Vietnam Corporate Bonds Worth VND 235 Trillion Due in the Next 12 Months

VISRating data show that Vietnamese corporate bonds worth a total of VND 235 trillion are expected to mature over the next 12 months, up VND 66 trillion, or about 39%, from VND 169 trillion in the previous 12 months. The increase in maturities has drawn greater attention to issuers’ cash flow planning and ability to meet their payment obligations.

Corporate bonds worth VND 235 trillion are expected to mature over the next 12 months.（VietVance）

In October 2026, new Vietnamese corporate bond issuance totaled about VND 31 trillion, down 59% from the previous month. Banks accounted for 83% of the month’s new issuance and real estate companies for 6%. By issuance method, private placements accounted for 94% and public offerings for 6%. Newly issued bonds had an average maturity of 4.8 years, down from 5.3 years in the previous month.

The average coupon rate on bank bonds that month was 8.7%, compared with 12.5% for real estate bonds, a difference of 3.8 percentage points. Outstanding corporate bonds totaled VND 1,534 trillion, equivalent to 11% of the most recent nominal GDP figure. With new issuance declining and upcoming maturities rising, issuers’ ability to raise funds to meet their payment obligations remains a concern.

Secondary market trading followed a different trend from issuance: average daily corporate bond trading value reached VND 8.6 trillion in October, up 40% from the previous month. The increase indicates more active secondary market trading but does not directly mean issuers obtained more new funding. The annualized late payment rate on corporate bonds was 0.20% that month, slightly below the previous month’s 0.21%.

Source: VietVance