Dec 2025: Higher issuances, Lower maturity pressure

The issuances from major sector significantly expanded

• In Dec 2025, the total value of bond issuance surged to VND84,355bn (Fig.1), 3% yoy and 140% mom.
• The Banking issued VND56,859bn with 81% yoy and accounting for 67% of total issuance (Fig. 2). The top issuers were BIDV (VND9,345bn), VIB (VND7,000bn), VABC (VND5,000bn, Table 1).
• The real estate issued VND9,690bn, a -73% yoy, and accounted for 11% in Dec. Major issuers were Phat Dat (VND5,400bn) and Thai Son Invest and Cons (VND2,000bn, Table 1).
• In Dec, the average coupon rate dropped to 7.8%, -0.5%p mom in this year (Fig. 3). The banking coupon rate accelerated to 6.8%, while the real estate coupon rate remained steady at 11.1%.
• 61% of the bond maturity were less than 3 years, 9.14% focused on 3-5 years, 18.34% had a term of 5-7 years, 4.72 % had a term of 7-10 years and 1.19 % had bond maturity higher than 10 years (Fig. 4).