The conference was also attended by Mr. Nguyen Hoang Duong - Vice Chairman of the State Securities Commission; Ms. Pham Thi Thanh Tam - Deputy Director of the Department of Financial Institutions, Ministry of Finance; Leaders of the State Treasury; Mr. Nguyen Son - Chairman of the Board of Members of the Vietnam Securities Depository and Clearing Corporation; Mr. Luong Hai Sinh - Chairman of the Board of Members of the Vietnam Stock Exchange; Leaders of the Hanoi Stock Exchange; Leaders of the Vietnam Bank for Social Policies; Vietnam Development Bank; and members of the bond market.
The bond market size is about 3.83 million billion VND.
Speaking at the opening of the conference, Ms. Pham Thi Thanh Tam - Deputy Director of the Department of Financial Institutions (Ministry of Finance) said that 2025 is the final year of implementing the socio-economic development plan for the 2021-2025 period, a breakthrough year to achieve the highest results of the proposed plan, while preparing the foundation for the 2026-2030 period with many expectations as well as challenges for the country's economic development in the new era.
In the context of complicated developments in the world and domestic economy, despite being affected by many influences and impacts, the bond market in 2025 still maintains stability and positive growth. The total capital mobilized through the bond market in 2025 will reach more than 730 trillion VND, equivalent to about 27% of total social investment capital. The size of the bond market by the end of 2025 will reach about 3.83 million billion VND, equivalent to 33.3% of GDP in 2024. In particular, the government bond market will increase by 7.4% in absolute value compared to 2024 with a size of about 22.1% of GDP in 2024.
To achieve the above positive results, the Ministry of Finance has focused on perfecting the legal framework, innovating the management, synchronously developing both primary and secondary markets, upgrading and perfecting the registration, depository, clearing, listing and trading systems. In particular, we acknowledge and appreciate the very active participation of investors in the bond market, the Vietnam Bond Market Association as a bridge between the management agency and market members.
Ms. Pham Thi Thanh Tam - Deputy Director of the Department of Financial Institutions (Ministry of Finance)
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. In 2025, the average issuance term of government bonds will reach 9.84 years, achieving the target set by the National Assembly; the average cost of capital mobilization will be at a reasonable level, contributing to restructuring public debt in a safe and sustainable direction.
Ms. Thanh Tam added 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.
Regarding corporate bonds, in addition to the completed legal framework, management, supervision, information and propaganda work, and risk warnings for investors continue to be focused on. The Ministry of Finance has proactively and regularly reported to competent authorities on market operations, including proposing policy and management solutions. Accordingly, the corporate bond market in 2025 will have positive growth compared to 2024 in terms of both the number of issuing enterprises and the value of bond capital mobilization, with a total mobilized value estimated at about 441.7 trillion VND.
Enhancing the role of capital mobilization for double-digit growth
Although the market maintained positive growth, however, at the conference, the representative of the Ministry of Finance said that the size of the bond market is still small compared to the potential and capital mobilization requirements for development investment. Along with that, although the investor base has improved, there is still a lack of strong institutional investors. On the other hand, the government bond market needs to continue to increase liquidity in both the primary and secondary markets to meet the capital mobilization requirements for economic growth in the 2026-2030 period, which is more than double that of the 2021-2025 period.
Speaking at the conference, Deputy Minister of Finance Nguyen Duc Chi acknowledged the efforts and commended the positive results of management agencies, relevant units, organizations and bond market members in recent times.
The Deputy Minister said that in the new context, the Party and the State are setting a GDP growth target of 10% or more for 2026 and the following years. Therefore, along with the stock market, 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 improve 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. Along with that, it is necessary to continue to closely coordinate with the State Bank in operating monetary policy to effectively mobilize capital for the state budget.
Along with continuing to diversify products on the market, the Deputy Minister directed that it is necessary to issue green government bonds to mobilize capital for green public investment projects, serving green and sustainable growth.
Also at the conference, Deputy Minister Nguyen Duc Chi directed to continue implementing solutions to develop investors, especially institutional investors with financial potential such as investment funds, insurance companies, pension funds, commercial banks, etc.
Regarding the corporate bond market, the leaders of the Ministry of Finance have completed the legal framework, while strengthening propaganda and training for investors, focusing on solutions to develop professional securities investors so that the market can develop more stably, professionally and effectively.
The Deputy Minister hopes and believes that, through the opinions at this conference, relevant units and market members will discuss openly to come up with the most effective solutions so that the government bond market and corporate bond market will continue to develop more strongly, meeting the capital mobilization requirements for double-digit economic growth in 2026 and the coming years.
The conference had a lively discussion session, with practical contributions from market members. Concerns and problems were also thoroughly and specifically answered by representatives of the Ministry of Finance, the State Securities Commission, and operating units.
Speaking at the conference, Vice Chairman of the State Securities Commission Nguyen Hoang Duong continued and received the instructions of Deputy Minister Nguyen Duc Chi. The Vice Chairman said that, along with the instructions of the Ministry's leaders and the opinions discussed at the conference, the management agency and related units will synthesize and perfect to build effective solutions for the government bond and corporate bond markets to develop more strongly, meeting the huge capital mobilization requirements in the coming time.
Source: https://nhandan.vn/nang-vai-tro-huy-dong-von-cua-thi-truong-trai-phieu-cho-tang-truong-kinh-te-post921186.html
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