The Vietnam Bond Market Association’s (VBMA) April Bond Market Report revealed a total of 21 bond issuances last month, raising over VND 34,000 billion. Banks continued to dominate with 14 issuances, accounting for more than VND 21,000 billion.
Financial companies, securities, utilities, and real estate businesses accounted for the remaining issuances, raising approximately VND 13,000 billion. Notably, three real estate enterprises successfully issued bonds in April, making it the first month of the year with such activity.
Specifically, in April 2025, Vingroup issued bonds in three tranches, totaling VND 9,000 billion, with interest rates ranging from 12% to 12.5% per annum. Hanoi-based real estate consulting and trading company, TCO, issued VND 3,000 billion in bonds for one year at an interest rate of 8.2%/year, increasing their bond debt to VND 5,500 billion.
Real estate enterprises issued nearly VND 12,500 billion worth of bonds in April.
Similarly, Oleco – NQ Ltd., Co. in Nghe An province raised VND 490 billion through bond issuance, with a five-year maturity and an interest rate of 8.5% per annum.
In the first quarter, the bond market witnessed only 11 issuances, raising over VND 20,000 billion, exclusively from banks and securities companies.
According to VBMA, the value of maturing bonds in the last few months of the year is estimated at VND 163,200 billion, with VND 86,400 billion attributed to real estate bonds. Real estate enterprises will face significant maturity pressure in the third and fourth quarters of 2025. Notably, two bond codes delayed interest payments of VND 10.3 billion in April.
Looking ahead, VBMA shared that Vingroup has approved a plan to issue private placement bonds in five tranches this year, totaling a maximum of VND 10,000 billion. These non-convertible bonds will not include warrants or collateral, with a face value of VND 100 million per bond. The bonds will have a maximum term of two years and a fixed interest rate.
Vietnam Joint Stock Commercial Bank for Investment and Development (BID on the stock exchange) aims to issue private placement bonds in 50 tranches in 2025, with a total maximum value of VND 23,000 billion. These non-convertible bonds will not include warrants or collateral, with an expected face value of VND 100 million per bond. The bonds will have a minimum term of five years, featuring a combination of fixed and floating interest rates.
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A Modest $270 Million of Corporate Bonds Were Repurchased Prematurely in November
Data from the Vietnam Bond Market Association (VBMA), compiled from HNX and SSC sources, revealed that there were 29 private corporate bond issuances valued at approximately VND 24.4 trillion in November 2024.
The Looming Threat of Corporate Bond Maturity
The corporate bond market in the last two months of 2024 is facing significant pressure, with maturities expected to exceed VND 65 trillion, accounting for nearly 10% of the remaining credit limit for the year. This poses a considerable challenge not only to the issuing companies but also to the overall financial market.
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As of Q3, several residential real estate firms have exceeded their annual targets. However, many are still lagging behind. A significant number of companies reported declining profits, causing the industry’s overall performance to regress compared to the same period last year.
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