CORPORATE BOND ISSUANCE REACHES US$21.8 BILLION IN 2025
Vietnam’s corporate bond market continued its recovery in 2025, with the total value estimated at US$21.8 billion, driven largely by banks, according to industry data. Figures compiled by the Vietnam Bond Market Association (VBMA) from the Hanoi Stock Exchange (HNX) and the State Securities Commission show that as of December 26, 2025, there were 55 corporate bond issues done in December alone, worth a combined VND48.5 trillion.
HCMC CREDIT GROWTH SEEN AT 13.5% IN 2025
Credit growth in December alone is estimated at about 0.95% compared with November, bringing the year-to-date increase to 12.43% by the end of November. Total deposits in the city are estimated at around VND5.17 quadrillion, up 11.94% year-on-year. By the end of November, deposits had risen 10.83% compared with the end of 2024, a level regulators described as relatively solid.
BANK PROFITS REBOUND ON STRONG CREDIT GROWTH
Profits in Việt Nam’s banking sector showed a brighter picture in the third quarter of 2025 than in the first half of the year, supported by continued positive credit growth and a stable net interest margin (NIM). Experts at MB Securities Company (MBS) said credit growth momentum remained steady in the third quarter, with an estimated increase of 14.8 per cent since the beginning of the year and 4.6 per cent compared to the previous quarter.
BANKS DOMINATE TOP 20 LISTED FIRMS IN H1, 2025
The first half of 2025 has revealed an impressive earnings landscape among listed enterprises, marked by the continued dominance of banks and the remarkable rise of select real estate players. According to data compiled by CafeF.vn, banks continued to assert overwhelming strength in the top 10 pre-tax earners of the period, claiming seven positions alongside three companies under the Vingroup ecosystem.
BANKING SECTOR SHIFTING FOCUS TO VIETNAMESE START-UPS
The banking sector has been shifting its focus toward start-ups, reflecting a broader regulatory and institutional alignment with private sector innovation. According to the State Bank of Vietnam, by the end of June 2025, total system-wide credit had grown by approximately 9.9 per cent, with capital flows concentrating on priority sectors such as production, business, and notably, start-ups.
CREDIT GROWTH AND PROFITABILITY IMPROVE AT MANY BANKS
The common highlight in banks’ reports in the first half of 2025 showed a more stable and sustainable growth cycle in the banking industry. Credit expansion, improved profitability, and tighter control of asset quality are collectively laying a solid foundation for a strong performance in the second half of the year. According to the State Bank of Vietnam (SBV), as of June 30, 2025, total outstanding credit of the banking system exceeded VND17.2 quadrillion, up 9.9% compared to the end of 2024 and 19.32% year on year.
VIETNAMESE BANKS SET FOR GROWTH ON MAJOR POLICY SHIFT
The remarkable rise in bank stock prices reflects significant changes in Việt Nam's financial landscape, driven by the Government's commitment to removing administrative barriers in credit operations and the legalisation of Resolution 42 concerning bad debt management. Several bank stocks have seen impressive gains since the beginning of the year.
VIỆT NAM’S CREDIT CONDITIONS TO REMAIN STABLE IN H2 2025
Việt Nam’s credit conditions will remain stable in the second half of 2025, supported by proactive fiscal measures and ongoing institutional reforms, according to analysts of the Vietnam Investors Service (VIS) Rating, an affiliate of Moody’s. Nguyễn Lý Thanh Lương, Lead Analyst of VIS Rating, notes that despite external pressure, the stable outlook was attributed to the strong domestic operating conditions and supportive policies, which served as a crucial shock absorber.
