{"id":13496,"date":"2026-05-17T09:22:28","date_gmt":"2026-05-17T02:22:28","guid":{"rendered":"https:\/\/saigonratings.com\/?p=13496"},"modified":"2026-05-18T17:17:15","modified_gmt":"2026-05-18T10:17:15","slug":"ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure","status":"publish","type":"post","link":"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/","title":{"rendered":"PPP bonds: Opening a long-term financing channel for strategic infrastructure."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 ez-toc-wrap-right counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">M\u1ee5c l\u1ee5c :<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/#1_The_significance_of_a_separate_legal_framework_for_PPP_bonds\" >1. The significance of a separate legal framework for PPP bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/#2_Risks_when_PPP_enterprises_rely_heavily_on_bank_credit\" >2. Risks when PPP enterprises rely heavily on bank credit.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/#3_Major_differences_between_PPP_businesses_and_conventional_businesses_when_issuing_bonds\" >3. Major differences between PPP businesses and conventional businesses when issuing bonds.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/#4_The_role_of_payment_guarantees_and_bondholder_representation\" >4. The role of payment guarantees and bondholder representation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/#5_International_experiences_that_Vietnam_can_learn_from\" >5. International experiences that Vietnam can learn from.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/#6_Impact_if_the_legal_framework_operates_effectively\" >6. Impact if the legal framework operates effectively<\/a><\/li><\/ul><\/nav><\/div>\n<p data-section-id=\"1gkfzu9\" data-start=\"558\" data-end=\"628\"><strong><span dir=\"auto\">(Mr): Phung Xuan Minh, [Chairman of the Board of Directors of PT Group &amp; Saigon Ratings].<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\" data-section-id=\"uhq6nq\" data-start=\"395\" data-end=\"452\"><span dir=\"auto\">As Vietnam enters a phase of accelerated strategic infrastructure investment, the need to mobilize medium and long-term capital is becoming one of the key challenges for the economy. Major transportation, energy, urban infrastructure, digital transformation, and climate change adaptation projects all require substantial, stable financial resources with timelines that match the project&#8217;s lifecycle.<\/span><\/p>\n<p style=\"text-align: justify;\" data-section-id=\"uhq6nq\" data-start=\"395\" data-end=\"452\"><span dir=\"auto\">Therefore, establishing a separate legal framework for\u00a0<\/span><strong data-start=\"456\" data-end=\"474\"><span dir=\"auto\">PPP bonds<\/span><\/strong><span dir=\"auto\">\u00a0is considered a crucial step in opening up additional long-term capital mobilization channels for project enterprises, reducing dependence on bank credit, and promoting the role of the capital market in infrastructure financing. Beyond creating additional capital channels, PPP bonds also place higher demands on information transparency, credit ratings, payment guarantees, and investor protection mechanisms.<\/span><\/p>\n<p style=\"text-align: justify;\" data-section-id=\"uhq6nq\" data-start=\"395\" data-end=\"452\"><span dir=\"auto\">If implemented effectively, this will be an important foundation for unlocking social capital into essential infrastructure projects, contributing to enhancing national competitiveness, supporting sustainable economic growth, and creating new impetus for the development of the Vietnamese bond market in the coming period.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"PPP bonds: Opening a long-term financing channel for strategic infrastructure.\" width=\"1020\" height=\"574\" src=\"https:\/\/www.youtube.com\/embed\/OGPkCykdqyo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h3 data-section-id=\"uhq6nq\" data-start=\"395\" data-end=\"452\"><span class=\"ez-toc-section\" id=\"1_The_significance_of_a_separate_legal_framework_for_PPP_bonds\"><\/span><span dir=\"auto\">1. The significance of a separate legal framework for PPP bonds<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"454\" data-end=\"889\"><span dir=\"auto\">Establishing a separate legal framework for\u00a0<\/span><strong data-start=\"492\" data-end=\"510\"><span dir=\"auto\">PPP bonds<\/span><\/strong><span dir=\"auto\">\u00a0is highly significant because PPP project companies are different from ordinary businesses. These are typically companies established to undertake a specific infrastructure project, with long investment periods, large initial capital, slow cash flow generation, and dependence on the right to operate the project. The draft has approached the issue from a &#8220;project financing&#8221; perspective, rather than solely focusing on the company&#8217;s past profitability.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"891\" data-end=\"1485\"><span dir=\"auto\">The key point is that the draft defines PPP bonds as non-convertible, non-warrant bonds with guaranteed payment; the collateral may include assets, business rights to infrastructure projects or systems of the issuer or a third party. This provides a foundation for creating an additional long-term capital channel for strategic infrastructure projects, while still requiring investor protection through payment guarantees, credit ratings, securities firm advice, bondholder representation, and post-issuance listing.<\/span><\/p>\n<h3 data-section-id=\"1xhu7l3\" data-start=\"1487\" data-end=\"1558\"><span class=\"ez-toc-section\" id=\"2_Risks_when_PPP_enterprises_rely_heavily_on_bank_credit\"><\/span><span id=\"2_Rui_ro_khi_doanh_nghiep_PPP_phu_thuoc_lon_vao_tin_dung_ngan_hang\" class=\"ez-toc-section\"><\/span><span dir=\"auto\">2. Risks when PPP enterprises rely heavily on bank credit.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"1560\" data-end=\"2086\"><span dir=\"auto\">Over-reliance on bank credit creates three main pressures.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"1560\" data-end=\"2086\"><span dir=\"auto\">Firstly, there is\u00a0<\/span><strong data-start=\"1640\" data-end=\"1655\"><span dir=\"auto\">a mismatch in maturities<\/span><\/strong><span dir=\"auto\">\u00a0: banks mostly raise short- and medium-term capital, while PPP projects require long-term capital, which can last 15\u201325 years or longer.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"1560\" data-end=\"2086\"><span dir=\"auto\">Secondly, there is\u00a0<\/span><strong data-start=\"1795\" data-end=\"1824\"><span dir=\"auto\">the risk of credit concentration<\/span><\/strong><span dir=\"auto\">\u00a0: infrastructure projects often have large total investment amounts, which limits banks due to lending regulations, capital adequacy ratios, and risk appetite.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"1560\" data-end=\"2086\"><span dir=\"auto\">Thirdly, there is\u00a0<\/span><strong data-start=\"1977\" data-end=\"1996\"><span dir=\"auto\">interest rate risk<\/span><\/strong><span dir=\"auto\">\u00a0: when interest rates fluctuate, the financial viability of a PPP project can be directly affected.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"2088\" data-end=\"2505\"><span dir=\"auto\">The majority of capital needs for PPP projects still come from loans from credit institutions; this puts pressure on the banking system and reveals limitations in terms of maturity matching, risk control, and capital cost volatility. Therefore, developing PPP bonds is a way to share the capital burden with the capital market, especially with long-term institutional investors.<\/span><\/p>\n<h3 data-section-id=\"17b13iw\" data-start=\"2507\" data-end=\"2603\"><span class=\"ez-toc-section\" id=\"3_Major_differences_between_PPP_businesses_and_conventional_businesses_when_issuing_bonds\"><\/span><span id=\"3_Khac_biet_lon_giua_doanh_nghiep_PPP_va_doanh_nghiep_thong_thuong_khi_phat_hanh_trai_phieu\" class=\"ez-toc-section\"><\/span><span dir=\"auto\">3. Major differences between PPP businesses and conventional businesses when issuing bonds.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"2605\" data-end=\"3027\"><span dir=\"auto\">The biggest difference lies in\u00a0<\/span><strong data-start=\"2630\" data-end=\"2670\"><span dir=\"auto\">the nature of cash flow and credit profile<\/span><\/strong><span dir=\"auto\">\u00a0. Conventional businesses are typically evaluated based on their business history, profitability, assets, operating cash flow, and independent financial capacity. In contrast, PPP project businesses are usually newly established, have a lifecycle tied to a specific project, lack stable revenue in the initial stages, and their ability to repay debt depends primarily on the project&#8217;s future cash flow.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"3029\" data-end=\"3434\"><span dir=\"auto\">The draft acknowledges this specificity by not emphasizing minimum operating time or profitable business results, but instead implementing other control conditions such as: a PPP project contract is required, the total loan amount does not exceed the limit in the project contract, the bonds or guaranteeing organizations must have a credit rating, and the bonds must be guaranteed to pay.<\/span><\/p>\n<h3 data-section-id=\"kc4zcw\" data-start=\"3436\" data-end=\"3509\"><span class=\"ez-toc-section\" id=\"4_The_role_of_payment_guarantees_and_bondholder_representation\"><\/span><span id=\"4_Vai_tro_cua_bao_dam_thanh_toan_va_dai_dien_nguoi_so_huu_trai_phieu\" class=\"ez-toc-section\"><\/span><span dir=\"auto\">4. The role of payment guarantees and bondholder representation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"3511\" data-end=\"3872\"><span dir=\"auto\">The requirement for payment guarantees on PPP bonds is a key point to increase market confidence. For projects not yet operational, the draft requires unconditional, irrevocable payment guarantees for the entire principal and interest; for projects already operational, bonds may be secured by assets and\/or payment guarantees.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"3874\" data-end=\"4217\"><span dir=\"auto\">Bondholder representatives provide investors with an entity to oversee and manage collateral assets, monitor payment obligations, handle breaches, and protect collective interests. This is especially important for institutional investors such as insurance companies, investment funds, and pension funds, as they require a clear, transparent, and enforceable risk management mechanism.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"4219\" data-end=\"4461\"><span dir=\"auto\">In addition, the draft also requires periodic publication of project progress, publication of credit rating results, and extraordinary disclosure within 24 hours when events affect the collateral or solvency.<\/span><\/p>\n<h3 data-section-id=\"1qnlg0o\" data-start=\"4463\" data-end=\"4515\"><span class=\"ez-toc-section\" id=\"5_International_experiences_that_Vietnam_can_learn_from\"><\/span><span id=\"5_Kinh_nghiem_quoc_te_Viet_Nam_co_the_tham_khao\" class=\"ez-toc-section\"><\/span><span dir=\"auto\">5. International experiences that Vietnam can learn from.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"4517\" data-end=\"4981\"><span dir=\"auto\">Vietnam can learn from three groups of experiences.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"4517\" data-end=\"4981\"><span dir=\"auto\">One approach is to develop\u00a0<\/span><strong data-start=\"4582\" data-end=\"4616\"><span dir=\"auto\">specialized infrastructure bonds<\/span><\/strong><span dir=\"auto\">\u00a0linked to specific projects, similar to what China and Thailand have implemented for several large-scale projects.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"4517\" data-end=\"4981\"><span dir=\"auto\">Secondly, develop\u00a0<\/span><strong data-start=\"4719\" data-end=\"4741\"><span dir=\"auto\">an infrastructure investment fund<\/span><\/strong><span dir=\"auto\">\u00a0or a model similar to India&#8217;s InvIT to raise long-term capital from institutional investors.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"4517\" data-end=\"4981\"><span dir=\"auto\">Third, utilize\u00a0<\/span><strong data-start=\"4841\" data-end=\"4872\"><span dir=\"auto\">credit enhancement mechanisms<\/span><\/strong><span dir=\"auto\">\u00a0such as guarantees, credit assurances, blocked accounts, prioritized cash flow for debt repayment, and independent credit ratings.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"4983\" data-end=\"5481\"><span dir=\"auto\">The Investment Newspaper cites several examples such as China raising funds through bonds for large projects, Thailand issuing bonds for the Eastern Economic Corridor project, and India raising approximately US$13.4 billion through infrastructure investment trusts. These international examples also demonstrate the role of credit ratings, guarantees from development finance institutions, and project revenue as collateral in reducing investor risk.<\/span><\/p>\n<h3 data-section-id=\"o6jh5x\" data-start=\"5483\" data-end=\"5534\"><span class=\"ez-toc-section\" id=\"6_Impact_if_the_legal_framework_operates_effectively\"><\/span><span id=\"6_Tac_dong_neu_khung_phap_ly_van_hanh_hieu_qua\" class=\"ez-toc-section\"><\/span><span dir=\"auto\">6. Impact if the legal framework operates effectively<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"5536\" data-end=\"6017\"><span dir=\"auto\">If the legal framework is perfected and implemented effectively, PPP bonds could have three major impacts.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"5536\" data-end=\"6017\"><span dir=\"auto\">Firstly, expand social resources for infrastructure development, reducing dependence on the budget and bank credit.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"5536\" data-end=\"6017\"><span dir=\"auto\">Secondly, it provides PPP project businesses with additional tools for long-term capital structuring, suitable for the project&#8217;s lifecycle.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"5536\" data-end=\"6017\"><span dir=\"auto\">Thirdly, promote the in-depth development of Vietnam&#8217;s capital market through credit ratings, payment guarantees, bondholder representation, bond listings, and standardized information disclosure.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"12887\" data-end=\"13232\"><span dir=\"auto\">This tool helps shift some of the infrastructure capital needs from bank credit channels to the capital market, creating more long-term assets for institutional investors, while also encouraging businesses to improve their financial governance standards.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"13234\" data-end=\"13654\"><span dir=\"auto\">From the perspective of PPP project companies, bonds help diversify capital structure, extend debt maturities, and reduce refinancing pressure.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"13234\" data-end=\"13654\"><span dir=\"auto\">From the investor&#8217;s perspective, this could be a product linked to infrastructure assets, offering long-term cash flow and clear guarantees.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"13234\" data-end=\"13654\"><span dir=\"auto\">From an economic perspective, PPP bonds contribute to mobilizing social resources for strategic infrastructure projects, thereby supporting growth, regional connectivity, and enhancing national competitiveness.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"13656\" data-end=\"14008\"><span dir=\"auto\">However, for the market to develop sustainably, PPP bonds should not be understood as a tool to &#8220;loosen the standards&#8221; for issuance, but rather as a tool\u00a0<\/span><strong data-start=\"13790\" data-end=\"13810\"><span dir=\"auto\">to normalize risk<\/span><\/strong><span dir=\"auto\">\u00a0. Each issuance needs complete legal documentation, a feasible financial plan, monitored project cash flow, enforceable collateral, and regularly updated credit rating results.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"6019\" data-end=\"6333\"><span dir=\"auto\">According to Mr. Phung Xuan Minh, Chairman of the Board of Directors of Saigon Ratings, the infrastructure bond market is expected to become an important capital raising channel from 2026 when specific regulations are in place; the participation of insurance companies, pension funds, and institutional investors could create a stable source of long-term capital.<\/span><\/p>\n<p style=\"text-align: right;\" data-start=\"15061\" data-end=\"15340\"><strong><span dir=\"auto\">Saigon Ratings [05\/17\/2026]<\/span><\/strong><\/p>\n<p style=\"text-align: right;\" data-start=\"15061\" data-end=\"15340\"><a href=\"https:\/\/diendandoanhnghiep.vn\/trai-phieu-ppp-kenh-huy-dong-von-dai-han-cho-ha-tang-chien-luoc-10178996.html\"><strong>T\u1ea1p ch\u00ed di\u1ec3n \u0111\u00e0n doanh nghi\u1ec7p [05\/18\/2026]<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Mr): Phung Xuan Minh, [Chairman of the Board of Directors of PT Group &amp; Saigon Ratings]. As Vietnam enters a phase of accelerated strategic infrastructure investment, the need to mobilize medium and long-term capital is becoming one of the key challenges for the economy. Major transportation, energy, urban infrastructure, digital transformation, and climate change adaptation&#8230;<\/p>\n","protected":false},"author":6,"featured_media":13499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[125],"tags":[],"class_list":["post-13496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc"],"acf":[],"yoast_head":"\n<title>PPP bonds: Opening a long-term financing channel for strategic infrastructure. - Saigon Ratings<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/saigonratings.com\/en\/ppp-bonds-opening-a-long-term-financing-channel-for-strategic-infrastructure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PPP bonds: Opening a long-term financing channel for strategic infrastructure.\" \/>\n<meta property=\"og:description\" content=\"(Mr): Phung Xuan Minh, [Chairman of the Board of Directors of PT Group &amp; Saigon Ratings]. 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As Vietnam enters a phase of accelerated strategic infrastructure investment, the need to mobilize medium and long-term capital is becoming one of the key challenges for the economy. 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