July 2026: Bond issuance and repurchase value in July fell

Vietnam’s corporate bond market weakened in July 2026. Total issuance fell 80% MoM and 42% YoY to VND26.3tn, with banks accounting for 78%, led by HDBank and Sacombank. Real estate contributed 11.4%, mainly from Vinhomes. The average coupon rate remained at 5.3%, while real estate and banking rates rose to 12.5% and 9.0%, respectively. Bond repurchases declined to VND15.4tn, down 78.2% MoM and 42.8% YoY, with banks contributing 85.5%, mainly OCB and VPBank. Meanwhile, late payments surged to nearly VND8.0tn, indicating rising maturity pressure. August maturities are estimated at VND10.1tn, concentrated in real estate and banking. Secondary market trading remained relatively stable at VND153.3tn, down 2.2% MoM but up 22.6% YoY, while average YTM edged up to 8.26%.