Bond issuance in 9 months skyrocketed, 73% belonged to banking group

According to the Vietnam Bond Market Association, as of the information announcement date of September 30, 2025, there were 26 private bond issuances worth VND 23,204 billion and 1 public issuance worth VND 499 billion in September 2025. In the first 9 months of the year, the value of private corporate bond issuance was VND 349,603 billion and the value of public issuance was VND 48,283 billion.

Corporate bond issuance in the first 9 months of the year. Source: Vietnam Bond Market Association.

The total amount of corporate bonds issued in the first 9 months was nearly VND 398,000 billion, an increase of nearly 44% over the same period in 2024, of which the largest issuance was in the banking group (73%) and real estate (18%).

Meanwhile, updated data to this point of time from the Hanoi Stock Exchange shows that in September 2025, 40,877 billion VND of individual corporate bonds were successfully issued (17,673 billion VND higher than the statistics up to the date of information announcement on September 30 of the Bond Market Association). The cumulative value of individual corporate bond issuance in the first 9 months of this year was 362,972 billion VND. Thus, if including corporate bonds issued to the public, the total amount of bonds issued in the first 9 months of the year has exceeded 410,000 billion VND.

Enterprises bought back VND26,172 billion of bonds in September. Since the beginning of the year, the total value of bonds bought back before maturity has reached VND224,908 billion, an increase of 52.4% compared to 2024. Banking is the leading industry group, accounting for about 65.3% of the total value of early buybacks (equivalent to about VND146,790 billion).

Currently, a number of enterprises have announced plans to issue corporate bonds in the third quarter of 2025. Specifically, the Board of Directors of Vingroup Corporation has approved a plan to issue individual bonds in the third quarter of 2025 with a maximum total value of VND 2,500 billion. These are non-convertible bonds, without warrants, with collateral and an expected face value of VND 100 million/bond. The bonds have a term of 2 years with a fixed interest rate.

The Board of Directors of Vietjet Aviation Joint Stock Company has also approved the plan to issue individual bonds in the third and fourth quarters of 2025 with a maximum total value of VND 3,000 billion. These are non-convertible bonds, without warrants, without collateral and with an expected face value of VND 100 million/bond. The bonds have a term of 5 years with a combined interest rate of fixed and floating.

Regarding government bonds, the Hanoi Stock Exchange (HNX) said it had organized 16 auctions of government bonds issued by the State Treasury in September 2025, raising VND16,975 billion. In the past 9 months, HNX organized 155 auctions of government bonds issued by the State Treasury, raising VND255,688 billion, completing 51.13% of the 2025 plan.

Government bonds issued in September included 5, 10 and 30-year maturities, of which the majority were 10-year maturities, with an issuance ratio of 92.66%, equivalent to VND 15,730 billion. At the auctions at the end of September 2025, the winning interest rates of 5-, 10- and 30-year maturities were 3.03%, 3.59%, and 3.64%, respectively, up 23, 14, and 17 basis points compared to the winning interest rates at the end of August 2025.

In the secondary market, the listed value of government bonds as of September 30 reached VND 2,449,620 billion, up 0.68% compared to the previous month, up 10.25% compared to the end of 2024. The average trading value in September reached VND 16,771 billion/session, down 10.73% compared to August. Of which, the Outright trading value accounted for 71.73%, the Repos trading value accounted for 28.27% of the total trading value of the whole market. Foreign investors' transactions accounted for 4.08% of the total trading value of the whole market, of which foreign investors net sold VND 676 billion.

Accumulated over the past 9 months, the average trading value reached VND 15,071 billion/session, an increase of 27.95% compared to the average for the whole year 2024. The proportion of foreign investors' trading value accounted for 3.65% of the total trading value of the whole market, of which foreign investors net bought VND 2,552 billion.

Source: https://baodautu.vn/phat-hanh-trai-phieu-9-thang-tang-vot-73-thuoc-nhom-ngan-hang-d407501.html