Deepening the Vietnam Corporate bond Market – Voices from Deal Practitioners

Vietnam’s corporate bond market is undergoing an inevitable transition toward a deeper stage of development. As market infrastructure continues to improve, the strategic focus is no longer limited to facilitating primary issuance channels but has shifted toward strengthening the broader corporate bond market ecosystem - from issuers and consulting institutions to institutional investors and secondary market trading infrastructure.

This shift has fundamentally changed the question of market access. The question is no longer simply, “Can a company successfully complete a bond issuance?”, but rather, “To what extent can an issuer sustain transparency, honor post-issuance commitments, and uphold financial discipline post-issuance to retain institutional investors?”

Market Commentary No. 08 from the Vietnam Corporate Bond Market Forum 2026 looks across the full lifecycle of a bond issuance - from pre-issuance structuring to post-investment monitoring - to identify existing bottlenecks and highlight the conditions needed for the market to operate in a more transparent and efficient manner.

Key highlights:

🔹Businesses are no longer viewing the corporate bond market simply as a funding channel, but as a strategic lever to build a durable, long-term capital base. Market participation signals a clear shift toward funding diversification and reduced reliance on traditional bank credit, while enabling enterprises to proactively standardize their operation and take greater control of medium- to long-term financial structuring.

🔹 From a market maker’s perspective, transparency is a prerequisite for investor access – especially in the pre-issuance phase. The real challenges, however, lie in consistently honoring commitments, sustaining disclosure standards, and upholding financial discipline post-issuance. These decisive factors shape investor confidence and determine their continued participation in future issuances.

🔹 Information asymmetry remains a persistent bottleneck, particularly in the secondary market. Investors often struggle to obtain timely post-issuance updates, while issuers tend to narrow disclosure scope – creating information gaps that undermine pricing efficiency and liquidity.

🔹 The mandate for enhanced market infrastructure has intensified significantly, specifically regarding pricing mechanisms and secondary market liquidity. The absence of reliable pricing benchmarks, credible yield curves, and clearly defined market maker roles continues to constrain secondary trading. This not only limits investors’ exit options but also affects their willingness to engage from the primary issuance stage.

The report draws on insights from the panel discussion “From Issuance to Investment: Strengthening Vietnam’s Corporate Bond Ecosystem”, which brought together experts representing three critical pillars of the debt capital market: issuers, consulting institutions, and institutional investors.

Speakers included Mrs. Luong Thuy Ngan, Director, Investment Banking, Vietcombank Securities; Mrs. Hoang Thi Hang, Deputy General Director, Binh Thuan Plastics Group; Mrs. Trinh Quynh Giao, CEO, PVI Asset Management; and Mrs. Ba Thi Thu Hue, Head of Commercial, FiinRatings.

👉 ACCESS THE FULL COMMENTARY HERE

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