Financial Investment
Tiếng ViệtVietnam Corporate Bond Market Report – September 2026: Modest Growth Continued in Q3/2026, While Maturity Pressures Extend into 2027
In Q3/2026, both primary issuance and early CB buybacks contracted from its Q2 high, while average bank bond coupons reached 8.9%, near a three-year high. Secondary market liquidity recovered in September following two consecutive months of decline. Notably, debt service requirements are set to rise substantially in Q4/2026 and remain elevated in 2027.
FiinGroup’s September 2026 Corporate Bond Market Report, titled "Modest Growth Continued in Q3/2026, While Maturity Pressures Extend into 2027" highlights several key market developments:
The CB market continued to expand modestly in Q3/2026, with outstanding value reaching nearly VND1,466 trillion at end-September (+3.4% QoQ), showing a decline in both primary issuance and bond early buybacks.
Primary issuance moderated from its Q2 high, while coupon rates remained elevated. Total Q3 issuance reached VND166.0 trillion (-30.9% QoQ), largely reflecting a sharp decline in Real Estate (-55.7% QoQ). In September alone, average bank bond coupons reached 8.9% p.a., near a three-year high, while Real Estate coupons stood at 11.3% p.a.
Early bond buybacks fell sharply, led by banks. Total early buybacks declined 48.0% QoQ to VND74.6 trillion in Q3, with bank repurchases down 49.0%.
Secondary market liquidity recovered in September, led by Real estate bonds. Average daily trading value rosed 13.3% MoM to VND8.0 trillion, reversing two consecutive months of declines. Banking and Real Estate bonds accounted for nearly 80% of trading activity, while bonds with one to three years of remaining maturity represented 48.6% of turnover.
Debt service requirements are set to rise substantially in Q4/2026 and remain elevated in 2027. Total scheduled principal and coupon payments are projected at VND115.1 trillion in Q4/2026 (+59.3% QoQ) and VND394.3 trillion in 2027 (+28.4% YoY), with Real Estate facing projected debt service obligations of VND181.4 trillion (+21.4% YoY).
Figure: Vietnam’s CB market continued to expand modestly in Q3; Primary issuance and bond early buybacks both declined
For more detailed information, please download the full report HERE
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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