Vietnamese developers' bond issuance jumps 126% in nine months

In the first nine months of 2026, Vietnamese property developers issued bonds worth VND149.5 trillion, about US$5.7 billion. That is more than double the figure for the same period a year earlier. A bond is a debt security: the company borrows from investors and promises to repay with interest.

The data comes from the rating agency VIS Rating. The average rate on newly issued bonds was around 11.4%, 1.1 percentage points higher than a year ago. Bank lending to the sector is growing more slowly, at 8.6% in the first half. VIS Rating also points to the repayment calendar: developers have VND167 trillion of bonds to repay in the fourth quarter of 2026 and in 2027.

According to the broker MB Securities, real estate made up 42% of all corporate bonds issued in January–August. The largest issuers were Vinhomes (VND45 trillion), Hung Long (VND14 trillion) and Marina Centre (VND10.2 trillion). Some smaller companies paid 12–13.5%: Khai Hoan Land placed VND190 billion at 13.5%.

At the end of August, VND43.4 trillion of corporate bonds were overdue, around 3% of all outstanding corporate bond debt. Developers account for more than 70% of the overdue amount. Issuance reports are public, and they show the terms on which a given developer is borrowing.