Vietnam’s 2025 Bond Market: Stability, Growth, and a Green Capital Shift
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Vietnam’s Bond Market Maintains Steady Growth
According to Ms. Pham Thi Thanh Tam, Deputy Director of the Financial Institutions Department (Ministry of Finance), despite complex global and domestic economic conditions, Vietnam’s bond market has remained stable and achieved positive growth in 2025.
Total capital mobilization through the bond market in 2025 reached over 730 trillion VND, equivalent to approximately 27% of total social investment. The market size by year-end is expected to reach around 3,830 trillion VND, or 33.3% of 2024’s GDP. Government bond issuance remains the primary funding channel, contributing 70% of the central budget’s capital needs and approximately 80% of total domestic capital mobilization during the 2021–2025 period.
For the corporate bond market, the legal framework has been enhanced, and risk management, supervision, and investor warnings have been prioritized. The Ministry of Finance has proactively reported to competent authorities and proposed suitable policy solutions. As a result, the corporate bond market in 2025 experienced positive growth compared to the previous year, both in the number of issuing companies and total mobilization value, estimated at 441.7 trillion VND.
Ms. Pham Thi Thanh Tam added that the Ministry of Finance is closely coordinating with relevant ministries and agencies to develop a pilot scheme for issuing green government bonds, to be submitted for approval by the Prime Minister and implemented from 2026.
State Treasury Flexibly Manages Bond Issuance
According to the State Treasury’s data, in 2025, complex domestic and international financial market fluctuations impacted government bond issuance. However, the State Treasury closely monitored market dynamics, adjusted issuance volumes and interest rates based on the central budget’s capital needs, and maintained reasonable management.
By the end of October 2025, the State Treasury successfully organized 43 out of 52 bidding sessions on the Hanoi Stock Exchange (HNX), with a total issuance volume of 283,429 billion VND, achieving 57% of the annual plan. Notably, the average issuance term reached 9.84 years, with an average interest rate of 3.07% per year—a level deemed suitable for a safe and sustainable government bond portfolio, as outlined in Resolution 07-NQ/TW and Resolution 23/2021/QH15.
In preparation for the 2026–2030 period, when numerous large public investment projects will be implemented, the State Treasury will diversify funding sources and methods, proactively manage capital mobilization plans, extend issuance terms, and introduce diverse bond products to attract investors. It will also align interest rates with market trends. The agency is also exploring mechanisms to encourage insurance funds, life insurance companies, and commercial banks to invest and support capital mobilization for the economy.
Corporate Bonds Rebound Strongly, Led by Banking Sector
According to Mr. Le Trung Hai, Deputy Head of the Public Company Supervision Department (SSC), in 2025, the corporate bond debt-to-GDP ratio reached 10.2%, reflecting a clear market recovery. Total corporate bond issuance in the first nine months reached 462.7 trillion VND, up nearly 44% year-on-year.
This included 10 public offerings totaling nearly 21 trillion VND (15.8%) and 386 private placements totaling 441.7 trillion VND (84.2%). The banking and real estate sectors continued to dominate, with banking accounting for 70% of private placements and 86.37% of public offerings, while real estate accounted for 22% and 10.24%, respectively.
In terms of trading, HNX accepted and listed 361 bond codes from 85 companies, with a total registered value of 393,052.7 billion VND. During the same period, 841 bond codes completed principal and interest payments, totaling nearly 27.9 trillion VND.
In 2026, the SSC will continue to implement comprehensive solutions to improve policies, enhance supervision, and elevate product and service quality, aiming for a safe, transparent, and sustainable corporate bond market.
According to HNX statistics, as of October 31, 2025, the listed value on the secondary government bond market reached 2,468,720 billion VND, up 11.11% from the end of 2024. Notably, the average session trading value reached 15,271 billion VND, a 29.63% increase year-on-year. Outright transactions accounted for 70.69%, while repos accounted for 29.31%.
Foreign investors’ trading volume accounted for 3.64% of the total market value, with net purchases of 2,832 billion VND, reflecting foreign confidence in Vietnam’s bonds.
In the private corporate bond market, 84 companies issued 386 placements, totaling over 441,730 billion VND, up 39.5% year-on-year. The average term was 3.66 years, with an average interest rate of 7.23%. Credit institutions accounted for 66.27%, and real estate for 26.13% of the total issuance value.
The repurchased corporate bond value was 247,213 billion VND, with an outstanding value of 1,142 trillion VND, while total trading value exceeded 1.1 million billion VND, up 30% year-on-year.
For international issuance, 2025 saw two placements totaling 350 million USD, with an average term of 4.71 years and an interest rate of 5.86%.
Deputy Minister of Finance Nguyen Duc Chi emphasized that, given the Party and State’s goal of achieving over 10% GDP growth from 2026, the bond market’s role becomes increasingly critical as a key channel for medium- and long-term capital mobilization and allocation.
– 19:15 11/11/2025
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