Reputation of issuers key to bond investment decisions
The Vietnamese bond market has faltered over the past two years under the impact of market turbulences and declines in investor confidence due to legal incidents and some inaccurate media reports on bond issuers.
Authorities' tightened supervision and inspection on bond issuance also caused concerns to both issuers and service providers. Investors have been deprived of their confidence in corporate bonds, which are inherently transparent and safe.
If the situation persists for a long time, it will block financial resources that are essentual to national economic growth. The drop in capital mobilisation through the corporate bond market is heightening pressures on the liquidity of many businesses.
The outstanding debt of Vietnam's corporate bond market is equivalent to about 15% of GDP. Photo courtesy of Law newspaper.
Nguyen Quang Thuan, chairman of FiinRatings, said that improving the transparency of corporate bond issuers is key to restoring confidence and gradually unleashing this important capital channel.
"The corporate bond channel needs to be restored to meet the capital needs of businesses, thereby bolstereing the target of high economic growth in 2023 and over the coming years," Thuan told the recent Vietnam Economic Forum co-chaired by the Central Economic Commission and government.
When assessing the reliability of corporate bonds, it is important to consider the reputation of the issuer, which should be verified by international financial institutions. For example, in November 2022, Masan Group successfully acquired a $600 million syndicated loan, despite market fluctuations. It was underwritten and attracted 37 international financial institutions to oversubscribe oversubscribe.
As a leading retail consumer group in Vietnam, Masan has constantly attracted investment from prestigious international funds and credit institutions like TPG, Abu Dhabi National Investment Fund, and SeaTown Holdings ($350 million).
SK Group has continuously poured capital into Masan's retail segment ($750 million) to realise its online-offline integration strategy with the point-of-life platform.
Another notable investor is the group from Alibaba and Baring Private Equity Asia - one of the largest alternative investment funds in Asia ($400 million).
With solid financial capacity and strong cash flow, the total principal and interest paid by Masan in 2022 was $475 million. Of this, the total value of long-term loans paid early was $200 million. In November 2022, Masan successfully issued $72 million in bonds for professional investors that will mature in August 2023.
Since its establishment, Vietnam's capital market - including the corporate bond market - has grown rapidly in terms of scale and the range of available products, with quick liquidity contributing to the mobilisation of financial resources.
However, the size of Vietnam's corporate bond market is still quite modest. Currently, the outstanding debt of the corporate bond market stands at about 15% of GDP, but the country's financial strategy aims for this to reach 20% by 2025 and at least 25% by 2030.
The capital market at the end of the first quarter of 2022, including the bond and stock market, had a capitalisation rate of 134.5% of GDP. Stocks alone reached 94%, corporate bonds hit 16.4%, and the government bond market was 23%. Thus, the capital market is taking up the same proportion as outstanding bank credit (almost $490 billion and equivalent to 132% of GDP).
At the time of reaching 16.4% of GDP, many experts and investors expected the corporate bond market to gradually replace and reduce the burden on the bank credit market – which is still the country's largest source of funding.
- Read More
PV Power's arm posts 5-fold jump in Q3 profit on margin recovery
PetroVietnam Power Nhon Trach 2 JSC (HoSE: NT2) reported a sharp rebound in third-quarter earnings as improved margins and higher revenue lifted profits nearly fivefold from a year earlier.
Companies - Wed, October 22, 2025 | 8:37 am GMT+7
TCBS overtakes SSI to become Vietnam’s largest securities company by market cap
Over 2.3 billion shares of Techcom Securities JSC (TCBS) debuted on the Ho Chi Minh City Stock Exchange (HoSE) on Tuesday. The stock, TCX, recorded the highest price and the largest market capitalization in the Vietnamese securities sector.
Finance - Tue, October 21, 2025 | 10:27 pm GMT+7
Indonesia’s palm oil industry becomes investment magnet
Indonesia’s palm oil sector attracted IDR52.7 trillion, or approximately $3.2 billion, in investment during the first nine months of this year, with the money going into enabling the country to capture more value out of its top commodity, the country’s Ministry of Investment reported.
Southeast Asia - Tue, October 21, 2025 | 9:34 pm GMT+7
Indonesia reports strong job, investment growth
The Indonesian Coordinating Ministry for Economic Affairs reported strong job and investment growth during the first year of President Prabowo Subianto’s administration, compared with the first year under his predecessor.
Southeast Asia - Tue, October 21, 2025 | 9:29 pm GMT+7
Singapore grants conditional approval for 1GW low-carbon power import from Malaysia
Singapore has granted conditional approval to import 1 GW of low-carbon electricity from the Malaysian state of Sarawak, marking a new phase in the energy partnership between the two countries.
Southeast Asia - Tue, October 21, 2025 | 9:26 pm GMT+7
Margin lending in Vietnam’s stock market hits record, but not worrisome
Despite margin debt in Vietnam’s stock market surging sharply, experts believe that current margin pressure is not yet a major concern as top securities firms have significantly strengthened their capital buffers.
Finance - Tue, October 21, 2025 | 4:23 pm GMT+7
Lenders in Vietnam now in low-rate lending race: ACB exec
The biggest “headache” for banks in Vietnam now is that profit margins are getting thinner, said CEO of Asia Commercial Bank (ACB) Tu Tien Phat.
Banking & Finance - Tue, October 21, 2025 | 4:00 pm GMT+7
PV Gas - 35 years of innovation and technological leadership in Vietnam’s gas industry
Over the past 35 years of establishment and development (1990-2025), PV Gas, a subsidiary of state-owned giant Petrovietnam, has affirmed its pioneering position in Vietnam’s gas industry, marked by a series of groundbreaking achievements in science and technology.
Companies - Tue, October 21, 2025 | 3:45 pm GMT+7
Vietnam's consumer finance major F88 achieves 90% of year's profit target after 9 months
F88 Investment JSC (F88), a leading consumer finance company in Vietnam, reported a cumulative pre-tax profit of VND603 billion ($22.88 million) in the first nine months of 2025, a 2.5-fold increase year-on-year, reaching 90% of its full-year target of VND673 billion.
Companies - Tue, October 21, 2025 | 3:15 pm GMT+7
Vietnam corporate earnings to be driven by credit expansion, trading activity, property recovery
With Q3 earnings season underway, results are expected to come in broadly in line with expectations. Financials should remain the largest contributors, benefiting from credit expansion and trading activity, while real estate continues to recover as project launches and sales rates improve, writes Tung Dang, associate director at Dragon Capital.
Economy - Tue, October 21, 2025 | 2:33 pm GMT+7
Inland port opens in southern Vietnam province Tay Ninh, set to become border logistics hub
The 16.5-hectare Tan Cang-Moc Bai inland port in Tay Ninh province, southern Vietnam has been opened, offering logistics services and handling customs clearance for imports and exports.
Infrastructure - Tue, October 21, 2025 | 12:03 pm GMT+7
State-managed property trading centers will help curb speculation, price manipulation: expert
Establishment of state-managed real estate trading centers is expected to create a transparent transaction channel, helping control and limit speculation and price manipulation in the Vietnamese market.
Real Estate - Tue, October 21, 2025 | 8:37 am GMT+7
Vietnam's benchmark VN-Index records sharpest drop in 25-year history
VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), saw the sharpest decline in its 25-year history on Monday, down by 94.76 points, or 5.47%, to 1,636.43.
Finance - Mon, October 20, 2025 | 5:49 pm GMT+7
Construction contractor Coteccons sets record FY2026 targets, capital base hike via share issue
Coteccons Construction JSC (HoSE: CTD), one of Vietnam’s largest construction contractors, has set ambitious targets for its fiscal year 2026, driven by a record order backlog and its push into international markets.
Companies - Mon, October 20, 2025 | 4:50 pm GMT+7
Real estate, gold markets to be fully established by 2026: Prime Minister
Vietnam plans to complete comprehensive legal framework for its financial, real estate, and gold markets by 2026 as part of a broader effort to modernize market infrastructure and accelerate economic growth, said Prime Minister Pham Minh Chinh.
Finance - Mon, October 20, 2025 | 3:33 pm GMT+7
Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province
Vietnam’s Ministry of Public Security has broken ground on a 60,000-seat domed stadium in the northern province of Hung Yen, set to become the country’s most technologically advanced sports venue.
Society - Mon, October 20, 2025 | 2:48 pm GMT+7
- Consulting
-
Vietnam corporate earnings to be driven by credit expansion, trading activity, property recovery
-
Vietnam's International Financial Center ambition can unlock new wave of innovation
-
Vietnam’s rapid capital market reforms set to pay dividends in coming decades
-
VN-Index valuation might offer '15-20% upside' in next 12-18 months
-
Opportunities for breakthrough growth in industrial and residential real estate in Hanoi’s satellite provinces
-
The six-year switch: The rise of multi retirements




















