Payment for corporate bonds due in the last quarter of 2025 will be at VNĐ75.7 trillion (US$2.88 billion), of which VNĐ45 trillion will be in December alone, mainly in the real estate group.
The report blamed slow regulatory reform, noting that credit-rating rules took a decade to become mandatory, allowing weak firms to issue risky bonds amid poor oversight and weak transparency.
Despite the slowdown in September, cumulative issuance for the first nine months reached nearly VNĐ398 trillion ($15.1 billion), up 27 per cent year-on-year.
Deputy Prime Minister Hồ Đức Phớc directed the State Bank of Vietnam to study and advise the Government on solutions to issue dollar-denominated bonds.
Corporate bonds — especially those issued via public offerings — are expected to regain momentum in the second half of 2025, buoyed by a mix of policy support and rising market demand.
The rise reflected the shift in supply and demand in the primary market and shows that the expectation of interest rate hikes is gradually becoming more evident in bond valuations.
In the first two months of the year, government bond issuances through HNX auctions reached VNĐ45.11 trillion, fulfilling 41 per cent of the first-quarter target and 9 per cent of the annual plan for 2025.
Prospects for credit growth and exchange rates will favourable conditions for non-bank corporate bonds to recover in the final months of this year, analysts forecast.