Banks lead the bond market with nearly 590 trillion VND

According to compiled data, the total value of corporate bond issuances during the year reached approximately VND 590,600 billion, with private placements continuing to play a dominant role. Notably, commercial banks emerged as the market leader, accounting for more than two-thirds of the total new issuance value.

According to data compiled by the Vietnam Bond Market Association (VBMA) from the Hanoi Stock Exchange (HNX) and the State Securities Commission (SSC), in December 2025 alone, the market recorded 62 private placements of corporate bonds, with a total value of VND 58,667 billion. Simultaneously, there were 6 public offerings, raising an additional VND 3,771 billion. This development shows that bond issuance activity in the last month of the year maintained a stable pace, reflecting the fact that the demand for medium and long-term capital from businesses shows no signs of decline.

For the full year 2025, the cumulative value of privately placed corporate bonds reached VND 534,980 billion, while the public offering channel reached VND 54,354 billion. Thus, the private placement channel accounted for approximately 90.6% of the total new bond issuance value in the entire market. The total issuance volume reached nearly VND 590,000 billion, a significant increase in both quantity and value compared to 2024, indicating that the market is gradually recovering after the restructuring and tightening of the legal framework.

According to statistics from ACB Securities (ACBS), based on industry structure, commercial banks continue to play a leading role. In 2025, banks issued a total of approximately VND 397,500 billion in domestic bonds, accounting for over 67% of the total new issuance in the entire market, an increase of over 30% compared to the previous year. This is a significant increase in the context of the banking industry facing pressure to improve capital adequacy ratios and meet increasingly stringent risk management standards.

Not only do bank bonds dominate in terms of scale, but they also stand out in terms of issuance quality. The average maturity of privately issued bank bonds reaches 5.7 years, while those issued to the public reach 7.7 years, higher than the market average. The average issuance interest rate for this group in 2025 is approximately 6.2% per annum, significantly lower than the market average of 7.2% per annum.

Commenting on this trend, Mr. Han Huu Hau, Director of Hy Maxpro, a comprehensive financial consulting expert, believes that the overwhelming proportion of corporate bond issuance by banks in 2025 reflects a positive shift in the market towards greater safety and sustainability. “In the context of increasingly high capital safety requirements, bonds have become an important tool for banks to supplement medium and long-term capital at a reasonable cost. The fact that bank bonds have long maturities and lower interest rates than the general market also shows that investor confidence is gradually strengthening,” Mr. Hau stated.

Following banks, the real estate sector ranks second, with a total issuance value of VND 137,950 billion, a 39% increase compared to 2024 and accounting for approximately 23.4% of the total new issuance. Within this group, businesses belonging to the Vingroup ecosystem, including Vingroup Corporation and Vinhomes JSC, accounted for about 35% of the issuance value. This demonstrates that bonds remain an important source of capital for real estate companies with strong financial capabilities and brands, in the context of tightly controlled bank credit.

Overall, the market saw 518 corporate bond issuances in 2025, representing a 7% increase in volume and a 26% increase in value compared to the previous year. The banking and real estate sectors accounted for 91% of the total new issuance value, reflecting the market's high concentration in sectors with significant capital needs and better access to investors.

Besides the domestic market, corporate bond issuance activities in the international market have also seen a clear resurgence. The total value of international issuances in 2025 reached US$825 million, 4.5 times higher than the same period last year. Of this, the banking sector accounted for US$500 million, while the real estate sector accounted for US$325 million, demonstrating the efforts of Vietnamese businesses to diversify their capital sources and expand their fundraising channels.

Conversely, early bond repurchase activities continued to be vibrant. In December 2025 alone, businesses repurchased approximately VND 35,820 billion worth of bonds, a decrease of about 15% compared to the same period last year. However, cumulatively for the whole year, the total value of bonds repurchased early reached VND 296,400 billion, an increase of nearly 36% compared to 2024, reflecting the pressure to restructure debt and the proactive efforts of businesses to balance cash flow.

Regarding payment obligations, in December 2025, three bond codes were found to be overdue in interest and principal payments, totaling VND 110 billion. For the entire year, the total value of overdue bonds reached approximately VND 137,300 billion, with the real estate sector accounting for a large proportion.

According to Mr. Hau, the significant maturity pressure in the coming period will continue to be a test of market health. “Entering 2026, when approximately 227 trillion VND of bonds mature, with real estate bonds accounting for about 140 trillion VND alone, improving information transparency, controlling issuance quality, and ensuring the debt repayment capacity of businesses are key factors in maintaining investor confidence,” Mr. Hau emphasized.