Slow down the market, the enterprise tries to handle debt
After the screening period lasted from the end of 2022 to the end of 2024, the corporate bond market (TPDN) entered 2025 with mixed signals. The new release continues to slow down, especially the non -financial enterprise group, while the secondary market liquidity and the debt restructuring were clearly changed. The market is strongly differentiated, with the growing role of the bank.
According to Vis Rating data, the first quarter of 2025 recorded the total issuance value of only 25,130 billion dong, the lowest level in the last 5 years.
By the end of the first quarter, the total outstanding loans of the TPDN reached VND 1,262,000 billion. In particular, the bank block accounts for more than 41.7%, real estate accounts for 30.3%. Banking bonds with "above average" confidence quality recorded increasing capacity within term, continuing to attract medium and long -term capital flows.
The market also acknowledged the increasingly clear debt handling efforts from the issuing businesses. In the first quarter, there were 17 parts of partial or all overdue payments with a total value of VND 8,081 billion - an increase of 83% over the same period. The rate of principal debt recovery has increased from 25.5% to 28.2%. Enterprises that proactively restructure such as Novaland, Saigon Glory are considered a bright spot in the current period.
Mr. Nguyen Dinh Duy - Director of Vis Rating - said: "The market is improving quality by limiting high risk investment activities and benefits to the owner. This is a signal that the market is moving from the crisis period to the sustainable purification stage."
However, the risk cannot be considered to be controlled. In the first quarter, the market continued to record three new delayed profits from Long Thanh cement, R&H Group and Tracodi. The retardation rate of the whole market is still high - 14.6%.
Green bonds are expected to become a new motivation
Fiinratings said that in the first two months of the year, there were only four new issues with a total value of VND 5,500 billion - down 44.1% over the same period. All come from the bank to supplement the second -level capital.
Notably, the second quarter/2025 is forecasted to be the time when the pressure is expired, with the total value of individual bonds up to 40,600 billion dong. In particular, real estate bonds account for about 41%. Fiinratings assesses many businesses have not had a feasible re -capital supply plan in the context of tightening the release conditions and the trust has not been improved clearly.
According to Mr. Nguyen Quang Thuan - General Director of Fiinratings - “The 2025 growth motivation will mainly come from credit institutions. However, with large groups of businesses such as real estate, energy and infrastructure, the removal of legal entanglement and transparency improvement will be a prerequisite to return to the bond canal." He also said that the market is entering the "normal" stage, in which the quality of bond goods will be more focused instead of mass issuance as the previous stage.
A highlight expected by 2025 is the development of green bonds, when the national green classification frame is expected to be issued.
Mr. Nguyen Quang Thuan assessed that this will be an important push to shape the debt market in a sustainable way, especially in areas such as renewable energy, green transport, clean production.
Sharing the same opinion, Mr. Le Hoang Tung - Deputy General Director of Vietcombank - shared: “The green financial market, especially the green bond, has a lot of development.
In the context of the traditional market there are many obstacles, green bonds are expected to open a new direction for the medium and long -term capital mobilization channel. If the legal framework is issued on schedule, along with clear preferential mechanisms, this can become an important thrust to regenerate trust and attract sustainable capital flows.
