The Vietnamese corporate bond market recorded a strong recovery in October 2025, with a total newly issued value of VND66 trillion, up 30% over the previous month, marking 6 consecutive months of growth, according to VIS Rating data. Accumulated by the end of October 2025, the issuance value from the beginning of the year reached VND491 trillion (up 39% over the same period last year).
In October, the real estate group led the increase in bond issuance, with 5 major deals with values ranging from 3.8 trillion to 7.65 trillion VND. On the contrary, the banking sector witnessed a slowdown in issuance, down 15% compared to the previous month.
For example, a not-so-popular enterprise operating in the real estate business sector, Thai Son Construction Investment JSC, has just completed a separate corporate bond issuance on October 28.
Thai Son Company has issued 40,000 bonds, thereby mobilizing 4,000 billion VND. The bond has a term of 2 years, maturing in October 2027 with an interest rate of 12.5%/year. This is a 3-year bond: No conversion, no title certificate and no collateral.
This real estate company has a charter capital of VND 13,500 billion, established in 2007. In addition to the above bond lot, Thai Son also has a bond lot issued in August 2024, with a term of 2 years and an issuance value of VND 1,890 billion. Thai Son Company was first credit rated by Saigon Ratings. This credit rating agency said that Thai Son's business records are currently at a low risk level.
The financial situation report of this enterprise for the 2025 semi-annual period said that as of June 30, 2025, Thai Son has an equity of VND 19,653 billion. Meanwhile, the debt payable is quite high, up to VND82,722 billion, equivalent to 4.2 times equity. Regarding debt structure, Thai Son's main repayment debt was listed in other repayment debts, not bank loans and bonds at that time only over VND1,800 billion.
Also operating in the real estate industry, another enterprise, TN Development Joint Stock Company, has just mobilized capital through bond issuance. From October 22-28, 2025, TN issued 29,500 bonds, thereby earning VND 2,950 billion. The bond of TN Company has a term of 5 years, interest rate of 8.75%. These are unconverted bonds without collateral and are guaranteed for payment.
According to the assessment of credit rating agency FiinRatings, the scale of operations of the company is modest because the company has only focused on developing and trading a single project in Hanoi, the company's operational efficiency and profitability are currently lower than the average of the industry.
Regarding the situation of late payment of principal/interest on bonds, in October 2025, there were 3 new cases of late payment of interest, with a total face value of VND 2 trillion. Since the beginning of the year, there have been 30 cases of late payment of principal and interest, bringing the rate of late payment in the first 10 months of 2025 to 1.2%
Notably, despite recording a profit and maintaining a cash balance of about VND300 billion at the end of the third quarter of 2025, Hoa Binh Construction Group Joint Stock Company (HBC) still could not pay the principal of VND12.4 billion for the bond lot HBCH2225002 on October 31, 2025.
This event shows that the significant liquidity gap, accounting profit indicators or cash balances in financial statements do not fully reflect the actual payment capacity of the enterprise. Although HBC has announced a plan to implement a large workload, most of the projects have only started in the third and fourth quarters of 2025, causing limited cash flow in the short term, while liquidity pressure remains high.
Regarding the handling of late payment, the rate of late bond recovery for the whole market at the end of October 2025 increased to 38.6%, compared to 37.5% at the end of September 2025. In the residential real estate business group, the recall rate increased to 45.33%, reflecting a positive improvement in the process of handling recent late-payment bonds.
