Perfecting legal framework, diversifying bond issuance

Ms. Pham Thi Thanh Tam, Deputy Director of the Department of Financial Institutions (Ministry of Finance) said that in 2025, in the context of complicated developments in the world and domestic economy , the bond market in 2025 will still maintain stability and positive growth.

The total capital mobilized through the bond market in 2025 will reach more than VND 730 trillion, equivalent to about 27% of total social investment capital; the market size by the end of 2025 will reach about VND 3.83 trillion, equivalent to 33.3% of GDP in 2024. Issuing government bonds has become the main capital mobilization channel of the Government, contributing 70% of the capital mobilization needs of the central budget and equivalent to 80% of the total domestic capital mobilization of the Government in the period 2021 - 2025.

Regarding the corporate bond market, the legal framework has been completed, management, supervision, information and propaganda, and risk warnings for investors continue to be focused on. The Ministry of Finance has proactively reported to competent authorities on market operations; in which, it has proposed solutions on policies and management. Accordingly, the corporate bond market in 2025 will have positive growth compared to 2024 in terms of both the number of enterprises issuing and the value of capital mobilization of bonds, with a total mobilized value estimated at about 441.7 trillion VND.

Ms. Pham Thi Thanh Tam also said that in order to meet the requirements of capital mobilization for investment in economic development, the Ministry of Finance is actively coordinating with ministries and branches to develop and complete the pilot project on issuing green government bonds to submit to the Prime Minister for approval before implementation in 2026.

Assessing the issuance of government bonds in 2025, the representative of the State Treasury said that in 2025, the financial and monetary markets in the world and in the country will develop in a less favorable direction for the issuance of government bonds. In that context, the State Treasury closely follows the market situation, based on the central budget capital needs at each time, proactively manages the volume and interest rates appropriately, and has successfully organized 43/52 government bond auctions at the Hanoi Stock Exchange (HNX).

The total volume of government bonds issued by the end of October 2025 was VND 283,429 billion, reaching 57% of the 2025 plan, with an average issuance term of 9.84 years and an average mobilization interest rate of 3.07%/year. The above results meet the objectives set out in Resolution No. 07/NQ-TW dated November 18, 2016 of the Politburo and Resolution No. 23/2021/QH15 dated July 28, 2021 of the National Assembly, which is a safe and sustainable government bond portfolio; the average issuance term is consistent with the target of 9-11 years.

A series of large public investment projects will be implemented in the 2026 - 2030 period to realize the Government's double-digit growth target, the demand for capital both domestically and internationally will increase compared to the previous period, therefore, in 2026, the State Treasury will continue to diversify loan sources and borrowing methods; proactively manage capital mobilization plans according to assigned plans; diversify issuance terms and diversify government bond products to attract investors, increase capital mobilization capacity; manage issuance interest rates closely following the market and in line with the direction of monetary policy management, study mechanisms to encourage investment participation of insurance funds, life insurance enterprises and commercial banks to support capital mobilization.

Assessing the performance of the corporate bond market, Mr. Le Trung Hai, Deputy Head of the Public Company Supervision Board, State Securities Commission, said that in 2025, the corporate bond debt/GDP ratio will be 10.2%. The total amount of corporate bonds issued in the first 9 months of 2025 is nearly 462.7 trillion VND, an increase of nearly 44% over the same period in 2024; of which there are 10 public bond issuances worth nearly 21 trillion VND, accounting for 15.8% of the total issuance value and 386 private issuances worth 441.7 trillion VND, accounting for 84.2%.

Regarding the issuer, the two industry groups with the largest issuance proportion are banking and real estate; of which, the banking industry accounts for 70% of individual corporate bonds and 86.37% of corporate bonds issued to the public, the real estate industry accounts for 22% of individual corporate bonds and 10.24% of corporate bonds issued to the public. Regarding the transaction registration (DKGD) situation on the individual corporate bond trading system at HNX, in the first 9 months of 2025, HNX received and put into trading 361 bond codes registered for trading of 85 enterprises with a registered transaction value of more than 393.05 trillion VND and 841 bond codes have made principal and interest payments, the total interest and principal payment amount reached nearly 27.9 trillion VND.

Mr. Le Trung Hai also said that in 2026, the management agency will continue to develop a stable, safe, public, and transparent individual corporate bond market, gradually becoming a medium and long-term capital mobilization channel; synchronously deploy solutions to perfect policies, while strengthening the management and supervision of the individual corporate bond market, improving the quality of goods, and improving the quality of service providers.

According to Deputy Minister of Finance Nguyen Duc Chi, in the new context, the Party and State are setting a GDP growth target of 10% or more for 2026 and the following years. Therefore, the requirements for the bond market, including government bonds and corporate bonds, are very large, becoming the main and important channel for mobilizing and allocating medium and long-term capital for economic growth.

Therefore, the Deputy Minister requested relevant management agencies and organizations to continue to perfect the legal framework, improve issuance processes and techniques; and proactively manage the issuance of government bonds in accordance with the capital mobilization needs of the state budget and market demand, in conjunction with treasury management.

At the same time, it is necessary to continue to closely coordinate with the State Bank in operating monetary policy to effectively mobilize capital for the state budget; continue to diversify products on the market, deploy the issuance of green government bonds to mobilize capital for green public investment projects, serving green and sustainable growth; continue to implement solutions to develop investors, especially institutional investors with financial potential such as investment funds, insurance companies, pension funds, and commercial banks.

Regarding the corporate bond market, the Deputy Minister of Finance also requested to continue perfecting the legal system, while strengthening propaganda and training for investors; in which, focusing on solutions to develop professional securities investors so that the market can develop more stably, professionally and effectively.

Vice Chairman of the State Securities Commission Nguyen Hoang Duong said that the State Securities Commission will develop effective solutions for the government bond and corporate bond markets to develop more strongly, meeting the need for large capital mobilization in the coming time.

In the secondary market for government bonds, the listed value as of October 31, 2025 reached VND 2,468,720 billion, an increase of 11.11% compared to the end of 2024. Accumulated for the first 10 months of 2025, the average trading value per session reached VND 15,271 billion/session, an increase of 29.63% compared to the average for the whole year of 2024; in which, the Outright trading value (direct buying and selling, immediate transfer of ownership) accounted for 70.69%, the Repos trading value (buying and selling again with a commitment to buy back in the future, creating short-term liquidity) accounted for 29.31% of the total trading value of the whole market. The proportion of foreign investors' trading value accounted for 3.64% of the total trading value of the whole market; in which foreign investors net bought with a value of 2,832 billion VND.

In the individual corporate bond market, according to the summary of information published by issuers through HNX, in the domestic market, in the first 10 months of 2025, 84 enterprises successfully issued 386 tranches with an issuance value of more than VND 441,730.9 billion, an increase of 39.5% over the same period in 2024, the average issuance term is 3.66 years, the average issuance interest rate is 7.23%.

The main issuers are in the credit sector, accounting for 66.27% and real estate enterprises account for 26.13% of the total issuance value of the whole market.

The value of repurchased individual corporate bonds was VND 247,213 billion. The circulating value was VND 1,142,328.17 billion. The total transaction value of individual corporate bonds reached more than VND 1,109,058.94 billion, the average transaction value reached VND 5,383.78 billion/session, an increase of 30% compared to the average of the same period in 2024. Regarding the issuance of international individual corporate bonds, there were 2 international issuances with a total issuance value of 350 million USD, an average issuance term of 4.71 years, and an average issuance interest rate of 5.86%.

Source: https://baotintuc.vn/kinh-te/hoan-thien-phap-ly-da-dang-hoa-phat-hanh-trai-phieu-20251111163142112.htm