Vietnam bond market needs restructuring for long-term capital

Vietnam's bond market requires restructuring to better meet the growing demand for long-term capital. Nguyen Quang Thuan, Chairman of FiinGroup and FiinRatings, noted that improving valuation, credit ratings, and the investor base is essential to support medium- and long-term capital supply and reduce pressure on the banking system.

As of September 2026, Vietnam's GDP is estimated to have grown by 9.01%, with a 9.95% increase in the third quarter. This high growth rate has increased capital mobilization needs for both the public and private sectors, particularly in infrastructure, energy, urban development, real estate, and manufacturing.

The government's 2026 borrowing plan includes 500,000 billion VND in government bond issuances. In the corporate sector, bond issuance reached 348,980 billion VND in the first eight months of 2026. Banks accounted for 54% of this value, followed by the real estate sector at 39%. Despite this, bank credit continues to dominate the economy's capital supply structure.