The expansion, however, was well below 2024’s growth rate of 34.6%. Private placements accounted for 90.6% with 486 issuances.

Banks continued to be the major players, accounting for 67.7% of the total issuance value, followed by real estate firms (22.9%) and securities companies (2.9%).

2025 saw major regulatory changes aimed at improving transparency, strengthening risk control and protecting investors, including tightening conditions for both private and public bond offerings.

Viet Nam’s stock market development strategy by 2030 targets to develop corporate bond market into a key source of medium- and long-term capital raising with a total outstanding bonds equivalent to at least 25% of GDP by 2030.

With the target of double-digit growth from 2026, the capital market is playing an increasingly important role in channelling capital into the economy.