Real Estate Firms Raise Over 170,000 Billion VND in Bonds in Nine Months, With Coupons Up to 14.5% a Year

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• Rising interest rates pose a threat to the property market's recovery

  Rising interest rates threaten to derail the already fragile recovery in global commercial real estate, forcing many deals to be repriced sharply or put on hold. US 10-year Treasury yields have risen above 5.3%, up from about 4% at the end of February, driven by inflation linked to the Middle East conflict and climbing borrowing costs. Some investors are negotiating discounts of a few percent, including one company seeking a 5% cut on a $100 million industrial deal agreed three months ago. Office construction starts in the UK rose 23% in the third quarter, but on a rolling 12-month basis they remain near a 15-year low. Experts say the current price adjustment is less severe than in 2022.

  Vietstock·19/10, 05:49▼ DIG▼ DXG▼ HDC▼ KDHreal estateinterest ratesbonds
• Outstanding credit as of October 14 tops 20.7 million billion dong; banks agree to cut lending rates after meeting with the State Bank on the morning of October 19

  As of October 14, 2026, outstanding credit to the economy reached 20,721,583 billion dong, up 11.44% from the end of last year and 16.73% year-on-year. On the morning of October 19, State Bank of Vietnam (SBV) Governor Phạm Đức Ấn met with chairs and CEOs of commercial banks, and the banks agreed to cut interest rates. Specifically, listed deposit rates for terms of 6 months or more will fall by at least 0.5%/year, while lending rates will drop by 1.5–2%/year, focusing on production, business and priority sectors. The backdrop includes Middle East conflict driving up oil prices, several major central banks raising rates and a stronger US dollar, all of which pressure Vietnam's monetary policy. The SBV also asks banks to channel credit into production and business while tightly controlling lending to risky sectors, including real estate.

  CafeF·19/10, 05:08▲ VNINDEX▲ ACB▲ BID▲ CTGinterest ratescreditbanks
• Deputy Prime Minister Calls for 1.5-2% Cut in Lending Rates

  Deputy Prime Minister Nguyen Van Thang has asked the State Bank to cut lending rates by 1.5-2% for production, business and priority sectors, and made the Governor directly responsible for implementation. At a meeting on October 16, he said lending rates remain high, raising capital costs and limiting businesses' and people's access to credit, amid pressure on inflation, exchange rates, bad debt and banking risks. According to the State Bank, average lending rates in August reached 10.7%, up 0.2 percentage points from the previous month and about 3 percentage points from a year earlier. Although state-owned banks advertise average rates of about 7.4-7.6%, a VnExpress survey found Big4 banks actually lend at 9-10.5%, and some private banks charge up to 12%. He also asked banks to cut costs, make rates transparent and control credit quality, especially in real estate.

  VnExpress·16/10, 18:30▲ VNINDEX▲ DIG▲ DXG▲ KDH
• 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.

  CafeF·13/10, 09:05▼ DXG▼ PDR▼ DIG▼ DXS
• Corporate Bond Market Overview Q3 2026: A Look at the Real Estate Sector

  Corporate bond issuance in Q3 2026 reached 172 trillion VND, up 9.7% year on year, with banks accounting for 66% and real estate for 26%. Average coupons were 8.8% per year for banks and 11.5% for real estate, as banks pushed subordinated bonds to meet capital adequacy requirements. Real estate issuance rose 29% year on year, concentrated in Vinhomes and Masterise-linked entities. Total outstanding corporate bonds reached 1,535 trillion VND, equal to 10.9% of nominal GDP, and the 12-month cumulative late-payment ratio fell to 0.2%, though Novaland-ecosystem companies still face debt pressure from slowing sales and high interest rates. The cumulative debt recovery rate improved to 51.5%.

  CafeF·13/10, 09:05
• HDBank allocates VND 2,000 billion to women-led businesses with loan rates from 7.8% per year

  HDBank has launched the “Capital Support – Elevating Women-Led Enterprises” programme with a VND 2,000 billion credit limit to help small and medium enterprises finance working capital. Eligible borrowers can take VND loans for up to 6 months, at rates from 7.8% per year for terms up to 3 months and from 8.3% per year for terms over 3 to 6 months, with preferential rates capped at VND 5 billion per customer. The programme runs until March 31, 2027, or until its target scale is reached, and covers SMEs in which women hold at least 51% of charter capital, or that meet other criteria on ownership, management and board composition. According to the Vietnam Women's Union, women-led businesses accounted for roughly 20-24% of all enterprises nationwide as of August 2026.

  CafeF·14/10, 23:59

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  CafeF·20/10, 08:31▼ EUR/USD▲ DXY▲ XAU/USDbondsFranceprotests
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  CoinDesk·20/10, 08:24▲ BTC/USDTbitcoinETFcapital flows
• A Big4 bank cut deposit rates in the morning, then raised them again in the afternoon

  VietinBank cut its deposit rates for terms of 6 months and longer on the morning of Oct. 20, then restored them to pre-adjustment levels by the afternoon. Its afternoon rate board showed 3.5% per year for 6 to under 12 months, 5.9% for 12 to under 24 months and 6% for 24 months and longer, versus 3%, 5.4% and 5.5% in the morning. Rates for terms under 6 months stayed unchanged, including 2.1% for 1 to under 3 months and 2.4% for 3 to under 6 months. The move came as banks followed the State Bank of Vietnam's guidance to cut deposit rates by at least 0.5 percentage points for terms of 6 months and longer, and Vietcombank and Agribank were among those reducing rates.

  CafeF·20/10, 08:22• BID• CTG• VCBinterest ratesbanksState Bank of Vietnam
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