Q3 2026 Corporate Bond Market Snapshot: Overdue Debt Pressure Weighs on Real Estate Giants

Vietnam's corporate bond market recovered slightly in Q3 2026, led by banks and real estate, with primary issuance reaching VND 172 trillion, up 9.7% year on year. Banks accounted for 66% of issuance, including subordinated bonds, while real estate made up 26%, concentrated in Vinhomes and Masterise-related entities. Outstanding corporate bonds totaled VND 1,535 trillion, equal to 10.9% of nominal GDP, and average daily secondary trading value rose 12.2% year on year to VND 7.2 trillion. The 12-month cumulative overdue rate fell to 0.2%, but many real estate firms, especially in the Novaland ecosystem, still face debt pressure, and some sought maturity extensions. The cumulative debt recovery rate improved to 51.5%, with over VND 11 trillion repaid to investors in the quarter.

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Original headline: Bức tranh thị trường trái phiếu doanh nghiệp quý 3/2026: Áp lực nợ chậm trả đè nặng các "ông lớn" bất động sản

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