Bank bonds and real estate will switch roles in Q1 2026.

The volume of bonds issued in Q1 2026 doubled compared to the same period last year, with 61% belonging to the real estate sector. This contrasts sharply with Q1 2025, where 100% of corporate bonds issued belonged to the banking and securities sectors.

According to the latest data from the Vietnam Bond Market Association (VBMA), as of the information disclosure date of April 3, 2026, the total value of corporate bond issuances recorded in March was VND 39,419 billion, with 12 public offerings worth VND 13,934 billion (accounting for 35.2% of the total issuance value) and 8 private placements worth VND 25,485 billion (accounting for 64.7% of the total).

Thus, the volume of corporate bonds issued in the first quarter of 2026 was 2.1 times higher than the same period last year (18,600 billion VND). Notably, in the first three months of this year, bonds issued by real estate companies accounted for 61%, while bank bonds only accounted for 28.5%. This situation contrasts sharply with the first quarter of 2025: where 100% of corporate bonds issued belonged to the banking and securities sectors.

In the first quarter of 2026, the market witnessed the return of manufacturing bonds, but the volume was still small: only one bond issuance by BAF Vietnam Agricultural Joint Stock Company (issuing 1,000 billion VND to the public).

The surge in corporate bond issuance in the first three months of this year is due to the strong participation of the real estate sector. In particular, on March 31, 2026, Thoi Dai Moi T&T Company successfully issued 80,000 bonds (code NTJ12601) with a face value of 100 million VND per bond, corresponding to a total issuance value of 8,000 billion VND. These bonds have an issuance interest rate of 10.5% per year.

Previously, VIS Rating's Q1/2026 bond issuance report indicated that not only did bond issuance improve in Q1/2026, but the ability to fulfill debt obligations also improved. The delinquency rate decreased to nearly 0% (compared to 0.2% in Q1/2025). During the quarter, only one case of delinquency was recorded at Thuan Hoa Ha Giang Hydropower Joint Stock Company, but this company completed the payment within just one week.

The value of recovered overdue debts reached approximately VND 5,000 billion in Q1/2026, with the cumulative recovery rate rising to 46% (far exceeding 33% in the same period last year). Debt resolution efforts focused primarily on businesses within the Novaland , Phuc Khang, and Sunshine ecosystems.

Speaking at the Ministry of Finance 's recent Q1/2026 regular press conference, Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, stated that 2025 saw a clear recovery in the private corporate bond market, with issuance and capital raising volumes increasing significantly compared to 2024. Entering 2026, the market continues to show positive signs, with the value of private bond issuances estimated to increase by approximately 2.1 times compared to the same period last year.

According to the direction of the Government and the Ministry of Finance, the stock market in general, including the bond market, will play an increasingly important role in mobilizing medium and long-term capital for the economy. Therefore, perfecting the legal framework and improving the quality and transparency of the market are receiving special attention.

In implementing the amended Securities Law and the amended Enterprise Law, the Ministry of Finance is developing a Decree on the issuance of private corporate bonds to replace Decree 153/2020/ND-CP, Decree 65/2022/ND-CP, and Decree 08/2023/ND-CP guiding the amended Securities Law and the amended Enterprise Law. This aims to facilitate businesses in raising capital through bonds to develop production and business activities and to develop the corporate bond market in an increasingly open and transparent manner. Simultaneously, regulations related to public bond offerings are also being reviewed and amended. At the same time, the Ministry of Finance is also researching and developing a Decree regulating the public offering of bonds by PPP project enterprises.

Besides improving the institutional framework, the Ministry of Finance is implementing a comprehensive set of solutions to develop the investor base. Most recently, the Government issued Decree 85/2026/ND-CP, and the Ministry of Finance issued Circular 136 amending Circular 98 on the operation of securities investment funds, adding bond funds and expanding investment limits. These adjustments contribute to restructuring the investor base towards increasing the proportion of institutional investors, in line with the sustainable development orientation of the capital market and securities market.

In the coming period, the regulatory authorities plan to continue introducing solutions to stimulate the market, such as amending regulations on financial safety indicators for securities companies and fund management companies, including adding bond credit rating criteria as a basis for calculation, thereby encouraging investment in high-quality bonds. At the same time, research and implementation of exchange rate risk hedging tools are also being considered to attract more foreign investors.

Further elaborating on this issue, Deputy Minister of Finance Nguyen Duc Chi emphasized that if the capital market faces difficulties or operates unstably, it will directly affect the ability to supply capital to the economy. Therefore, the current priority is to urgently complete the legal framework in a comprehensive manner, from issuance activities and issuance organizations to the role of consulting organizations, while developing an investor system suitable to Vietnam's practical conditions. The overarching goal is to build a transparent, efficient, safe, and sustainable bond market, avoiding a repetition of the risks that occurred in the past.

Source: https://baodautu.vn/trai-phieu-ngan-hang-bat-dong-san-doi-vai-quy-i2026-d568523.html