Record corporate bond issuance
The report of MB Securities Joint Stock Company (MBS) on the bond market just issued has outlined a multi-dimensional picture of the Vietnamese bond market in the first 6 months of 2025, with bright spots and parallel challenges.
The corporate bond market witnessed an unprecedentedly vibrant June, with total issuance value reaching VND123.7 trillion, a surge of 87% year-on-year and 79% compared to May.
The banking group continued to be the main driver of the market, accounting for 80% of the total issuance value with VND98.5 trillion. The largest issuers included Asia Commercial Joint Stock Bank ( ACB ) with VND24.8 trillion, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) with VND16.5 trillion and Military Commercial Joint Stock Bank (MBBank) with VND14.7 trillion.
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In the first 6 months of 2025, the total value of corporate bond issuance reached VND265.8 trillion, up 91.3% over the same period. Of which, the banking group accounted for 75% with nearly VND198.5 trillion. The average interest rate of this group is 5.6%/year.
In contrast to the reasonable interest rates of the banking sector, the real estate group, although accounting for only 15% of the total issuance value (40.2 trillion VND), has an average interest rate of up to 10.5%/year, reflecting a higher level of risk.
Businesses promote early bond buyback
In addition to the bustling issuance activities, businesses also stepped up the purchase of bonds before maturity. In June, the purchase value reached 63.6 trillion VND, the accumulated value in 6 months was 125 trillion VND.
However, the risk of solvency remains a concern. June recorded 11 late-payment bonds with a total value of VND8.1 trillion. In the first 6 months of the year, the total value of late-payment bonds reached VND45 trillion, equivalent to about 5% of the total outstanding corporate bond debt in the whole market. Of which, the real estate group accounted for 65% of the late-payment value.
In the Government Bond market, the State Treasury issued VND201,390 billion in 6 months, completing 40.3% of the yearly plan. Winning yields tended to increase, with the 10-year term reaching 3.2%/year.
In the secondary market, transactions were active with an average daily value of VND16.7 trillion. However, it is worth noting that foreign investors net sold nearly VND13.5 trillion in June, putting pressure on the market.
In terms of leading enterprises, Techcombank (TCB) was the largest issuer in the first 6 months of the year with VND37,000 billion, followed by Asia Commercial Bank (ACB) with VND29,150 billion. Vingroup Corporation with VND18,000 billion and Bank for Investment and Development of Vietnam ( BIDV ) with VND17,835 billion.
Meanwhile, the group of enterprises with the highest issuance interest rates in the market are Vingroup and VinFast with interest rates from 12% - 12.5%. Also with high interest rates are Song Phuong Company and Saigon Xanh Company (12%), and Tay Bac Company (11.5%).
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Source: https://doanhnghiepvn.vn/kinh-te/thi-truong-trai-phieu-bung-no-nhung-doanh-nghiep-nao-dan-dau-cuoc-dua-huy-dong-von/20250728104554915
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