Debt market transparency, promoting equity market

The economy 's need for medium and long-term capital remains very large.

Overall, the corporate bond market has seen many changes in recent times. In particular, the growth rate of corporate bonds issued to the public has shown positive signs when the issuance scale accounts for about 13% of the total bond issuance volume in the first 8 months of 2025.

Speaking to Dau Tu Online Newspaper, Mr. Le Hong Khang - Director of Analysis at FiinRatings said that this trend reflects that the market is increasingly supporting the mass capital mobilization channel, which has the ability to strongly connect to a variety of investor groups.

Statistics from FiinGroup on the bond market show that the total value of corporate bond issuance in August 2025 reached VND60.6 trillion after a decline in July, of which private issuance still accounted for a large proportion. However, the issuance scale was still -9% lower than the same period.

It is noteworthy that public issuances remain active. In addition to the issuances of the banking sector, the market recorded an additional bond lot of VND2,000 billion from Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII), 10-year term, average interest rate of 8.3%/year.

The driving force for this shift comes first from the increasingly improved legal framework for both private and public bond issuance channels towards improving quality and sustainability. In particular, for private issuance activities, new regulations such as stricter screening for professional investors or limits on debt-to-equity ratios have raised the standards for market participation for both supply and demand sides.

Faced with these demands, businesses, especially large and reputable organizations, have proactively sought out the public issuance channel. Although it requires higher transparency, this channel brings stability, predictability and most importantly, the opportunity to access a wider source of public capital. This is a clear demonstration of the market's adaptation and positive shift.

In addition to the strategic shift in response to the above changes in the legal framework, investor confidence has also been strengthened and risk appetite has changed. After the fluctuations in the corporate bond market in previous years, investors, especially individual investors, have become more cautious. They prioritize products with transparency, safety and clear legality.

The public issuance channel meets these requirements. The issuance must have a detailed profile (prospectus), be licensed by the State Securities Commission, and the bonds are usually listed on the exchange. These factors bring a certain peace of mind to investors. This becomes more attractive in the context of the low interest rate on savings deposits, making publicly issued corporate bonds emerge as a top investment option.

Mr. Le Hong Khang - Director of Analysis, FiinRatings

These factors are also placed in the context of the economy's still very large demand for medium and long-term capital. Mr. Khang noted that in the context of economic recovery, the capital demand of enterprises for refinancing, expanding production and investing in new projects is very large. Commercial banks continuously issue bonds to improve capital safety index, while large enterprises also need long-term capital to implement projects. The public issuance channel is the ideal tool to meet this demand. This trend is completely consistent with the current capital mobilization strategy of large organizations: diversifying mobilization channels, expanding investor files through information transparency, and proactively connecting to the market to optimize capital costs.

Some figures given by FiinGroup leaders at a seminar on Vietnam's debt capital market in 2025 held at the end of August 2025 also showed the huge capital demand of Vietnamese enterprises with capital mobilization activities deployed on both the stock market and the debt capital market (bonds).

Accordingly, listed enterprises plan to mobilize up to 198.7 trillion VND in 2025 and have actually mobilized 56.2 trillion VND in the first 7 months of 2025. So the amount mobilized through equity capital on the stock market will be 142.6 trillion VND (about 5.4 billion USD) expected for the remaining 5 months of the year.

Of which, commercial banks are the industry group with the largest capital mobilization plan with a total value of 62 trillion VND (ie 2.3 billion USD) for the coming period. In the corporate bond market, the mobilization demand is also very large because commercial banks have mobilized about 200 trillion VND in the first 7 months of 2025 and are expected to mobilize 112 trillion (ie 4.2 billion USD) for the remaining months of the year.

Reshaping the structure of the two-tier bond market

Regarding the method of issuing corporate bonds to the public, recently, Decree 245/2025/ND-CP issued on September 11, 2025 amending and supplementing a number of articles of Decree No. 155/2020/ND-CP has added a number of conditions for issuing bonds to the public.

Commenting on the new points in this Decree, Mr. Le Hong Khang said that this is an important step, reshaping the market structure, aiming at the goal of sustainable development, transparency and safety. The impact of this Decree will take place in two aspects: directly on the public issuance channel and spreading to the entire market.

In terms of direct impact, the new regulations contribute to improving quality and creating an effective "filter" for the public issuance channel in the long term.

Mandatory credit rating requirements and financial leverage limits will act as a “natural filter” that can effectively sort out. This will not only help businesses with good financial health, transparent governance and sustainable business models access public capital, but also help investors identify and evaluate investment opportunities based on their risk appetite and indirectly encourage businesses to improve their credit profiles.

This will help improve the credit quality of "goods" in the market and effectively protect investors, reduce information asymmetries and organizational capacity for investors, firmly strengthen confidence and attract more stable capital flows.

Strengthening issuance conditions also creates a spillover effect, shaping a clearer two-tier market structure, the Director of Analysis at FiinRatings affirmed. While previous regulations (such as Decree 65) focused on tightening the conditions for individual bond buyers, Decree 245 tightens the conditions for organizations to issue bonds to the public. These are two sides of the same macro management strategy, proactively dividing the market and directing different types of risks to appropriate groups of investors.

More importantly, the impact of Decree 245 does not stop at the bond market. Standardizing the public issuance channel will create a standard reference for risk assessment, promoting risk-based capital allocation. This will indirectly develop the institutional investor base, especially the fund management industry. When the quality of "goods" is standardized and improved, fund management companies will have a foundation to build professional investment products, acting as an effective bridge between individual investors and issuing organizations.

Furthermore, the capital market is interconnected. A transparent debt (bond) market will create a solid foundation for the equity (stock) market. These regulations, combined with the shortened listing process, will create a flexible capital mobilization cycle, promoting business development.

In short, Decree 245 is a comprehensive reform step, not only tightening the quality of "goods" in the bond and stock market but also focusing on attracting foreign capital flows and simplifying procedures, aiming at the goal of upgrading the Vietnamese stock market - Mr. Le Hong Khang affirmed.

VWAS Forum 2025: “New Era, New Resilience”

The third Vietnam Financial Advisors Summit 2025 (VWAS 2025), organized by the Finance - Investment Newspaper on Thursday, September 25, 2025 at Pullman Hotel ( Hanoi ), will gather leading domestic and international experts, focusing on in-depth discussions on the impact of new institutions and new dynamics on the economy and financial markets. The forum will also analyze in detail the breakthrough growth points of traditional investment asset classes as well as opportunities with crypto assets.

The forum includes activities:

The main workshop with the presentation "Institutional launch pad - Market resilience" and 2 discussion sessions on the topic "Stock market before new opportunities"; "Breakthrough point of real estate market and crypto assets".

Honoring typical financial products/services in 2025 in the fields of banking, insurance, real estate, fund management, securities and financial technology.

Details: wwa.vir.com.vn

Source: https://baodautu.vn/minh-bach-thi-truong-von-no-thuc-day-thi-truong-von-co-phan-d392805.html