Sep 2025: Lower issuances, higher maturity pressure

In Sep 2025, the total value of bond issuance sharply decreased to VND49,569bn (Fig.1), – 15% yoy and -18% mom. The Banking issued VND33,880bn with -29% yoy and accounting for 68% of total issuance (Fig. 2). The top issuers were Military Bank (VND6,745bn), VIB (VND4,425bn), Techcombank (VND4,000bn, Table 1).