Pressure to meet corporate bond maturity is increasing sharply.

In April 2026 alone, the principal value of maturing corporate bonds is estimated to reach VND 16.9 trillion, 3.4 times higher than the same period in 2025.

As of March 9, 2026, the total value of outstanding corporate bonds reached approximately VND 1.39 trillion, a slight decrease of 0.2% compared to the end of January 2026 and a decrease of 0.1% compared to the end of 2025 due to low new issuance levels in the first two months of the year.  

According to FiinGroup's statistics, by sector, the banking sector maintained its leading position, accounting for nearly 50% of the total outstanding value, equivalent to VND 691 trillion, an increase of 0.5% compared to the previous month and a 28% increase compared to the same period last year. The real estate sector ranked second with VND 389.8 trillion in outstanding bonds, a decrease of 1.2% compared to the previous month but an increase of 6% compared to the same period last year.  

In February 2026, the scale of new issuances remained low, reaching 3.4 trillion VND, almost entirely public offerings by the banking sector, accounting for 3.3 trillion VND, or 97.6%. Private placements were almost non-existent, totaling only 80 billion VND from the real estate sector.  

In the first two months of 2026, the total value of issued bonds reached 8.5 trillion VND, reflecting the low seasonality at the beginning of the year, coinciding with the Lunar New Year, when many issuing organizations are waiting to complete the audit of their 2025 financial statements and develop capital raising plans for the new fiscal year.  

Along with limited issuance, buyback activity has also been sluggish. In the first two months of the year, the total value of buybacks reached nearly 3.6 trillion VND, a decrease of 83% compared to the same period last year. The banking sector had almost no significant buyback activity (only 66 billion VND), while the real estate sector reached approximately 2.3 trillion VND.

Data updated on the FiinPro-X system as of March 9, 2026, shows that issuers have paid a total of VND 16.8 trillion in principal and interest on corporate bonds from the beginning of 2026 to date, equivalent to 5.2% of the projected bond cash flow for the entire year 2026.  

In the first half of 2026, the cash flow to be paid from bonds (including principal and interest) is expected to be VND 122.5 trillion, an increase of over 49% compared to the same period last year, including VND 15.1 trillion in the banking sector (up 33.2%) and VND 107.5 trillion in the non-banking sector (up 51.8%).

Corporate bond repayment obligations in the first half of 2026 are projected to exceed VND 122.5 trillion. Source: FiinGroup

The pressure from corporate bond maturing in the non-banking sector in the first half of 2026 is expected to reach nearly VND 76.1 trillion in principal value, an increase of 91.6% compared to the same period last year. Of this, real estate accounts for the largest proportion (68.8%), equivalent to approximately VND 52.4 trillion.  

In April 2026 alone, the principal value of maturing corporate bonds is estimated to reach VND 16.9 trillion, an increase of 37.5% compared to March 2026 and 3.4 times higher than the same period in 2025.

Of that total, the real estate sector accounted for an overwhelming proportion (80.8%), equivalent to VND 13.7 trillion, double that of the previous month. Companies with large amounts of maturing bonds this month included Vingroup (VND 4,000 billion), Vinhomes (VND 4,000 billion), and TCO Real Estate (VND 3,000 billion).  

Source: https://baodautu.vn/ap-luc-dao-han-trai-phieu-doanh-nghiep-tang-manh-d548658.html