Solutions for developing Vietnam’s corporate bond market

This study analyzes the recent development of Vietnam’s corporate bond market, with a focus on its structural characteristics and evolving challenges. The findings indicate that, despite notable growth, the market remains relatively underdeveloped, with outstanding debt reaching approximately 11.4% of GDP in 2025 - significantly lower than that of regional peers. The issuance structure is highly concentrated in the banking and real estate sectors, while private placements dominate, thereby constraining transparency and market liquidity. The study provides a comprehensive assessment of these structural imbalances and their implications for market stability and efficiency within the broader financial system.