Research & Insights

Q3/2025 Corporate Bond Market: Record Early Buybacks Amid Cooling Issuance Corporate bond issuance in Q3/2025 totaled VND 156.1 trillion across 154 domestic deals and one international issuance by VPBank (USD 300 million), down 33% from Q2 but flat year-on-year. Activity cooled after a strong Q2 driven by major banks raising capital. Private placements still dominated

Vietnam’s Economy in Q3/2025: Strong Growth Supported by Low Interest Rates Vietnam’s GDP surged 8.23% YoY in Q3, bringing nine-month growth to 7.85%, the second-highest in 15 years, only behind the surge in 2022. Industrials and Construction (+8.69%) led the expansion, with Manufacturing (+9.92%) and Construction (+9.33%) posting robust gains. Services (+8.49%) and Agriculture (+3.83%)

About the Event Join us for an insightful event dedicated to exploring the latest developments in ESG (Environmental, Social, and Governance) ratings and their impact on sustainable finance. As the demand for responsible investing continues to grow, understanding the evolving landscape of ESG ratings becomes crucial for investors, companies, and policymakers alike. This event will

Key Highlights from Banks’ 2025 business plans Vietnamese banks have released their business plans for 2025 at their AGMs, with small-sized joint stock commercial banks (JSCBs) are targeting the highest PBT growth (up 106% YoY, excluding NVB), followed by mid-sized JSCBs (up 20% YoY), and large-sized JSCBs (up 17% YoY). Meanwhile, among state-owned commercial banks

Q1 Production and consumption activities show positive growth GDP growth reached 6.93% YoY in 1Q2025, the highest increase in Q1 since 2020 (Chart 1). This positive result mainly stems from growth momentum in the manufacturing and tourism sectors, with key industries such as manufacturing (+9.3% YoY), hospitality and food services (+9.3% YoY), construction (+8% YoY),

1Q2025 Overview: Positive signals from public bond issuance channel According to S&I Ratings estimates, 1Q2025 saw 13 bond issuance rounds totaling VND 25.1 trillion. This includes 11 rounds of public issuance (VND 23.1 trillion) and 2 rounds of private issuance (VND 2 trillion). The bond issuance value increased by 4.7% compared to the same period