VIETNAM BOND MARKET REPORT SEP 2025: PRIMARY MARKET REMAINS SUBDUED
Primary G-bond market lost momentum amid less favorable conditions, with awarded amount at VND 16.975 bn, up marginally vs. August but still low relative to early-year levels. Cumulative 9M/2025 government bond fundraising reached VND 255.689 tn (51.1% of the annual plan); in Q3 alone, issuance totaled VND 54.3 tn (45.2% of the quarterly plan).The tendered/offered ratio printed 48.8% and the awarded/offered ratio 31.4%, still at the lower band despite session-by-session improvement; notably, the State Treasury (VST) offered only VND 54 tn vs. the VND 81 tn plan, signaling cost-of-funds discipline taking precedence over issuance progress.
Maturity structure remained anchored at 10Y, which accounted for 92.7% of September’s awarded volume; the 10Y line’s own issuance progress reached 93.5% in September.
On the G-bond secondary market, liquidity softened slightly with total turnover at VND 335 tn (outright VND 240.6 tn – 71.7%, repo VND 94.8 tn); average daily trading fell to VND 12 tn (-15% MoM).
Corporate bond (CB) primary cooled in line with seasonality to VND 26.205 tn (-48.3% MoM; -52.2% YoY) across 28 deals; 9M issuance still printed VND 353.563 tn (+24.4% YoY). Banks continued to lead but slipped 41% MoM; notable prints: MBB VND 6.000 tn, 3Y, 5.6–5.85%/yr; ACB VND 6.000 tn, 2Y, 5.85%/yr; in real estate, Truong Minh VND 5.000 tn, 1Y, 8.95%/yr.
Early redemptions were subdued at VND 16.209 tn (-26.3% YoY), driven mainly by banks (-49% MoM).
The October maturity wall eases to VND 17 tn, reducing near-term refinancing needs and offering issuers a breather. That said, property credit risk remains prominent: 14 issuers (mostly real-estate names) recorded missed principal/interest payments in the month, including large lots at R&H (VND 5.000 tn), S-Home (VND 2.400 tn), Nova (VND 4.300 tn), and BNP Global (VND 2.100 tn).
CB secondary turned lively again; building on August’s YTD peak of VND 150.7 tn (+38% MoM), September average daily turnover surged to VND 7.538 tn (+45% MoM).
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