According to VIS Rating's updated report, the total value of new bond issuances in May reached approximately VND 66,000 billion, a sharp increase of 35% compared to the previous month. Notably, all issuances were private placement bonds. Cumulatively for the first five months of 2025, the issuance volume reached VND 137,000 billion, a significant increase of 79% compared to the same period last year.
Banks remain the market leader, with over 100 trillion VND worth of bonds issued, accounting for nearly three-quarters of the total value. Banks such as MB andACB plan to issue 30 trillion VND and 20 trillion VND respectively this year.
The secondary market also saw positive developments, with average daily trading value reaching approximately VND 5,800 billion – a high level compared to the average for the 2024-2025 period. Yields on bank bonds with credit ratings of "medium or higher" also edged up slightly compared to the previous month, indicating continued investor preference for bank bonds amidst ongoing market uncertainties.
However, in contrast to the positive performance of the banking sector, the real estate sector continues to be a focal point of concern as the situation of delayed bond payments becomes increasingly complex. In May alone, the market recorded four first-time delayed bond payments from three companies. Notably, all bonds issued by companies belonging to Hung Thinh Group have fallen into a state of delayed payment.
This risk could continue to spread in the coming period, as the last six months of 2025 will see approximately 474 bonds maturing, with a total outstanding debt of up to VND 150,000 billion. Of these, 148 bonds with outstanding debt of VND 25,800 billion are currently in a state of delinquency. More worryingly, 26 other bonds issued by 15 real estate companies are at risk of first-time delinquency, with an estimated total outstanding debt of approximately VND 19,000 billion.
Nevertheless, the report also noted some positive signs from the debt resolution side. Six real estate companies in May repaid a total of nearly VND 5 trillion in principal on overdue bonds, a sharp increase of 480% compared to the previous month. As a result, the principal debt recovery rate across the market increased from 30.7% to 31.9%. Several companies such as Summer Beach, Seaside Homes, Dai Hung, and the Vietnam Construction Corporation have proactively repaid or are gradually restructuring problematic bonds.
However, experts from VIS Rating believe that credit risk remains high for many non-financial businesses, especially in the real estate sector. Indicators of financial leverage, solvency, and liquidity remain low. A large proportion of issuers have yet to fully disclose their financial data, making risk assessment even more difficult.
Source: https://doanhnghiepvn.vn/kinh-te/trai-phieu-bat-dong-san-chiu-ap-luc-dao-han/20250613025425618
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