A recent market report of the VNDirect Securities Company showed that the total corporate bonds issued in 2020 were worth nearly VNĐ437.7 trillion (US$18.87 billion), an increase of 38.8 per cent against the previous year. Due to the rapid growth of the corporate bond market, measures to minimise risks to the market were applied. The Government's Decree No 81/2020/NĐ-CP which took effect from September 1 tightened private placement, including caps on the outstanding corporate bonds (not exceeding five times the equity). According to Dương, the corporate bond market lost momentum in recent months due to tightened regulations. In that context, Decree No 153/2020/NĐ-CP dated December 31 which took effect from the beginning of this year and replaced Decree No 81 untied the market to support transparent enterprises in raising capital through bond issuance. Under Decree No 153, an enterprise could issue bonds if it was a joint stock or limited liability company, paid due debts on time and adequately for three consecutive years, met financial safety ratios, ensured operation safety, had approved bond issuance plan and audited financial report. Experts expected this would create conditions for the corporate bond market to be robust against in 2021. Expert Trương Thanh Đức said that tightening regulations on corporate bond issuance was not necessary because this might force small enterprises to turn to unofficial channels to raise capital, even black credit. It would be better to have a property management mechanisms to ensure transparency and fairness in accessing investment opportunities for investors. For the long term, improving the credit rating service for enterprises was critical as credit rating became mandatory for enterprises in bond issuance, he said. According to Asian Development Bank (ADB), reforms that drove demand for credit ratings would support the development of the corporate bond market. ADB pointed out that after years of sluggish growth, Việt Nam’s corporate bond market had blossomed. Issuances grew at a compound annual growth rate of 40 per cent between 2012 and 2019, and outstanding issuances amounted to around 11.5 per cent of Việt Nam’s GDP – the fourth-highest in ASEAN, and further gains were likely.