Nov 2025: Higher issuances, Lower maturity pressure
In Oct 2025, the total value of bond issuance expanded to VND64,396bn, +49% yoy and +27% mom. The Banking issued VND29,235bn with +30% yoy and accounting for 45% of total issuance. The top issuers were LPBank (VND5,850bn), Techcombank (VND5,000bn), VIB (VND4,575bn). The real estate critically issued VND29,580bn, a +462% yoy, and accounted for 46% in Oct, which was larger than Banking. Major issuers were New Time T&T (VND8,050bn) and Hung Phat Invest (VND7,650bn). In Oct, the average coupon break the new record of 8.1%, +0.8%p mom in this year. The banking rate elevated to 6.5%, while the real estate rates continuously fell by -0.3%p to 9.7%, 63% of the bond maturity are less than 3 years, 6.08% focused on 3-5 years, 11.78% had a term of 5-7 years, 9.35% had a term of 7-10 years and 0.16% had bond maturity higher than 10 years.



