The Private Bond Market Slows in July

13 August, 2025

Bond issuance plunges after a shocking surge in June (Unit: VND billion)

Source: Author’s compilation based on HNX data as of August 11, 2025

In July, enterprises issued approximately VND 31.4 trillion in face value, down 22% from the same period in 2024 and 17% lower than July 2023.

Banks continued to dominate, contributing 70% of the total value, equivalent to VND 22 trillion. However, notable big players such as Techcombank, TPBank, VietinBank, and VPBank did not participate in this round.

OCB led the market with 3 issuances totaling VND 5.3 trillion, a 3-year term, and an interest rate of 5.35-5.4%/year, bringing its total capital raised since the beginning of the year to about VND 16.2 trillion.

Ranking second was MBB with 6 issuances worth VND 2.65 trillion, an 8-10 year term, and an interest rate of 6.38%-6.48%/year, pushing its 2025 total to VND 18 trillion. BIDV added another VND 2.15 trillion, bringing its total to nearly VND 20 trillion.

Several other banks, including ACB, MSB, SHB, and Nam Á Bank, also participated. Notably, Agribank stood out with the largest issuance of the month, valued at VND 7.52 trillion, with a 2-year term and an interest rate of 5.2%/year. After just 3 rounds, this state-owned bank has raised VND 12.5 trillion.

Banks were less enthusiastic about capital raising in July

Source: Author’s compilation

Consumer finance was subdued, with EVF returning after 3 years

Aside from banks, other financial sectors also witnessed limited activity.

In consumer finance, F88 Business Joint Stock Company consistently issued bonds with a VND 100 billion lot, maturing in 1 year, and an interest rate of 10%/year. This was the fourth consecutive month, bringing the total raised capital to VND 350 billion. The interest rate of 10%/year was also lower than the previous rounds’ 10.5%/year.

Electricity Finance Joint Stock Company (HOSE: EVF) attracted attention by returning to the market after more than 3 years of absence, issuing a VND 215 billion lot with a 3-year term and a 7%/year interest rate.

Dragon Vietnam Securities Joint Stock Company (HOSE: VDS) was the only securities firm. The company raised an additional VND 800 billion with a fixed interest rate of 8%/year. In total, VDS has mobilized nearly VND 2 trillion so far.

The non-bank financial group was also subdued

Source: Author’s compilation

Real estate was also lackluster

Other sectors performed equally subdued. In real estate, the market witnessed a newcomer, Thanh Vinh Real Estate Investment Joint Stock Company, which raised VND 1.1 trillion through 2 lots with a term of up to 7 years and an interest rate of 9.2%/year. This enterprise was once 90% owned by HANO-VID Real Estate when it was first established.

Mặt trời Hạ Long, the investor of Ha Long Ocean Park, collected VND 884 billion through 3 lots in one day, with a term of 2-4 years and an interest rate of 9.1%/year. New Tech Investment and Construction Joint Stock Company—which was recently acquired by Van Phu Investment Joint Stock Company (HOSE: VPI)—issued VND 885 billion in 3 years, with an interest rate of 10.5%/year, to implement a commercial apartment project in District 7, Ho Chi Minh City (former name).

Aside from real estate, Vietjet Aviation Joint Stock Company (HOSE: VJC) added VND 1 trillion through a 5-year bond with an interest rate of 10.5%/year, bringing its total capital raised in 2025 to VND 2 trillion. Ho Chi Minh City Technical Infrastructure Investment Joint Stock Company (HOSE: CII) completed the second lot worth VND 300 billion, with the same 5-year term and an interest rate of 10.25%/year, bringing the total to VND 500 billion.

In the transport infrastructure sector, VETC—the unit in charge of Tasco’s (HNX: HUT) non-stop toll collection segment—received VND 500 billion from IFC (a member of the World Bank) through convertible bonds with a 5-year term and an interest rate of 5%/year.

In the water supply industry, DNP – Bac Giang Water Infrastructure Investment Joint Stock Company, a member of DNP Holding (HNX: DNP), issued a VND 60 billion lot with a 10-year term and an interest rate of 8.5%/year.

July saw the absence of familiar names like Vingroup and VinFast