Financial Investment
Tiếng ViệtVietnam Corporate Bond Market – July 2026: Outstanding CBs Rose Further, Led by Banking
FiinGroup's July 2026 Corporate Bond Market Reporthighlights that outstanding CB value continued to expand, climbing to its highest level since late 2022. During the month, both issuance and early buybacks contracted significantly after June's peak, while secondary market liquidity remained elevated. Heading into the final months of the year, escalating repayment pressure alongside elevated funding costs will remain key factors to monitor.
Key highlights from the report:
- Corporate bond market size continued to expand to VND1,446 trillion (~11% of GDP), up +1.1% vs. end-June and +4.6% vs. end-2025.
- Issuance contracted sharply in July to VND41.3 trillion (-69.0% MoM and -8.8% YoY), led by declines in Banking (VND35.7 trillion, -38.6% MoM) and a steeper drop in the Non-bank sector (-92.5% MoM).
- Banking cut early buybacks to VND13.1 trillion in July 2026 (-80.0% MoM) following months of acceleration. In the Non-bank sector, repurchase activity also narrowed markedly; Real Estate buybacks ticked but remained low relative to preceding months.
- Secondary liquidity remained elevated, with average daily trading value reaching VND8.1 trillion/day (-4.9% MoM but +30.7% YoY). Trading stayed concentrated in the 1–3 year maturity segment, while liquidity rotated toward short-dated bonds with remaining maturities under 1 year.
- Debt service obligations remained low in August before picking up toward year-end, while funding costs remain elevated. Total scheduled principal and coupon payments in August are estimated at VND23.2 trillion (+18.4% MoM; -47.3% YoY), rising to ~VND33 trillion in September.
Figure: Banking led growth in outstanding CB value in July 2026
Explore the full Corporate Bond Market Report HERE
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Compiled using data from FiinPro-X's proprietary corporate bond database, the Corporate Bond Market Report provides recurring insights into issuance activity, early redemptions, debt maturities, and secondary market liquidity, helping financial institutions, corporates, and investors stay ahead of developments in Vietnam's capital market.
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