Vietnam Primary Corporate Bond Market 2025: Longer Maturities and Lower Coupon Rates

The year 2025 marked a period of structural adjustment inVietnam’s primary corporate bond market. Issuance data indicated longer maturities in selected sectors, alongside lower average issuance rates compared with the previous year.

Key highlights:

🔹 Average maturity reached 4.1 years

Several sectors, including Real Estate, Tourism & Entertainment, and Industrial Goods & Services, recorded longer average issuance maturities than in 2024. This contributed to a partial extension of the maturity profile and reduced near-term refinancing pressure.

🔹 Lower coupon rates for non-bank corporates

Average coupon rates for non-bank corporate bonds were 7.3% in 2025, lower than in 2024. This reflected an accommodative monetary policy stance during most of the year, before rates showed signs of increasing toward late 2025 and early 2026.

🔹 Differences in maturity-based pricing structures

Compared with bank bonds, short-term real estate bonds carried higher coupon rates than longer-dated issuances. This reflected higher funding costs associated with shorter tenors in the real estate sector.

Overall, the primary corporate bond market in 2025 showed longer issuance maturities in selected sectors alongside lower average issuance rates compared with the prior year. Differences in maturity-based pricing structures also highlighted variations in funding conditions across sectors.

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