Issuing increases sharply, liquidity is stable
The corporate bond market in June recorded remarkable changes when issuance activities were strongly resumed, liquidity improved and investor confidence gradually strengthened.
According to information from VIS Rating, in June 2025, the issuance value of corporate bonds reached VND94 trillion, up 36% compared to the previous month and the highest level since 2022. Notably, all issues in the month are issued individually, showing that businesses are continuing to take advantage of this capital mobilization channel to supplement cash flow.
Total outstanding corporate bond debt in the market by the end of June reached VND1,366 trillion, up 2.7% compared to May. In the secondary market, liquidity remained stable with an average trading value of VND5.9 trillion per day, up slightly by 2% compared to the previous month. The average maturity yield of bank bonds with credit records is from the average level and above and the 6-year term increases by 290 basis points.
In terms of risks, June only recorded 4 more bonds with initial late payment codes, including 2 codes with late interest payment and 2 codes with late principal payment. VIS Rating assessed this as a positive signal in the context of the great maturity pressure still waiting ahead.
A bright spot is the handling of late-payment bonds related to Van Thinh Phat group.On June 25, 2025, the Ho Chi Minh City Civil Judgment Enforcement Department paid more than VND 7 trillion (equivalent to 24.81% of face value) to more than 40,000 investors holding 25 bond codes of 4 enterprises in this group.
As a result, the rate of late principal recovery in the whole market increased to 34.1%, compared to 31.8% in the previous month.
The risk still exists for weak credit groups
Although the market is showing many positive signs, VIS Rating warns that maturity pressure still exists. In the next 12 months, there will be about 222 trillion VND of maturing bonds, of which 44% of issuers have credit rating at the "Weak" level or lower.
Notably, 92 bond lots with a total value of VND 50 trillion have been extended for a maximum of 2 years or less under Decree 08/2023/ND-CP, mainly to reduce short-term payment pressure. In July 2025 alone, there will be 35 maturing bonds, of which 22 stocks are in the weak credit group and 8 stocks have fallen into a state of late payment.
According to Mr. Dinh Quang Hinh - Head of Vimic and Market Strategy, VnDirect Securities Company - the risks of late payment still need to be closely monitored, especially in the real estate group: "There will still be risks related to businesses being late in paying principal and interest on bonds, focusing on the real estate sector - which is under great pressure on cash flow. This is a risk factor that the corporate bond market needs to continue to closely monitor this year.
He said that to support the market's sustainable recovery, management agencies need to continue to remove difficulties for issuing enterprises, thereby contributing to the development of the capital market in a more balanced way.
In recent years, we have relied heavily on the money market, specifically bank credit. This creates great pressure on monetary policy in the current context, said Mr. Hinh.
From another perspective, Mr. Nguyen Duc Nhan - Director of the Business Center, Mirae Asset Hoan Kiem Securities Company - said that the market still has a positive outlook in the third quarter if the enterprise maintains transparency and has a suitable overcoming difficulties strategy.
"Bond pressure is real, but for businesses with prospects and transparency, extending the repayment period is necessary to overcome temporary difficulties. This does not lose the confidence of investors if it is implemented transparently and with a clear roadmap, Mr. Nhan shared.
According to him, the bond market can still look forward to a positive third quarter, although there are many factors to monitor, especially the outlook for corporate finance and support policies from management agencies.
