Bond market waiting for "boost" from new products

The increase of new products in the bond market is being actively implemented.

Efforts to "enrich" goods on the market

In a sharing at the Vietnam Debt Capital Market 2025 Seminar, Mr. Dominic Scriven, Executive Chairman of Dragon Capital Group - the leading fund management unit in Vietnam with a scale of about 6 billion USD - pointed out the gap that needs to be filled to increase the efficiency in attracting capital for the economy . With the upcoming growth target, bank capital sources are unlikely to meet the increasingly large investment scale of the private sector.

Therefore, opening up the domestic capital market and attracting foreign indirect investment through the debt market and corporate bonds is inevitable. However, Mr. Dominic Scriven said that in reality, the number of foreign investors participating in the bond fund managed by Dragon Capital is still very limited.

The reason is not only that the Vietnamese debt market is in the process of development, but more importantly, the market still lacks a commodity base, both in quantity and quality, for debt funds to operate effectively, including corporate bonds, government bonds and monetary products.

Looking back at the efforts to increase the supply of goods in the market in recent times, the management agencies have significantly accelerated. For the stock market, after the KRX system was put into operation, new products were launched and put into operation. On the Ho Chi Minh City Stock Exchange (HoSE), new specialized investment index baskets were gradually born, such as VN50 Growth - VN50 Growth Stock Index, VNMITECH - Modern Industry and Technology Stock Index and recently VNDIVIDEND - Dividend Paying Growth Stock Index.

In 2026 and the coming years, the bond market will enter a new, much more positive development cycle after the recovery period of the past two years.

In the bond market, the Ministry of Finance and the State Securities Commission are also actively implementing the increase of new products. Some products are in the process of research and are expected to soon issue a legal framework such as construction bonds, PPP project corporate bonds, green bonds, ESG...

Mr. Duong Duc Hieu, Director, Senior Analyst of VIS Rating, highly appreciated the efforts to develop new products for the bond market from the management agency and market members. In fact, the capital mobilization demand of enterprises is very large, especially the desire to diversify capital sources outside of bank credit and equity. In that context, the bond channel continues to be expected to become an important choice in the financial strategy of enterprises.

From an intermediary perspective, securities companies and credit rating organizations have also been making great efforts in promoting issuance consultancy, as well as providing credit ratings to support the development of the bond market.

Expect appeal from new products

With the above efforts, Mr. Hieu predicts that the development of the corporate bond market will accelerate. In 2026 and the coming years, the market will enter a new, much more positive development cycle after the recovery period of the past two years.

In particular, new products are expected to be an important factor in accelerating the market. One of the most anticipated products is infrastructure bonds. Specifically, to meet the need for long-term capital mobilization for infrastructure projects, infrastructure bonds are a very suitable product. In the long term, this will be a new capital channel and a new pillar alongside the state budget and bank credit sources in investing in infrastructure development in Vietnam.

In addition, based on a number of perspectives to assess the prospects of new products, from the legal framework to the needs and readiness of the market (buyers - sellers - intermediaries supporting issuance), currently, green bonds or ESG bonds are also products with good development prospects.

In July 2025, the Ministry of Finance issued a green classification list in Vietnam. This is a legal basis for green projects and ESG projects to be promoted in the coming time, while supporting the capital mobilization of these projects.

On the business side, the demand for green projects is increasing, especially when many international partners, especially in Europe, have set strict requirements on green production and sustainable development. The Vietnamese Government's commitment to the goal of net zero emissions by 2050 is also a driving force for many businesses to shift their investment and capital mobilization towards green criteria.

Meanwhile, investors, especially international investors, are increasingly prioritizing sustainable products, focusing on investing capital in green bond products and ESG bonds.

Preparing for the above trend, securities companies and credit rating companies have built ready infrastructure to support issuance transactions, such as products related to second-party assessment, post-issuance assessment to compliance review in green bond issuance... With these efforts, Mr. Hieu believes that green bond products have very good development prospects in the coming time.

“Another product that is still very new, but also expected by the market, is the product related to digital bonds, which is a combination of bonds and blockchain technology,” VIS Rating expert predicted.

The government is prioritizing and supporting the development of blockchain technologies. Financial institutions - which are the main distribution and issuance forces in the upcoming bond market - will also strongly participate in the blockchain market. Combined with their experience in the bond market, these organizations moving into the blockchain field will open up the possibility of combining these two products together, offering new products to investors, possibly digital bonds. When the legal framework for blockchain and digital bonds is introduced and completed, this will be a product with good prospects in the future.

Source: https://baodautu.vn/thi-truong-trai-phieu-cho-cu-hich-tu-san-pham-moi-d428550.html