2Q2026 Corporate Bond Bulletin

Corporate Bond Market Q2 2026 Overview: Property Sector Drives Market Growth

Vietnam’s corporate bond market recorded a notable rebound in Q2 2026, with 160 successful issuances raising a total of VND 233.5 trillion (Figure 1). Activity improved significantly from the seasonally weaker first quarter. However, on a year-on-year basis, the number of issuances declined by 21%, while total issuance value decreased modestly by 4%, indicating a moderation in primary market activity.We expect the economy’s financing needs to remain significant over the medium term, driven by continued investment demand and economic expansion. However, recent volatility in interest rates has reduced the attractiveness of bond issuance and may cause issuers to delay fundraising activities. In addition, the implementation of Decree No. 200/2026/ND-CP, effective from 5 June 2026, introduces more stringent regulatory and disclosure requirements, which may require issuers additional time to adjust their funding plans and strengthen compliance frameworks. Consequently, primary bond market activity could remain relatively subdued in the near term despite strong underlying capital demand.

Private placements continued to account for the vast majority of market activity, representing VND 213.8 trillion across 150 issuances, accounting for 92% of total issuance value (Figure 3). Public offerings remained limited, totaling only VND 10.5 trillion through nine transactions. Public issuance activity was concentrated primarily among financial institutions, including BIDV, Kien Long Bank, Nam A Bank, TCBS, and F88, alongside convertible bond offerings from non-financial corporates SBT and CII. The quarter also witnessed Vingroup’s US$350 million international bond issuance, highlighting selective access to offshore funding among large corporate groups.