The corporate bond market experienced a relatively quiet September in the primary market. According to data from the Vietnam Bond Market Association (VBMA), total mobilization value reached only VND 23.703 trillion, a significant 61% drop compared to August and 58% lower than the same period in 2024.
Source: VBMA
September’s issuance structure included 26 private placements totaling VND 23.204 trillion and a single public offering of VND 499 billion by Thanh Thanh Cong – Bien Hoa JSC (SBT).
Source: VBMA
Despite September’s slowdown, the first nine months of 2025 showed overall growth. Cumulatively, companies raised nearly VND 398 trillion, a 27% increase year-over-year. Banks dominated with 73% of issuances, followed by real estate at 18%.
Source: VBMA
While new capital inflows were cautious, debt repayment obligations remained significant. In September, companies repurchased VND 19.509 trillion in bonds, an 8% decrease from last year.
Source: VBMA
Repayment pressure is expected to rise in Q4. VBMA estimates VND 48.080 trillion in maturities for the remaining months, with real estate accounting for 38% (VND 18.331 trillion).
Liquidity pressures are evident as more companies delayed payments in September. Notable cases include Tracodi (TCD) with VND 27.4 billion in interest, R&H Group with VND 55.4 billion, and Dai Thinh Phat with VND 5.3 billion. Big Gain also missed VND 55 billion in principal and interest on BGICH2125004.
The secondary market showed resilience, with private corporate bond trading reaching VND 150.766 trillion in September. Average daily volume increased 45% to VND 7.538 trillion, indicating continued investor interest despite lower new issuances.
Looking ahead, major players like Vingroup (VIC) plan to issue upND 2.5 trillion in private bonds in Q3, while Vietjet (VJC) targets up to VND 3 trillion in H2.
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