Outstanding corporate bonds at the end of the third quarter of 2025 reached 1.27 million billion VND

According to statistics from the Vietnam Bond Market Association (VBMA), in the corporate bond market, the third quarter recorded 10 public bond issuances worth VND20,380 billion, accounting for 15.8% of the total issuance value; and 119 private issuances worth VND108,939 billion, accounting for 84.2%.

Market size/GDP at the end of the third quarter of 2025 compared to the end of 2024 decreased by 0.5 percentage points compared to the previous quarter to 10.2%.

Source: HNX, VBMA

Outstanding corporate bonds at the end of the third quarter of 2025 increased by 6% compared to the end of 2024 to VND 1.27 million billion, equivalent to 7.4% of the total outstanding credit of the whole economy . The size of the corporate bond market from the end of 2023 to now has not changed much, fluctuating around VND 1.2 million billion.

In the third quarter, banking continued to be the largest issuing sector with VND90,777 billion, accounting for 70.2%. Real estate ranked second with VND27,778 billion, equivalent to 21.5%.

Although the issuance value in the third quarter of 2025 decreased compared to the same period in 2024, issuance activities in the corporate bond market since the beginning of the year have generally improved compared to last year, increasing by 27% in value.

About 53% of corporate bonds issued in the third quarter of 2025 have a term of 1 to 3 years, with an average issuance interest rate of 7.18%/year. The average issuance interest rate in the third quarter increased by 0.49%/year compared to the previous quarter and by 0.58%/year compared to the same period in 2024. The increase in average interest rates mainly came from increased issuance interest rates of the banking group.

The value of bonds repurchased before maturity in the last quarter reached VND93,295 billion, up 32.5% over the same period in 2024. The value of bonds maturing in the last 3 months of 2025 is VND48,080 billion; of which VND18,331 billion are real estate bonds, equivalent to 38%; 29% are bank bonds, worth VND13,781 billion.

The value of new bonds with delayed interest and principal payments in the third quarter of 2025 was VND1,668 billion, down 80% compared to the second quarter of 2025; currently VND639 billion of these bonds have been paid.

In the secondary market, the value of privately issued bonds reached VND392,080 billion, an average of VND6,126 billion/day, up 15% compared to the second quarter. The majority of the transaction value belonged to bonds of the real estate and banking groups, accounting for 38.6% and 36.6% respectively.

In the government bond market, in the third quarter of 2025, the State Treasury (KBNN) organized 54 government bond auctions with a total call value of VND 154,000 billion, of which the winning bid value was more than VND 54,299 billion, the winning bid/call ratio reached 35.3%.

The total value of winning bids in the first three quarters of the year is equivalent to 51.1% of the yearly plan (VND 500,000 billion).

In the third quarter, the 10-year term accounted for nearly 87.2% of the winning bid value, reaching over VND47,336 billion. The 5-year, 15-year and 30-year terms won bids of VND1,900 billion - VND4,004 billion - VND1,059 billion, respectively. The 7-year and 20-year terms did not win bids. Meanwhile, the State Treasury continued not to call for bids for the 3-year term.

The average issuance term in the third quarter was 10.58 years with an average interest rate of 3.37%, both increased compared to the issuance results in the second quarter.

Source: https://baodautu.vn/du-no-trai-phieu-doanh-nghiep-cuoi-quy-iii2025-dat-127-trieu-ty-dong-d426820.html