Aug 2025: Higher issuances, lower maturity pressure

In Aug 2025, the total value of bond issuance increased to VND60,362bn (Fig.1), – 6% yoy and 34% mom. The Banking led the growth with VND33,714bn with -37% yoy and accounting for 56% of total issuance (Fig. 2). The top issuers were Orient Bank (VND7,600bn), HDBank (VND4,799bn), Bac A Bank (VND4,700bn), and LPBank (VND4,500bn, Table 1).