According to data from the Vietnam Bond Market Association (VBMA), Hanoi Stock Exchange (HNX) and the State Securities Commission (SSC), the real estate corporate bond market in the second quarter of 2025 recorded many positive changes, especially in issuance value.
The Ministry of Construction said that in April 2025, there were 6 bond issuances from real estate enterprises with a total value of about VND 9,160 billion.
In May, this figure increased to 7 times, with a total value of VND 10,504.5 billion. By June, although the number had decreased to 5 rounds, the total value still reached VND 7,610 billion.
In the second quarter of 2025, the whole market had 126 individual bond issuances, with a total value of VND 163,791 billion; of which the real estate sector accounted for a significant proportion.
Some notable enterprises in the period include: Vingroup with 3 issuances, total value of 6,000 billion VND; Viet Minh Hoang Real Estate Investment and Construction Joint Stock Company issued 3,466 billion VND; AAC Vietnam Joint Stock Company 500 billion VND; Song Phuong Industrial - Real Estate and Construction Company Limited 388.5 billion VND and Van Phu Real Estate Development Joint Stock Company 150 billion VND.
This development shows that real estate bond issuance activities have gradually improved after a period of stagnation. However, the recovery momentum is still mainly concentrated in large, reputable enterprises. The general market still faces many risks such as maturity pressure, limited credit, and investor confidence has not really recovered.
Faced with this situation, the State Securities Commission and the Ministry of Finance are closely monitoring bond issuance activities, especially for consulting institutions such as securities companies and depositors.
The work of appraising legal documents, assessing financial capacity and transparency of information issued by enterprises is being tightened to protect investors and stabilize the market.
