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Fund raising from Hồ Chí Minh city municipal bonds: An analysis and policy implications

This paper performed an analysis, carried out evaluation on methods and effects concerning the issue of the HCMC municipal bonds, and proposed solutions to technical mechanisms with a view to beefing the process of raising this source of capital for infrastructure development based on HCMC specific conditions. | 2 | Dương Thị Bình Minh et al. | 02- 19 Fund Raising from Hồ Chí Minh City Municipal Bonds: An Analysis and Policy Implications Dương Thị Bình Minh University of Economics HCMC dbminh@ueh.edu.vn Vũ Thị Minh Hằng University of Economics HCMC vuhangngoc16@yahoo.com.vn Diệp Gia Luật University of Economics HCMC gialuat@ueh.edu.vn Nguyễn Thị Mỹ Linh Industrial University of Hochiminh City mylinhdhcn@yahoo.com.vn Phùng Thị Cẩm Tú Industrial University of Hochiminh City phungcamtu@yahoo.com Đào Thị Minh Huyền University of Economics HCMC minhhuyen@ueh.edu.vn ARTICLE INFO ABSTRACT Article history: Received: May 10, 2013 Received in revised form June 04, 2013 Accepted: Sep. 25, 2013 Sources of capital held by the public and economic sectors offered great potential. Municipal bonds issued by HCMC government help mobilize these sources of funds for socioeconomic and infrastructure development. The determination of demands for funds and ability to efficiently raise them greatly dependant on technique of raising funds through issues of bonds, and this was always considered a topical and important issue. This paper performed an analysis, carried out evaluation on methods and effects concerning the issue of the HCMC municipal bonds, and proposed solutions to technical mechanisms with a view to beefing the process of raising this source of capital for infrastructure development based on HCMC specific conditions. Keywords: fund raising, local bond, municipal bond, HCMC Fund Raising from Hồ Chí Minh City Municipal Bonds JED No.218 October 2013| 3 1. INTRODUCTION Mobilization of investments has produced many positive effects on HCMC economic development, especially on its growth rate, export growth, revenues for the state budget and establishment of industrial parks and export processing zones – gateway to foreign markets for the City. Mobilization of capital through infrastructure bonds has been carried out in HCMC in the past, but it is not implement regularly and .