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Viet Nam's Bond Market, Part 1: How large is Viet Nam's bond market?

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Part 1 of 5 in the Viet Nam's Bond Market series from Vietnam Economy in Data, based on ADB's Asia Bond Monitor, September 2026.


Viet Nam's local currency (LCY) outstanding debt securities expanded 1.7% quarter-on-quarter (q-o-q) in the second quarter (Q2) of 2026 to reach VND4,021.6 trillion, equivalent to approximately USD153 billion and 29.6% of gross domestic product (GDP). This followed a contraction of 0.4% in the first quarter (Q1).


The gain in Q2 was driven by the accelerated expansion of corporate bonds (6.0% q-o-q) and treasury and other government bonds (3.0% q-o-q).


Chart of Viet Nam's local currency debt securities in Q2 2026: VND4,021.6 trillion outstanding, up 1.7%; corporate up 6.0%, treasury and other government up 3.0%
Growth and composition of LCY debt securities, Q2 2026. Source: ADB, Asia Bond Monitor, September 2026.

Context

Table of local currency debt securities outstanding at end-Q2 2026 by issuer: treasury and other government USD103 billion, corporate USD42 billion, central bank USD8 billion
Outstanding amounts by issuer, end of Q2 2026. Source: ADB, Asia Bond Monitor, September 2026.

Understanding the figure correctly: VND4,021.6 trillion is the total amount of LCY debt securities outstanding, including debt securities with maturities of 1 year or less. ADB defines bonds as debt securities with maturities longer than 1 year. The bond categories are treasury and other government bonds, and corporate bonds; other government bonds comprise government-guaranteed and municipal debt securities.


Excluding debt securities of 1 year or less, bonds outstanding expanded 3.8% q-o-q, up from 2.2% in the prior quarter. LCY bonds outstanding amounted to USD145 billion, equivalent to 28.1% of GDP.


At the end of Q2 2026, treasury and other government debt securities outstanding amounted to USD103 billion (19.9% of GDP), corporate debt securities to USD42 billion (8.1% of GDP), and central bank debt securities to USD8 billion (1.6% of GDP).


Source

  • Report: ADB, Asia Bond Monitor, September 2026 (Viet Nam chapter).

  • Data date: End-Q2 2026 unless stated otherwise.


Posts in this series

  • Part 1 (14 Nov 2026): How large is Viet Nam's bond market? (this post).

  • Part 2 (15 Nov 2026): Viet Nam government bond yields rose across all maturities in summer 2026.

  • Part 3 (16 Nov 2026): Corporate bond issuance surged by more than 400% in Q2 2026.

  • Part 4 (18 Nov 2026): Who holds Viet Nam's government bonds?

  • Part 5 (21 Nov 2026): Viet Nam's sustainable bonds remain small.

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