Jan 2026: The lowest issuances

– In Jan 2025, the total value of bond issuance dropped to VND3,711bn (Fig.1), -33% yoy and -96% mom.

– The Banking issued VND2,221bn with -58% yoy and accounting for 60% of total issuance (Fig. 2). The top issuer was VietinBank (VND2,221bn, Table 1).

– The real estate issued VND190bn, a -99% mom, and accounted for 5% in Jan. Major issuer was Khai Hoan Land (VND190bn, Table 1).

– In Jan, the average coupon rate remained to 8.1% in 2026 (Fig. 3). The real estate coupon rate accelerated to 13.5%, while the banking coupon rate decreased down to 6.5%.

– 35.0% of the bond maturity were less than 3 years, 5.12% focused on 3-5 years, 59.85 % had a term of 7-10 years (Fig. 4).