HCMC – Vietnam’s corporate bond market continued its recovery in 2025, with the total value estimated at US$21.8 billion, driven largely by banks, according to industry data.
Figures compiled by the Vietnam Bond Market Association (VBMA) from the Hanoi Stock Exchange (HNX) and the State Securities Commission show that as of December 26, 2025, there were 55 corporate bond issues done in December alone, worth a combined VND48.5 trillion.
From the start of the year, total bond issuance reached VND575.4 trillion. Private placements dominated the market, accounting for 90.6% of the total. These included 486 issuances valued at VND521.5 trillion.
Overall, the corporate bond market expanded by about 11.3% in 2025, marking a continued recovery, though the pace was slower than the 34.6% growth recorded a year earlier. A notable development was the improvement in both the number and value of public bond offerings.
Banks remained the largest issuers, contributing 67.7% of total issuance value. Real estate firms followed with 22.9%, while securities companies accounted for 2.9%.
Early bond redemptions also stayed active. In December, issuers repurchased VND20.4 trillion worth of bonds ahead of maturity. This brought the total value of bonds redeemed early in 2025 to VND298.9 trillion, up 43.6% from 2024. Banks led this activity, representing nearly 69.6% of the total redemption value.
The year also saw major regulatory changes aimed at improving transparency, tightening risk controls and strengthening investor protection. New rules, effective from mid-2025, focused on stricter conditions for both private placements and public offerings.
Key measures included requirements for non-listed companies issuing bonds via private placement to keep total liabilities below five times equity, based on the latest audited financial statements. Issuance size limits tied to equity levels and mandatory credit ratings were also introduced. In addition, the Ministry of Finance proposed amendments to tighten rules on changes to the use of proceeds after issuance.
Under Vietnam’s securities market development strategy to 2030, corporate bonds are expected to become a key channel for medium- and long-term capital. The strategy targets outstanding corporate bond debt of at least 25% of GDP by 2030.
With Vietnam aiming for GDP growth of 10% or higher in 2026, the capital market is expected to play a central role in channeling funds into the broader economy.
