of battery storage capacity by 2030 as part of its broader energy transition strategy.

EVN also requested guidance on how newly merged administrative provinces should be classified into northern, central and southern regions for tariff-setting purposes, warning that the ongoing administrative restructuring could create implementation challenges if regional pricing rules are not clarified.