The corporate bond (TPDN) market started 2026 quite actively. The Vietnam Bond Market Association said that, according to data compiled from HNX and SSC, as of the date of information disclosure on January 30, 2026, there were 4 corporate bond issuances recorded in January 2026 with a total value of 3.711 billion VND.
Meanwhile, accumulated for the whole year of 2025, the total value of corporate bond issuance was recorded at 627.810 billion VND. The amount of bonds repurchased before maturity in 2025 reached 321.755 billion VND, an increase of 47% compared to 2024. Banks are the leading industry group, accounting for about 67.4% of the total value of pre-term repurchase (equivalent to about 216.759 billion VND).
VIS Rating's "2026 Credit Outlook" report shows that the corporate bond market is stabilizing again, with low deferred payment rates, reduced maturity pressure and room for issuance recovery in the context of improved macroeconomics.
VIS Rating forecasts that the rate of deferred bonds in 2026 will remain around 1.3% equivalent to 2025 and decrease sharply compared to the peak of 12.2% in 2023. This level is supported by a stable macroeconomic environment and low refinancing demand for bonds.
VIS Rating estimates the value of bonds maturing in 2026 at about 209 trillion VND, equal to 14% of outstanding corporate bonds in circulation, after many bonds were extended in 2025.
The recovery rate for deferred bonds will continue to improve, thanks to better business results and efficiency from restructuring activities of many housing real estate businesses. In the context of increasingly selective lending activities by banks, corporate bonds will become a more important capital mobilization channel for businesses. Improved investor confidence and increased market liquidity will help the value of new bond issuances in 2026 increase by 15 - 20%, in which private placement for institutional investors continues to prevail.
Commenting on the role of corporate bond channels in the past, Fiin Group said that although there has been a good recovery in 2025, this medium and long-term capital mobilization channel has not yet fully promoted its capital-leading role for the manufacturing and industrial sectors - when banks account for 68% of the issuance value, while manufacturing and business enterprises are almost absent. In addition, corporate bond outstanding balance has only reached about 10% of GDP, still far from the target of 25% of GDP by 2030.
FiinGroup forecasts that in 2026, the corporate bond market will grow strongly thanks to newly issued policies, but the key is direct bond capital into production and business. In which, the non-financial group alone is forecast to issue USD 12.1 billion in corporate bonds in 2026, an increase of 58.3% compared to 2025, thanks to clearer policies and improved infrastructure.
To make bonds truly an effective capital mobilization channel for the manufacturing sector, according to FiinGroup experts, it is necessary to synchronize three pillars: Expanding investor base, improving commodity base, and perfecting institutions and market infrastructure.
