March 2025 Bond Spotlight: Absence of New corporate bond issuances by Non-Financial Enterprises in the first Two months of 2025

In the first two months of the year, the corporate bond market had a slow start, with only four issuance rounds recorded. Issuance activity, primarily driven by credit institutions, accounted for 94.6% of the total issued value. Notably, non-financial enterprises were completely absent from the market during this period, with no new issuances recorded. 

In the first two months of the year, the corporate bond market had a slow start, with only four issuance rounds recorded. Issuance activity, primarily driven by credit institutions, accounted for 94.6% of the total issued value. Notably, non-financial enterprises were completely absent from the market during this period, with no new issuances recorded. 

Access March’s full version of Bond Spotlight here: THIS LINK

Below are some key highlights from FiinRatings' latest March Bond Spotlight Report: 

• The average 12-month deposit interest rate at state-owned banks remained unchanged throughout 2024 and early 2025, providing stability for floating-rate corporate bonds.  
• The primary market recorded a total issuance value of only 5.5 trillion VND across four issuances, marking a 44.1% decline compared to the same period last year. In February, no new issuances were recorded in either the private placement or public offering markets due to the Lunar New Year holiday. 
• We project that the corporate bond market’s outstanding debt will grow by 15%-20%, driven by commercial banks ramping up Tier-2 bond issuances while deposit interest rates are expected to remain controlled, new regulations on private placements and public offerings, and other contributing factors. 
• Another driver of outstanding debt growth in the corporate bond market is the rising demand for refinancing and capital restructuring, particularly in capital-intensive sectors such as real estate, energy, construction, and materials. 

Additionally, the report consolidates various industry data and trends discussed at the "Vietnam Credit Spotlight" seminar hosted by S&P Global Ratings and FiinRatings. 

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About FiinRatings 
FiinRatings, a member of FiinGroup and technical partner of S&P Global Ratings, is a licensed credit rating agency under Vietnam’s Ministry of Finance. Our services include credit ratings, green bond verification, and independent evaluations (Second Party Opinion - SPO), catering to issuers, lenders, and investors across diverse sectors in Vietnam. 

FiinRatings’ SPO services provide independent evaluations of financial instruments, policy frameworks, or transactions aligned with principles set by global institutions like the International Capital Market Association (ICMA) and the Climate Bonds Initiative (CBI). Notably, FiinRatings is the first approved verifier for CBI Climate Bond Standards in Vietnam. 

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