Primary securities heat up

Capital mobilization activities through bonds and stocks recorded positive signals, especially in the stock market, when the secondary stock exchange welcomed large cash flows.

Public bond issuance hits record high

According to statistics from VIS Rating, since the beginning of 2025, the total value of bonds issued to the public has reached about 41,000 billion VND, the highest in many years. Recently, in early August, VietinBank decided to issue bonds to the public with a total mobilized value of up to 10,000 billion VND.

2025 is considered a vibrant year for public issuance activities, led by bonds from banks. On the demand side, more attractive interest rates than savings deposits and low risk "appetite" are attracting investors' cash flow. For example, in VietinBank's capital mobilization plan, the floating interest rate is 1.25%/year higher than the average 1-year term interest rate at 4 banks.

Along with the surge in cash flow to the public bond issuance channel, the value of capital mobilized from the private bond issuance channel also increased by one and a half times over the same period. Statistics from VIS Rating show that approximately VND 310,000 billion was mobilized through the bond channel in the first 7 months of 2025, an increase of 58.6% over the same period.

The stock market is booming

The primary stock market - where issuers offer securities to investors - is heating up, not just in the bond channel. The secondary market was particularly active in July with the first trading session reaching a liquidity of 3 billion USD, which is encouraging many businesses to implement their cherished plans.

For the first time in nearly 7 years since listing POW shares on the stock exchange, PetroVietnam Power Corporation - JSC (PV Power) recently revealed its plan to increase its charter capital. The roadmap has been outlined, with a shareholders' meeting scheduled to be convened on September 25. Once officially approved by the General Meeting of Shareholders, PV Power plans to submit a registration dossier for offering/issuing shares to the State Securities Commission to request a certificate between September 26 and November 5, 2025. The milestone for completing the capital increase is February 7, 2026.

After many delays and postponements in its capital increase plan, the Construction Development Investment Corporation (DIC Corp) is now closer to implementing a public offering of shares to existing shareholders. The company has completed the issuance documents, updated and adjusted the capital use plan. The expected implementation time is from the third quarter of 2025 to the first quarter of 2026.

Many other capital increase plans are also being implemented. In the first week of August 2025, Novaland shareholders approved the plan to issue shares to convert the outstanding bond principal. Accordingly, Novaland plans to issue more than 151 million shares to convert the bond principal, with an issuance price of VND 40,000/share. Correspondingly, bondholders will have the right to convert VND 40,000 of the outstanding bond principal into 1 newly issued share and become shareholders of Novaland. In addition, the Company also approved the plan to issue more than 168 million individual shares to convert the debt with a total value of more than VND 2,645 billion; implementing the loan with the right to convert into shares with a maximum limit of VND 5,000 billion.

Another real estate company, Hoang Quan Real Estate Consulting - Trading - Services Joint Stock Company, also issued individual shares to convert debt. The Board of Directors of the Company approved the issuance of 50 million shares to 4 creditors, the largest buyers being Chairman of the Board of Directors Truong Anh Tuan and Hai Phat Investment Joint Stock Company.

Hai Phat will exchange the receivables to receive privately issued shares of Hoang Quan Real Estate, with the market value of the shares lower than the receivables. According to Hai Phat's leaders, this plan is suitable in the current context, because it brings benefits to both sides: on the one hand, it helps Hoang Quan Real Estate reduce debt pressure, on the other hand, it opens up opportunities for Hai Phat to collect debts as well as own shares in a potential enterprise, which is investing and developing social housing projects...

Source: https://baodautu.vn/chung-khoan-so-cap-tang-nhiet-d357345.html