The latest updated data from the Vietnam Bond Market Association (VBMA) shows that, as of the information announcement date April 3, 2026, the total value of corporate bond issuance recorded in March was 39.419 billion VND, with 12 public issuances worth 13.934 billion VND (accounting for 35.2% of the total issuance value) and 8 private placements worth 25.485 billion VND (accounting for 64.7% of the total issuance value).
The amount of corporate bonds issued in the first quarter of 2026 was 2.1 times higher than the same period in 2025 (about 18,600 billion VND).It is noteworthy that in the first 3 months of this year, the amount of bonds issued by real estate businesses accounted for 61%, and bank bonds issued only accounted for 28.5%.This situation is opposite to the first quarter of 2025, when all 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 very low.Only one bond issuance of BAF Vietnam Agriculture Joint Stock Company issued VND 1,000 billion to the public.
In March 2026 alone, businesses bought back VND 6,298 billion of bonds before maturity, down 37% compared to the same period in 2025.In the remaining 9 months of 2026, the estimated maturity value is VND 175,987 billion.Regarding the situation of abnormal information disclosure, there are 10 bond codes with late payment interest and principal worth VND 2,205 billion in March.
The issuance value by industry group did not change much as real estate and banking are still the 2 sectors accounting for a large proportion, while the groups of infrastructure, manufacturing, and industry tend to shrink.Specifically, the issuance value of real estate businesses accounted for 45% of the total issuance value in the first 3 months of 2026.Second place is the banking industry group with 44% and securities accounted for 4%.
Meanwhile, the remaining industry groups such as industry, infrastructure, and manufacturing are increasingly shrinking, currently accounting for only about 7% of the total issuance value.
This shows that the private placement corporate bond market in Vietnam is clearly disproportionate when bond issuing entities in the sector from infrastructure, industry to manufacturing account for too little, including the issuer and investor segments.
Regarding the scale of the corporate bond market, according to data from VIS Ratings, by the end of 2025 it will reach about 1.4 million billion VND, with most of it being bonds issued by banks.
If compared with the total outstanding credit balance of the Vietnamese banking system at the end of 2025, at around 18.4 million billion VND, the scale of corporate bonds is only equivalent to nearly 8% of the scale of bank credit.
If excluding bonds issued by banks, the amount of capital mobilized through bonds directly serving production and business activities is even lower, only equivalent to less than 5% of the bank credit scale.
This shows that the Vietnamese corporate bond market is still quite small and the level of capital supply to the economy is still limited.The proportion of the corporate bond market scale is currently about 11% of GDP, while the goal by 2030 is to increase this proportion to 25% of GDP.Thus, to achieve that goal, the market needs to have stronger development steps in the coming time.
A noteworthy point mentioned by VIS Ratings experts is about bond maturity.Most corporate bonds in Vietnam have relatively short terms, mainly from 1 - 3 years.
Meanwhile, in theory, corporate bonds are expected to be a medium and long-term capital supply channel for the economy and investment projects.With the current short issuance term, the long-term capital supply role of the bond market has not been fully promoted.
