According to FiinRatings' bond market data, the value of bond issuance surged in June 2025, reaching VND 105.5 trillion, a 52.4% increase compared to the previous month. Of this, private placements accounted for 100%, with no public offerings.
In the first six months of the year, the cumulative value of issued bonds reached VND 248.6 trillion, an increase of 71.2% compared to the same period last year. Of this, privately placed bonds accounted for 88.8% (an increase of 72.4% compared to the same period) and publicly issued bonds accounted for 11.2% (an increase of 62.3% compared to the same period).
According to FiinRatings data, the market recorded an additional VND 4.5 trillion in problematic bonds from businesses in June, bringing the total value to VND 23 trillion in the first six months of the year. This figure represents a 31% decrease compared to the same period last year. Of this, 45.8% of problematic bonds came from the Real Estate sector, 16.4% from the Manufacturing sector, 8.7% from the Construction sector, and the remaining 28.6% from other sectors.
Notably, many of the companies with problematic corporate bonds in June had weakened credit health over the years and had experienced prior defaults/provisions, or were part of the same ecosystem as previously problematic bond issuers.
Among real estate issuers, businesses have shown signs of recovery and have taken positive steps in handling overdue/deferred bonds, benefiting from eased legal regulations and a complete land price list. However, some bond issues still show renewed delays in principal/interest payments during the first six months of the year due to businesses not yet having recovered sufficient liquidity to pay bondholders.
In the final months of the year, FiinRatings expects delayed and deferred payments to continue, but at a lower level than the peak periods of previous years.
Commenting on the new legal regulations related to the bond market, this credit rating agency believes that the application of a debt-to-equity ratio of no more than 5 times tightens the financial conditions of bond issuers but will have little significant impact on the supply of privately issued corporate bonds.
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| Percentage of corporate bond issuers with a Debt-to-Equity Ratio greater than 5 times by industry. |
In some sectors with high financial leverage, such as real estate, construction, trade and services ( tourism , entertainment, aviation, etc.), and energy, the percentage of issuers in the market exceeding the regulatory threshold is only around 5-25% depending on the sector, mainly consisting of issuers with a small market share.
"Therefore, we believe the private bond market will remain attractive to sectors with high and long-term capital needs, requiring fundraising through corporate bonds and reducing reliance on bank loans," FiinRatings assessed.
The new debt ratio regulations will also contribute to improving the quality of corporate bonds on the market by limiting the ability of newly established, high-leverage project companies to raise capital. At the same time, with this new regulation, the channel for offering products to the general public is expected to gradually recover in the second half of 2025.
In addition, Decision No. 21/2025/QD-TTg on the Green Classification List, recently issued, is also expected to pave the way for a new wave of sustainable investment, giving a boost to the green bond market.
Source: https://baodautu.vn/trai-phieu-doanh-nghiep-chao-ban-ra-cong-chung-se-khoi-sac-vao-nua-cuoi-nam-2025-d330911.html
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