May 2025: Record issuance, Rising maturity pressure

In May2025, the total bond issuance increased to VND66,112bn (+117% yoy, +38% mom). The Banking issued VND48,757bn (+123% yoy) and made up 74% of the total May issuance.
Corporate bond maturities in 3Q25 are projected to reach VND63,725bn, increase 97.4% qoq