Issuance value increases sharply, quality improves
According to VIS Rating data, in August 2025, corporate bond issuance activities increased by 42% compared to the previous month. In the first 8 months, the total issuance value reached VND373,000 billion, 45% higher than the same period in 2024. Total outstanding loans in the whole market reached VND1.39 trillion, up slightly by 1% compared to the previous month.
The issuance structure shows that credit institutions are still the main force, followed by real estate enterprises and some other sectors. The proportion of bonds with collateral is increasing, along with the stronger participation of institutional investors, reflecting the trend of market professionalization. Individual issuance activities continued to flourish in the first half of September.
According to the Vietnam Bond Market Association (VBMA), the average trading value reached nearly VND5,800 billion per day, showing improved liquidity.
Mr. Pham Anh Tu - an expert of VIS Rating - commented that the recovery comes from many resonant factors. The legal system is increasingly improved, improving transparency and strengthening investor confidence. The need for capital to implement projects after the pandemic also pulls businesses back into the bond channel.
He emphasized: The trend of issuing along with collateral assets is not only formal, but also improves the safety of investors, while increasing the ability of businesses to succeed. This is a positive signal, affirming that the Vietnamese bond market is moving closer to transparent and sustainable standards.
Market size is still modest
Despite rapid growth, the scale of the Vietnamese corporate bond market is still modest. Mr. Do Ngoc Quynh - Strategic Advisor of FiinRatings, General Secretary of VBMA - said that the domestic market still faces many bottlenecks. Investors are still limited and depend on the banking system; the quality and transparency of issuing bonds are not uniform; support mechanisms such as credit guarantee, credit rating and risk management have not been fully effective.
In addition, the information and monitoring infrastructure needs to be improved to create more solid trust. The opening of the debt capital market is a prerequisite for completing the "three-legged" financial structure: bank credit, the stock market and the long-term debt capital market - he emphasized.
From a management perspective, Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission said that in order for the bond market to truly become an effective capital channel, public companies must improve corporate governance, ensure transparency and accountability with shareholders and investors. On the investor's side, it is necessary to have a long-term strategy, fully assessing risks and benefits.
Mr. Hai also emphasized the role of intermediary institutions such as securities companies and investment banks in improving consulting, distribution and supervision capacity. Credit rating organizations and issuance guarantee organizations also need to continue to develop high-quality services, creating trust for investors.
The corporate bond market in 2025 is therefore following two parallel trends: primary issuance activities are increasing strongly, meeting medium and long-term capital needs; while secondary transactions and some payment risks still need to be closely monitored. With a large development space and the orientation of perfecting legal procedures, raising transparency standards, and expanding institutional investors, the market is expected to properly promote its role as a long-term capital mobilization channel, along with bank credit and the stock market, contributing positively to the stability and growth of the economy.
