Corporate bond framework set for further revision

Regulatory changes are being prepared to strengthen the domestic corporate bond market, with further adjustments expected to support its development.

- By Khanh Linh

Corporate bond issuance reached $1.58 billion in March, according to data from the Vietnam Bond Market Association, with activity accelerating in both public and private channels.

The total included 12 public offerings worth $557.4 million, accounting for 35.2 per cent, and eight private placements valued at $1.02 billion, or 64.7 per cent of the month’s issuance.

As a result, total corporate bond issuance in the first quarter of 2026 was 2.1 times higher than the same period last year, when the market recorded $744 million. Issuance structure also shifted, with real estate companies accounting for 61 per cent of total volume, while bank-issued bonds made up 28.5 per cent.

This contrasts with the first quarter of 2025, when issuance was entirely concentrated in the banking and securities sectors.

The quarter also saw the return of manufacturing issuers, although at a modest scale. BAF Vietnam Agriculture conducted a single public issuance valued at $40 million.

Issuance growth in the first three months of the year was driven largely by real estate companies. On March 31, T&T New Era Company issued 80,000 bonds, with a face value of $4,000 per bond, equivalent to a total issuance of $320 million. The bonds carry an interest rate of 10.5 per cent per year.

At a first-quarter briefing held by the Ministry of Finance (MoF) on April 9, Bui Hoang Hai, vice chairman of the State Securities Commission, said the corporate bond market had shown clear improvement following its restructuring phase.