HCMC – Issuing businesses are under heavy pressure, with VND155.9 trillion worth of bonds to fall due in the final five months of this year, while liquidity in the secondary market remains positive.
Fiin Group’s latest report shows that corporate bond repayments in the final five months of 2025 could reach VND155.9 trillion, making up most of the year’s obligations and posing significant challenges for issuers, the Vietnam News Agency reported.
The primary market has stagnated, with the total value of corporate bonds reaching nearly VND1.35 quadrillion at the end of July, a 0.3% increase from the previous month.
The growth was well below the 2.3%-3.7% monthly pace seen in the previous three months. New bond issuance plunged to VND45.3 trillion in July, a 64% drop from June, breaking a four-month rising streak. Still, the volume was 11% higher than a year earlier.
Public offerings picked up to VND13.5 trillion in July, led largely by banks, while non-bank sectors, particularly real estate, slumped. Early bond buybacks also eased, totaling just VND24.8 trillion, down over 60% from the previous month.
However, in the January-July period, total bond buybacks reached nearly VND147.4 trillion, up 14% year-on-year, with banks accounting for almost two-thirds and the real estate sector about VND29.8 trillion.
The secondary market remained active in July, with trading value reaching VND142.3 trillion, averaging VND6.2 trillion per day, mostly in bank and real estate bonds with maturities of one to three years.
As of August 13, issuers had paid VND118.3 trillion in principal and interest, fulfilling 44.5% of their annual obligations. Debt repayment pressure remains high in the final five months of the year, with about VND26.9 trillion due in September.
In July, 16 bond series from 13 issuers fell behind on principal and interest payments. The repayment burden is heaviest in the non-bank sector, especially real estate, with around VND5.1 trillion due in September, 61.6% of which comes from property firms.
For the final five months of the year, non-bank issuers are expected to pay VND27.5 trillion in interest, with real estate making up more than half.
