Vietnam’s banks are expected to increase bond issuance in 2025 to meet the State Bank of Vietnam’s 16% credit growth target. This move aims to inject capital into the economy 

amid global uncertainties. VNDirect Securities predicts that banks will rely on private bond placements to secure liquidity and support corporate bond issuance recovery. 

However, the real estate sector faces challenges, with VNĐ203 trillion ($8 billion) in maturing bonds, 64% of which belong to real estate companies. Liquidity issues 

in the sector may lead to cash flow struggles. The finance and banking sector ranks second with VNĐ33 trillion in maturing bonds. Investor confidence in corporate bonds 

remains weak due to past market violations and payment risks. Stricter regulations under the amended Securities Law may further limit new bond issuances. 

These rules require bonds to have a credit rating and asset security or a credit institution guarantee, making private placements more difficult.

source: https://vietnamnews.vn/economy/1692408/banks-set-for-aggressive-bond-issuance-in-2025-to-fuel-growth.html