Vietnam had just US$115 billion worth of outstanding government, corporate, and central bank bonds, in the first quarter of this year, according to the Asian Development Bank’s Asia Bond Monitor report for June. This is the lowest value of outstanding bonds among other key Southeast Asian economies.
The next lowest was the Philippines with US$219 billion, nearly double that of Vietnam.
This could be a sign of economic prudence, however, it could also be a sign that Vietnam is under investing in its own development. That being the case, this could threaten Vietnam’s competitive edge in the region further down the track.
Total bonds outstanding Southeast Asia, US$ billions
| Q1 2023 | Q4 2023 | Q1 2024 | ||||
| US$ | % of GDP | US$ | % of GDP | US$ | % of GDP | |
| Singapore | 502 | 97.7 | 542 | 106.3 | 545 | 107.4 |
| Thailand | 466 | 90.6 | 483 | 92 | 465 | 94 |
| Malaysia | 433 | 124.8 | 437 | 128 | 432 | 128.8 |
| Indonesia | 411 | 30.6 | 428 | 31.5 | 428 | 32.1 |
| Philippines | 212 | 50.8 | 217 | 49.4 | 219 | 49.6 |
| Vietnam | 113 | 27.3 | 109 | 26 | 115 | 27.4 |
Bond issuances Southeast Asia, US$ billions
| Q1 2023 | Q4 2023 | Q1 2024 | |||
| US$ | US$ | US$ | QoQ % | YoY % | |
| Singapore | 295 | 352 | 340 | -1.1 | 16.9 |
| Thailand | 73 | 58 | 61 | 12.2 | -11 |
| Philippines | 50 | 41 | 56 | 37.3 | 16 |
| Indonesia | 36 | 44 | 43 | -0.6 | 24.5 |
| Malaysia | 23 | 34 | 29 | -12.8 | 31.8 |
| Vietnam | 41 | 17 | 10 | -36.7 | -73.4 |
Full report: Asia Bond Monitor – June 2024