Corporate bond issuance totalled $21.8 billion in 2025

Corporate bond issuance totalled $21.8 billion in 2025

The corporate bond market continued its recovery in 2025 with issuance estimated to total VNĐ575.4 trillion (US$21.8 billion), up 11.3 per cent over 2024, according to the Việt Nam Bond Market Association.

Corporate bond issuance totalled $21.8 billion in 2025, up 11.3 per cent. — Photo baotintuc.vn

The expansion, however, was well below 2024’s growth rate of 34.6 per cent. Private placements accounted for 90.6 per cent with 486 issuances.

Banks continued to be the major players, accounting for 67.7 per cent of the total issuance value, followed by real estate firms (22.9 per cent) and securities companies (2.9 per cent).

2025 saw major regulatory changes aimed at improving transparency, strengthening risk control and protecting investors, including tightening conditions for both private and public bond offerings.

Việt Nam’s stock market development strategy by 2030 targets to develop corporate bond market into a key source of medium- and long-term capital raising with a total outstanding bonds equivalent to at least 25 per cent of GDP by 2030.

With the target of double-digit growth from 2026, the capital market is playing an increasingly important role in channelling capital into the economy. 

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