Bond market booms: TCB, ACB, Vingroup and BIDV lead the 'race' to raise capital

DNVN - In the context of the corporate bond market booming in the first half of 2025, four 'big guys' including Techcombank (TCB), Asia Commercial Bank (ACB), Vingroup and BIDV have emerged as leaders in the capital mobilization race with tens of thousands of billions of VND issued.

Record corporate bond issuance

The report of MB Securities Joint Stock Company (MBS) on the bond market recently issued has outlined a multi-dimensional picture of the Vietnamese bond market in the first 6 months of 2025, with bright spots and parallel challenges.

The corporate bond market witnessed an unprecedentedly vibrant June, with total issuance value reaching VND123.7 trillion, a surge of 87% year-on-year and 79% compared to May.

The banking group continues to be the main driving force of the market, accounting for 80% of the total issuance value with VND98.5 trillion. The largest issuers include Asia Commercial Joint Stock Bank (ACB ) with VND24.8 trillion, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) with VND16.5 trillion and Military Commercial Joint Stock Bank (MBBank) with VND14.7 trillion.

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In the first 6 months of 2025, the total value of corporate bonds issued reached VND265.8 trillion, up 91.3% over the same period. Of which, the banking group accounted for 75% with nearly VND198.5 trillion. The average interest rate of this group is 5.6%/year.

In contrast to the reasonable interest rate of the banking industry, the real estate group, although accounting for only 15% of the total issuance value (40.2 trillion VND), has an average interest rate of up to 10.5%/year, reflecting a higher level of risk.

Businesses promote early bond buybacks

In addition to the bustling issuance activities, businesses also stepped up the purchase of bonds before maturity. In June, the purchase value reached 63.6 trillion VND, the accumulated value in 6 months was 125 trillion VND.

However, the risk of solvency is still a concern. June recorded 11 late-payment bonds with a total value of VND8.1 trillion. In the first 6 months of the year, the total value of late-payment bonds reached VND45 trillion, equivalent to about 5% of the total outstanding corporate bond debt in the whole market. Of which, the real estate group accounted for 65% of the late-payment value.

In the Government Bond market, the State Treasury issued VND201,390 billion in 6 months, completing 40.3% of the yearly plan. Winning yields tended to increase, with the 10-year term reaching 3.2%/year.

In the secondary market, transactions were active with an average daily value of VND16.7 trillion. However, it is worth noting that foreign investors net sold nearly VND13.5 trillion in June, putting pressure on the market.

In terms of leading enterprises, Techcombank (TCB) was the largest issuer in the first 6 months of the year with 37,000 billion VND, followed by Asia Commercial Bank (ACB) with 29,150 billion VND. Vingroup Corporation with 18,000 billion VND and Bank for Investment and Development of Vietnam ( BIDV ) with 17,835 billion VND.

Meanwhile, the group of enterprises with the highest issuance interest rates in the market are Vingroup and VinFast with interest rates ranging from 12% to 12.5%. Also with high interest rates are Song Phuong Company and Saigon Xanh Company (12%), and Tay Bac Company (11.5%).

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Source: https://doanhnghiepvn.vn/kinh-te/thi-truong-trai-phieu-bung-no-nhung-doanh-nghiep-nao-dan-dau-cuoc-dua-huy-dong-von/20250728104554915