The bond market is vibrant, the investment structure has clearly shifted.

In the first 8 months of 2025, the government bond and corporate bond markets recorded many notable fluctuations, reflecting both the capital needs of the public sector and the excitement from businesses.

Illustrative photo. (Photo: VNA)

According to data from the Ministry of Finance , the volume of government bonds issued by the end of August 2025 reached VND 238.7 trillion, equivalent to 47.7% of the annual plan (VND 500 trillion). The average issuance term reached 9.98 years, down 1.14 years compared to the average in 2024. The average issuance interest rate increased to 2.98%/year, 0.46 percentage points higher than the average in 2024 (2.52%/year).

By August 30, 2025, the outstanding balance of government bonds will reach VND 2.5 million billion, equivalent to 21.8% of GDP in 2024. In terms of investor structure, social insurance and insurance companies will continue to be the main investors holding government bonds with a proportion of about 62.1%, commercial banks will hold 37.1%, and the remaining 0.8% will be owned by securities companies, fund management companies and other organizations.

The individual corporate bond market also saw a vibrant development. In the first 8 months, 66 enterprises issued bonds with a total value of VND 322.1 trillion, up 47.3% over the same period in 2024. Of which, credit institutions accounted for 70.4%, real estate enterprises accounted for 20.8%, and the rest were other sectors (8.8%). The value of secured bonds reached VND 67.1 trillion, accounting for 20.8% of the total issuance.

Notably, the volume of early repurchases reached VND 177.8 trillion, an increase of 45.9% over the same period in 2024. The outstanding balance of individual corporate bonds by the end of August 2025 reached VND 1.1 million billion, equivalent to 9.8% of GDP in 2024, accounting for about 6.6% of outstanding credit in the entire economy .

In terms of investor structure, institutions dominate (81.9%), while individual investors account for only 18.1%, down 10 percentage points compared to the end of 2023.

The bond market in August 2025 showed a large demand for capital mobilization from both the Government and enterprises. While government bonds witnessed a trend of increasing interest rates and shortening maturities, corporate bonds recorded a strong increase in both new issuance and early repurchase, along with a shift in investor structure towards professionalization.

MINH PHUONG

Source: https://nhandan.vn/thi-truong-trai-phieu-soi-dong-co-cau-dau-tu-chuyen-dich-ro-net-post907546.html