Vietnam’s bond market recorded heavy issuance and active secondary trading in December 2025, led by government bonds and a recovery in corporate bond activity, according to the Vietnam Bond Market Association monthly report.
The State Treasury organised 20 government bond auctions during the month, offering VND 83 trillion (about US$3.15 billion) across 5-year, 10-year, 15-year and 30-year tenors, with a winning rate of 77.8 percent.
The 10-year tenor dominated issuance, accounting for VND 61.7 trillion (US$2.34 billion) of winning bids, while average winning yields rose to 3.93 percent per year and average maturity reached 9.8 years.
For full-year 2025, total government bond issuance reached roughly VND 371.5 trillion (US$14.1 billion), equivalent to 74.3 percent of the annual issuance plan.
Issuance in the fourth quarter alone met nearly 80 percent of the quarterly target, reflecting heavier supply toward year-end.
Secondary trading in government bonds strengthened in December, with outright transaction value rising 21.3 percent month on month to VND 246.3 trillion (US$9.35 billion), while repo transactions increased 4.8 percent to VND 51.9 trillion (US$1.97 billion).
Ten-year, 15-year and 30-year bonds accounted for most trading value, and yields edged higher across all tenors during the month.
On the corporate side, December saw 62 private placements worth VND 58.7 trillion (US$2.23 billion) and six public offerings totalling VND 3.8 trillion (US$144 million).
Year to date, private placement issuance reached VND 535.0 trillion (US$20.3 billion), while public offerings totalled VND 54.4 trillion (US$2.06 billion).
Corporate bond secondary market trading also picked up, with privately issued corporate bonds recording transaction value of VND 176.8 trillion (US$6.71 billion) in December, averaging VND 7.7 trillion (US$292 million) per trading day.
Enterprises redeemed VND 35.8 trillion (US$1.36 billion) of corporate bonds during the month, while three late interest or principal payment announcements were recorded, with a combined value of VND 110 billion (US$4.2 million).