The corporate bond market recorded the return and increase in issuance activities of many businesses that were familiar to investors in the last months of 2025.
A series of bond lots with sizes from several hundred to thousands of billions of VND were continuously offered for sale with a notable point that interest rate increases have begun to appear.
According to MBS Research's December 2025 bond market report, the enterprise issuing bonds with the highest interest rate in 2025 is Khai Hoan Land Group Joint Stock Company (KHG) with a bond batch worth 160 billion VND, term of 5 years, interest rate of 13.5%.
This figure surpasses other names such as Vingroup Group with the highest interest rate of 12.5%, Thai Son Construction Investment JSC 12.5%, VinFast Production and Trading JSC, Vinhomes 11-12%...
Accumulated from the beginning of 2025, the total value of corporate bonds issued reached 649,300 billion VND, an increase of 42% compared to the same period. Banking is the industry group with the highest issuance value with nearly 426,900 billion VND (an increase of 43.5% compared to the same period), accounting for 65.7%.
The Real Estate group accounted for 23.3% with a total issuance value of VND 151,500 billion, an increase of 64.7% compared to the same period. The average interest rate for real estate group is 10.1%/year, the average term is 3.3 years.
According to the assessment of VIS Rating organization, 50% of the number of new issuing organizations in 2025 have "Medium" or higher credit records, higher than the rate of 38% in 2024. Credit rating activities are more common with 75 issuing organizations being ranked for the first time in 2025 (up 50% compared to the same period), concentrated in the fourth quarter of 2025.
The driving force comes from the mandatory credit rating regulation for corporate bonds issued to the public by non-bank issuing organizations and is expected to be applied to privately issued bonds for professional individual investors from 2026.
The rate of slow-paying bonds in 2025 decreased to 1.3%, from a peak of 12.2% in 2023. First-time slow-paying bonds in the year were concentrated in the real estate group that had experienced slow-paying in previous years, due to limited cash flow and profits during the debt restructuring and project restart period.
Entering January 2026, the value of maturing corporate bonds of the non-bank sector is estimated at about 5 trillion VND, significantly lower than December 2025 (down 75%), but still 23.4% higher than the same period.
The maturity pressure in the first month of 2026 was low due to seasonal factors. In which, real estate continued to play a dominant role, contributing about 66.6% of the total maturity value, equivalent to 3.4 trillion VND, a sharp increase of 132.6% compared to the same period last year.
Experts believe that the bond capital mobilization channel is gradually being activated again after the interruption period. The supply of corporate bonds is expected to increase in 2026, mainly due to tighter bank credit conditions and the lending interest rate level of banks tending to increase, thereby promoting the need to diversify capital sources of businesses.
However, the issuance picture is not uniform: some businesses issue "3-no" bonds, large-scale and long-term; some businesses accept high interest rates to attract cash flow; there are also cases of returning to the market in the context that financial capacity and cash flow are still under a lot of pressure, reflected in the low credit rating.
FiinRatings organization believes that the outlook for the corporate bond market in 2026 is very positive and vibrant with an improvement trend in quality, although still facing risks related to increased cost of capital, high credit differentiation between business groups and the ability of issuers to adapt to new market standards.
