According to FiinTrade data, in April 2025, the issuance value of non-bank corporate bonds reached VND 13.9 trillion, up 152.7% compared to March 2025 and up 33.7% over the same period last year.
The notable point is the return of the real estate group to the corporate bond market after the first 3 months of this year were completely absent. In April 2025, there were 3 issuances of individual corporate bonds of real estate enterprises with a total issuance value of VND 10,000 billion.
Of which, there are 2 separate issuances by Vingroup with a total issuance value of VND 7,000 billion and one issuance by TCO Real Estate Consulting and Trading Joint Stock Company with a total issuance value of VND 3,000 billion. Individual bonds issued by Vingroup are currently having the most attractive interest rates in the market (12%/year).
Regarding the value of bond maturity, the real estate industry continues to account for a large proportion with about VND 5,900 billion of bonds maturing in June, equivalent to 61.4% of the total market maturity value in the month. The figure also doubled the industry's estimated maturity in May. Some notable issuers with bonds maturing in the period include: Saigon Glory (1100 billion VND), Signo Land (1,000 billion VND), NLG (660 billion VND).
Although the issuance is more bustling, the pressure to mature bonds is still very high, especially for the group of real estate enterprises. According to data from FiinTrade, in the second quarter of 2025, the total expected interest value of non-bank bonds due for payment is about VND 16,200 billion, concentrated in June with a value of about VND 7,300 billion.
Interest payment pressure is expected to be higher in the third quarter of 2025, about VND 17,900 billion, mostly in the real estate, tourism and entertainment, financial services, construction and materials industries.
The analysis block of VNDIRECT Securities Joint Stock Company said that by the end of April 2025, more than 90 enterprises were on the list of late payment obligations for interest or principal of corporate bonds.
It is estimated that the total outstanding individual corporate bond debt of these more than 90 enterprises is about more than VND 200,000 billion, accounting for about 16.5% of outstanding individual corporate bonds in the whole market. Most of these issuers are enterprises in the real estate group.
According to VNDIRECT, with a high credit growth target in 2025 to support economic growth, it is likely that credit may start accelerating from the second quarter of 2025 to the end of the year, leading to an increase in capital mobilization demand from banks in the remaining quarters of 2025.
The issuance of individual corporate bonds with long terms as implemented in 2024 not only helps banks increase mobilized capital, but also helps banks increase the ratio of medium and long-term mobilized capital to ensure the maximum ratio of short-term mobilized capital for medium and long-term lending according to the regulations of the State Bank. Therefore, it is likely that starting from the second quarter of 2025, the banking group will actively issue bonds again.
