Data compiled by The Investor showed 28 private bond placements completed in the first four months of the year, raising a total of VND46.74 trillion ($1.77 billion), up from 19 issues worth VND30.07 trillion in the same period last year.

Real estate firms dominated issuance, accounting for more than 81% of total proceeds, or VND37.94 trillion ($1.44 billion). This marks a shift from the four-month period of 2024, when banks led the market with a 68% share.

The change partly reflects banks’ increasing preference for public bond offerings to diversify their investor base, while some non-bank firms, particularly in construction and agriculture, have also tapped public markets.

However, a more notable driver is the surge in fundraising by major private groups. Four conglomerates – Vingroup, Masterise Group, Sovico Group and Sun Group – accounted for nearly 81% of total issuance.

Masteri Thao Dien, located in the former District 2, Ho Chi Minh City, is a project that made Masterise Group famous. Photo courtesy of the company.

Masterise-related entities led with about VND13.6 trillion or $516.2 million (29.46% share), followed by Vingroup with VND10.5 trillion (22.46%), Sovico-linked issuers with VND10.2 trillion (22%), and Sun Group units with VND3.1 trillion (6.7%).

One notable transaction came from Marina Center Investment Co Ltd, linked to Sovico Group, which issued a single bond tranche worth roughly VND10.2 trillion ($387 million) with a 10-year tenor and a coupon of 4%.

The proceeds were secured by the Marina Central Tower project in Ho Chi Minh City, which was pledged as collateral shortly after issuance via Techcom Securities.

Entities tied to Masterise Group were also active, including issuances by Time Era T&T JSC and Phat Dat Real Estate Development and Investment Co Ltd, raising a combined VND13.6 trillion ($516.22 million) across multiple tranches.

Meanwhile, Vinhomes, a unit of Vingroup, issued two private bond tranches totalling VND7.5 trillion with coupons ranging from 12% to 12.5% and maturities of 30-36 months.

Issuers linked to Sun Group, including Ba Na Cable Car Services JSC and Phu Quoc Civil Construction Co Ltd, also tapped the market, highlighting the continued presence of large developers.

Market participants say the rebound reflects improving conditions after a prolonged downturn in the property sector, during which legal bottlenecks and cash flow constraints weighed on developers.

“As obstacles are gradually resolved, demand for capital to restart projects and implement business plans has become urgent,” said Nguyen The Minh, head of investment banking at An Binh Securities.

With bank credit still constrained by tight lending quotas and relatively high borrowing costs, bonds remain a more viable funding channel in many cases.

Legal requirements are also driving issuance. Under land regulations, developers must often complete infrastructure before projects can be marketed, requiring upfront capital – a need well suited to bond financing.

Large conglomerates continue to enjoy a clear advantage, thanks to their reputation, financial capacity and project execution track record, making it easier to attract investors.

According to VIS Rating, corporate bond issuance is expected to remain active in 2026, supported by strong capital demand from the private sector and improving investor confidence.

The trend underscores the continued importance of private bonds as a funding channel for real estate firms, which face high capital needs, long project cycles, and significant cash flow pressures.