Vietnam recorded a jump in corporate bond issuance in March 2025, with VND 10.7 trillion (US$428 million) raised, according to data from the Vietnam Bond Market Association. This comes after there were no corporate bonds issued in February.The spike in issuance comes despite a heavy redemption calendar for the remainder of the year and some continued default activity.
Key points:
- Total issuance in March:
– VND 10.7 trillion (US$428 million) across five issuances
– Public offerings dominated, accounting for VND 10.2 trillion (US$408 million) - Cumulative bond maturities for 2025:
– VND 172.96 trillion (US$6.92 billion) due, with real estate bonds comprising 54% of the total - Delayed payments in March:
– 5 interest payments worth VND 305 billion (US$12.2 million)
– 2 principal payments worth VND 355 billion (US$14.2 million)
The March issuance may be a good sign for Vietnam’s corporate bond market, suggesting that firms—especially in banking and consumer sectors—are regaining access to capital. However, the significant pipeline of maturing bonds and sporadic defaults highlight ongoing credit risks, particularly in the property sector.
See also: Financial Sector in Vietnam