According to data from the Vietnam Bond Market Association (VBMA), in the remaining 6 months of 2025, it is estimated that there will be about VND 131,601 billion of bonds maturing, of which the majority are real estate bonds with VND 69,970 billion, equivalent to 53%.
Real estate businesses under pressure to mature bonds
According to VBMA data compiled from HNX and SSC, as of the information announcement date of June 30, 2025, there were 65 private bond issuances worth VND 86,953 billion in June 2025. In June, enterprises bought back VND 39,265 billion of bonds before maturity, an increase of 54% over the same period in 2024.
In the remaining 6 months of 2025, it is estimated that there will be about 131,601 billion VND of bonds maturing, of which the majority are real estate bonds with 69,970 billion VND, equivalent to 53%. Regarding the situation of unusual information disclosure, there were 7 bond codes with late interest and principal payments worth 5,224 billion VND in June.
In the secondary market, the total transaction value of individual corporate bonds in June 2025 reached VND 129,040 billion, an average of VND 6,145 billion/session, an increase of 10.5% compared to the average in May.
According to data from FiinRatings, in the first 6 months of the year, the cumulative issuance value reached VND248,600 billion, up 71.2% over the same period, with private issuance accounting for 88.8% and public issuance accounting for 11.2%.
Regarding issuance interest rates, FiinRatings said the average monthly interest rate fluctuated around 5.5% for the credit institution group. Meanwhile, the non-bank group recorded a higher average interest rate, around 9.8%. The average terms of the two groups were 3.6 years and 2.4 years, respectively.
In the first 6 months, credit institutions issued bonds with an average interest rate of 5.5% in 3.7 years, while non-bank enterprises issued bonds with an average interest rate of 9.9% in 3.4 years.
In terms of issuance structure, in June, credit institutions remained the main issuing industry group, accounting for 83.2% of the total value. In May and June, banks took advantage of the low interest rate environment to increase issuance across all maturities.
According to FiinRatings, in the first half of the year, 76% of the issuance value came from credit institutions. The structure of non-financial enterprises decreased to 24% of the total issuance value, but the issuance value still recovered (up 17.1% compared to the same period last year).
Banks increase bond issuance
VBMA said that in the coming time, there will be two notable large-scale corporate bond issuances, both from the banking group.
Specifically, the Vietnam Bank for Agriculture and Rural Development ( Agribank ) has approved a plan to issue bonds to the public in 2025 with a maximum total value of VND 10,000 billion. These are non-convertible bonds, without warrants, without collateral and an expected face value of VND 100,000/bond. The bonds have a term of 10 years with a floating interest rate.
Vietnam Export Import Commercial Joint Stock Bank (EIB) The Board of Directors of Vietnam Export Import Commercial Joint Stock Bank has also approved the plan to issue individual bonds in 2025 with a maximum total value of VND 10,000 billion. These are non-convertible bonds, without warrants, without collateral and an expected face value of VND 100 million/bond. The bonds have a maximum term of 5 years with a combined interest rate of fixed and floating.
According to FiinRatings, the gap between credit growth and deposits is widening, causing the demand for bank-bonds of commercial banks to continue to increase sharply.
Citing data from FiinRatings' report, in the first 6 months of the year, the capital mobilization growth rate of banks reached 6.57% compared to the end of 2024, significantly lower than the credit growth rate of 9.9% compared to the end of the year.
The reason for the slowdown in deposit mobilization growth is partly due to the policy of keeping deposit interest rates low while commercial banks still have to maintain the LDR ratio and short-term capital utilization coefficient for medium and long-term loans.
In addition, in order to meet the high credit growth demand in the context of monetary easing to support growth, many commercial banks have planned to increase equity capital and make strategic offerings.
However, according to FiinRatings, this activity requires a lot of time, leading to the bank bond channel being promoted recently to benefit from the current low and stable mobilization interest rate context. FiinRatings assessed that this is urgent because the capital adequacy ratio of the whole industry is currently quite low (12.5% by the end of 2024).
In addition, banks are still the main investor group in the corporate bond market, thereby indirectly meeting the increasing capital demand of non-bank enterprises, especially serving production and business activities.
For issuing enterprises, the current low domestic interest rate environment increases the attractiveness of corporate bond capital mobilization channels, instead of choosing long-term loans in foreign currencies to finance projects with large CAPEX needs.
Source: https://baolamdong.vn/hon-131-000-ty-dong-trai-phieu-dao-han-trong-nua-cuoi-nam-phan-lon-la-trai-phieu-bat-dong-san-382275.html
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