Bond issuance in July increased sharply, real estate bonds reached a peak due in August 2025

According to data from the Vietnam Bond Market Association, as of the information announcement date of July 25, 2025, the amount of corporate bonds issued in July 2025 was VND 20,134 billion.

Accumulated from the beginning of the year to the date of information announcement on July 25, the total value of corporate bond issuance was recorded at approximately VND287,000 billion (90.3% of which were privately issued bonds). Up to 75% of the issued bonds came from the banking group.

Thus, corporate bond issuance is recovering strongly (accumulated corporate bond issuance in the first 7 months of 2024 reached 183,000 billion VND).

According to the Association, the total value of bonds maturing from now until the end of the year is more than 118,000 billion VND, with 52.2% of the value of bonds about to mature belonging to the real estate group.

FiinGroup's aggregated data shows that by the end of June 2025, the total market size reached VND1.35 trillion. By issuance method, outstanding individual corporate bonds reached nearly VND1.2 trillion at the end of June 2025, up 4.3% compared to the previous month and accounting for about 88.6% of the total value of corporate bonds in circulation. In contrast, the value of public corporate bonds in circulation decreased slightly by -0.8% compared to the previous month, down to VND154.8 trillion, after the public bond lot of LPB Bank (issued in June 2023) was bought back before maturity.

In the first 6 months of the year, new bond issuance reached nearly 200,000 billion VND, an increase of nearly 109% over the same period last year.

According to FiinGroup, about VND102,000 billion of corporate bonds (excluding banks) are due for payment in the second half of this year. This figure is double that of the first half of the year (VND44,400 billion), showing the existing pressure on payment cash flow.

Real estate businesses need VND65,300 billion to mature bonds in the second half of the year. Maturity pressure peaked this month at about VND17,500 billion, 3.8 times higher than the average maturity scale in the first 7 months of 2025 (VND4.6 trillion). However, maturity pressure will gradually decrease to VND6,000-12,000 billion per month.

According to FiinGroup, some businesses with large volumes of maturing bonds include Quang Thuan Investment Joint Stock Company (VND6,000 billion), Trung Nam Land (VND2,500 billion) and Setra (VND2,000 billion).

It is estimated that non-banking enterprises need to pay VND6,600 billion in bond interest in August. Real estate continues to account for an overwhelming proportion with about VND4,200 billion, equivalent to 63% of interest payment obligations.

The value of corporate bonds bought back in June 2025 reached a record high of over VND62.9 trillion, up sharply by 190% compared to the previous month and 139% over the same period, mainly from the banking sector. In the first 6 months of 2025, the total value of buybacks reached nearly VND123.3 trillion, up 31% over the same period.

In terms of payment cash flow, issuers have paid VND91.4 trillion in principal and interest on corporate bonds since the beginning of the year, equivalent to 32% of the expected payment obligation for the whole of 2025. The expected payment cash flow is VND201.2 trillion in the second half of the year, including VND48.1 trillion in August.

Source: https://baodautu.vn/phat-hanh-trai-phieu-thang-7-tang-manh-trai-phieu-bat-dong-san-lap-dinh-dao-han-trong-thang-82025-d348944.html