Vietnam’s primary corporate bond issuance reached VND30.6 trillion ($1.2 billion) in the first quarter of 2026, up 22% year-on-year, according to a report released on April 2 by VIS Rating.
A key highlight was improved credit quality among issuers, with the late payment rate falling to nearly zero, significantly lower than 0.2% recorded in the same period last year.
Efforts to resolve distressed bonds also showed progress, with recoveries totaling around VND5 trillion, lifting the cumulative recovery rate to 46%.
Real estate firms remained the dominant issuers, accounting for 53% of total issuance. The largest contribution came from Marina Center Investment Co Ltd, which issued nearly VND10.2 trillion ($387 million) worth of 10-year bonds. The sector’s recovery was also reflected in efforts to settle overdue debts, particularly among issuers linked to Novaland, Phuc Khang and Sunshine Group.
Meanwhile, banks continued to serve as a stabilizing force in the secondary market.
Looking ahead, refinancing pressure remains significant, with total outstanding corporate bonds reaching VND1.432 quadrillion ($54.4 billion) by the end of the first quarter. Banks accounted for the largest share at VND686 trillion ($26 billion), followed by residential real estate at VND390 trillion ($14.8 billion).
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