Estimated 58 trillion VND of private corporate bonds due in Q2 2026

Estimated more than 16.7 trillion VND of private corporate bonds are set to mature in April 2026, and about 58 trillion VND will mature in Q2 2026, a sharp increase from the total maturing in Q1 (around 14 trillion VND). The maturity pressure is expected to remain elevated in later quarters, with Q3 estimated at about 53 trillion VND and Q4 at about 62 trillion VND.

Issuance activity in March 2026

Consolidated data for March 2026 shows three successful private corporate bond issuances with a total issuance value of 11.6 trillion VND. This compares with total issuance of 460 billion VND in January and February.

In March, Marina Center Investment Co., Ltd. (Real Estate sector) accounted for 10.1 trillion VND, with an issuance rate of 4% for a 10-year tenor, contributing to a marked decline in average yields on March issues.

The other two issuances were:

• MB Securities (MBS): 970 billion VND, yield 7.4%, 2-year tenor
• Electric Power Joint Stock Finance: 450 billion VND, yield 8.5%, 8-year tenor

Q1 2026 issuance growth

Cumulatively in Q1 2026, the total value of private corporate bond issuances reached 12 trillion VND, six times that of Q1 2025. The growth was mainly attributed to the low base in 2025, when no private issuances were recorded in the first two months of that year.

Despite the strong Q1 performance, VNDirect expects private corporate bond issuance to continue picking up in the coming quarters.

Pre-maturity buybacks and sector concentration

Pre-maturity buybacks improved compared with the previous month, with total value bought back at 6.3 trillion VND. However, cumulative buybacks in Q1 2026 totaled 9.9 trillion VND, down 64% year-on-year.

Real estate remained the leading sector by buyback value in Q1 2026, with total buybacks near 7.9 trillion VND, representing about 80% of total private corporate bond buybacks in the quarter.

Market rates and foreign flows

Government bond yields on the secondary market continued to rise. On 6 April, 5-year government bonds yielded 4.1%, up 24 basis points month-on-month and 169 basis points year-on-year. Ten-year yields were at 4.2%, up 5 basis points month-on-month and 120 basis points year-on-year.

Foreign investors bought net 878 billion VND in March 2026 after three months of net selling. However, cumulatively in Q1 2026, foreigners remained net sellers of 2.9 trillion VND amid geopolitical uncertainties.