Bond Market 2025: Stability, growth and greening of capital

(Chinhphu.vn) - Despite many fluctuations, the Vietnamese bond market in 2025 will still maintain a stable pace, making an important contribution to mobilizing medium- and long-term capital. Management agencies are preparing new steps, including piloting the issuance of green government bonds from 2026.

Bond Market 2025: Stability, growth and greening of capital

Bond market maintains steady growth

Ms. Pham Thi Thanh Tam, Deputy Director of the Department of Financial Institutions ( Ministry of Finance ) said that in the context of complicated developments in the world and domestic economy, the Vietnamese bond market remains stable and grows positively.

The total capital mobilized through the bond market in 2025 will reach more than VND 730 trillion, equivalent to about 27% of total social investment capital. The market size by the end of the year will reach about VND 3.83 trillion, equivalent to 33.3% of GDP in 2024. Of which, government bond issuance continues to be the main mobilization channel, contributing 70% of the central budget's capital needs and about 80% of total domestic capital mobilization in the 2021-2025 period.

Regarding the corporate bond market, the legal framework has been completed, while management, supervision and risk warnings for investors have been focused on. The Ministry of Finance has proactively reported to competent authorities and proposed appropriate policy solutions. As a result, the corporate bond market in 2025 will grow positively compared to the previous year, both in terms of the number of issuing enterprises and the total mobilized value, estimated at 441.7 trillion VND.

Ms. Pham Thi Thanh Tam added that the Ministry of Finance is closely coordinating with ministries and branches to develop a pilot project to issue green government bonds, submitting it to the Prime Minister for approval to be implemented from 2026.

State Treasury flexibly manages bond issuance

According to data from the State Treasury (KBNN), in 2025, the domestic and foreign financial and monetary markets will fluctuate complicatedly, affecting the issuance of Government bonds. However, the KBNN has closely followed market developments, based on the capital needs of the central budget at each time, proactively managing the issuance volume and interest rates appropriately.

By the end of October 2025, the State Treasury had successfully organized 43/52 auctions at HNX, with a total issuance volume of VND 283,429 billion, reaching 57% of the yearly plan. Notably, the average issuance term reached 9.84 years, the average interest rate was 3.07%/year - a level assessed as consistent with the goal of a safe and sustainable government bond portfolio according to Resolution 07-NQ/TW and Resolution 23/2021/QH15.

In preparation for the 2026-2030 period, when a series of large public investment projects are implemented, the State Treasury will diversify borrowing sources and methods, proactively manage capital mobilization plans; extend issuance terms, diversify bond products to attract investors, and simultaneously manage issuance interest rates in line with market developments. This agency also studies mechanisms to encourage insurance funds, life insurance companies and commercial banks to participate in investment, supporting capital mobilization for the economy.

According to Mr. Le Trung Hai, Deputy Head of the Public Company Supervision Board (SSC), in 2025, the corporate bond outstanding debt/GDP ratio will reach 10.2%, reflecting a clear recovery of the market. The total amount of corporate bonds issued in the first 9 months of the year reached 462.7 trillion VND, an increase of nearly 44% over the same period in 2024.

Of these, there were 10 public issuances worth nearly VND21 trillion (accounting for 15.8%), 386 private issuances worth VND441.7 trillion (accounting for 84.2%). The two groups of banking and real estate sectors continued to account for the largest proportions. The banking sector accounted for 70% of private bonds and 86.37% of public bonds, while the real estate sector accounted for 22% and 10.24% respectively.

Regarding transactions, HNX has received and put into the system 361 bond codes of 85 enterprises, with a total registered value of VND 393,052.7 billion. During the same period, 841 bond codes completed principal and interest payments with a total value of nearly VND 27.9 trillion.

In 2026, the State Securities Commission will continue to synchronously deploy solutions to perfect policies, strengthen supervision, improve the quality of goods and services, and move towards a safe, transparent and sustainable corporate bond market.

According to HNX statistics, as of October 31, 2025, the listed value on the secondary market of Government bonds reached VND 2,468,720 billion, an increase of 11.11% compared to the end of 2024. Notably, the average trading value per session reached VND 15,271 billion, an increase of 29.63% compared to the average of the previous year. Of which, Outright transactions accounted for 70.69%, Repos transactions accounted for 29.31%.

The trading proportion of foreign investors (FIIs) accounted for 3.64% of the total market value, of which they net bought VND2,832 billion, reflecting foreign investors' confidence in Vietnamese bonds.

In the individual corporate bond market, 84 enterprises issued 386 batches, with a total value of more than VND441,730 billion, up 39.5% over the same period. The average term was 3.66 years, with an average interest rate of 7.23%. Credit enterprises accounted for 66.27%, and real estate accounted for 26.13% of the total issuance value.

The value of repurchased corporate bonds was VND247,213 billion, the circulating value was VND1,142 trillion, while the total transaction value reached more than VND1,100 trillion, an increase of 30% over the same period in 2024.

Regarding international issuance, 2025 will record 2 issuances with a total value of 350 million USD, an average term of 4.71 years, and an interest rate of 5.86%.

Deputy Minister of Finance Nguyen Duc Chi emphasized that in the context of the Party and State setting a GDP growth target of over 10% from 2026, the requirements for the bond market are becoming more urgent, because this is an important channel for mobilizing and allocating medium- and long-term capital.

Deputy Minister Nguyen Duc Chi requested units to continue to improve the legal framework, improve issuance techniques, and manage the issuance of government bonds in accordance with the needs of the budget and the market. In addition, it is necessary to closely coordinate with the State Bank in managing monetary policy, ensuring effective capital mobilization.

Deputy Minister Nguyen Duc Chi suggested continuing to diversify products, deploy green government bonds to mobilize capital for green public investment projects, and develop institutional investors such as investment funds, insurance companies, pension funds and commercial banks - the core forces of the market.

Regarding the corporate bond market, Deputy Minister Nguyen Duc Chi emphasized the need to improve legal regulations, strengthen propaganda, train professional investors, and ensure the market develops stably and effectively.

Mr. Minh

Source: https://baochinhphu.vn/thi-truong-trai-phieu-2025-on-dinh-tang-truong-va-huong-toi-xanh-hoa-nguon-von-102251111182736921.htm