August 2025 Bond Spotlight: Strong Rebound in Real Estate Bond Issuance

The Vietnam corporate bond market in August 2025 witnessed several notable developments, most prominently the rebound of real estate bonds. FiinRatings – a strategic partner of S&P Global – is pleased to publish the “August 2025 Bond Spotlight”, providing a comprehensive overview of issuance activities and regulatory developments, with the following key highlights:

🔹 The market recorded a recovery in issuance, reaching VND 60.2 trillion (+30.8% MoM) across 60 issuances (+17 compared to the previous month). Notably, the share of bank bonds declined to 56%, while non-bank corporates surged to account for 44% of total issuance during the month, driven mainly by real estate enterprises.

🔹 The newly issued Decree No. 245/2025/ND-CP is expected to improve the quality of corporate bonds issued via public offerings and enhance transparency.Key provisions include a requirement for independent credit ratings (except for issuances by credit institutions or those guaranteed by credit institutions/other financial institutions), a cap on the Total liabilities-to-Equity ratio of no more than 5 times, and other requirements aimed at strengthening market discipline, mitigating risks to investors, and fostering the sustainable development of the corporate bond market in the long run.

🔹 Commercial banks raised VND 273 trillion in bonds during the first eight months of 2025 (8M2025) and are expected to issue an additional VND 90 trillion by year-endto support credit expansion this year amid thin capital buffers and to comply with new capital adequacy requirements under Basel III, in line with SBV’s Circular No. 14.

Against this evolving regulatory backdrop, corporates with capital-raising needs or issuance plans should strengthen their credit profiles and enhance transparency to broaden their investor base. Conversely, investors should rely on in-depth analysis and independent assessment services to make strategic, well-informed investment decisions.

FiinRatings is committed to being a trusted partner, offering credit rating services and comprehensive advisory solutions to help businesses implement capital strategies effectively with optimized funding costs, while enabling investors to access high-quality opportunities.

For further information or tailored consultation regarding the report or our related services, please contact us:

𝐄𝐦𝐚𝐢𝐥: support.fiinratings@fiingroup.vn
𝐓𝐞𝐥: (84-24) 3562 6962