Vietnam banking sector dominates corporate bond issuances

Vietnam's corporate bond market is seeing a significant shift toward the banking sector. In August 2026, banks accounted for 82% of new bond issuances, totaling approximately 35,000 billion VND, while the real estate sector's share dropped to 9%. For the first eight months of 2026, banks led total issuances at 54%, followed by real estate at 39%.

Despite the banking sector's dominance in new issuances, the real estate industry faces higher financing costs, with average coupon rates reaching 12.2% compared to 8.7% for banks. The real estate sector also faces substantial debt pressure, with a large portion of upcoming maturities concentrated in this group.

Individual banks are actively managing capital. VPBank plans to increase its charter capital to 100,000 billion VND through a 26.04% stock dividend. LPBank is preparing to raise nearly 12,000 billion VND through public and private bond offerings to expand its operating capital and support lending in agriculture and consumer credit. Meanwhile, several major banks, including BIDV, Vietcombank, and ACB, have reported significant increases in issued valuable papers, such as certificates of deposit, to diversify funding sources.