Research Insights

CB Buybacks Hits Record High in 3Q25 as Issuance Slows

The corporate bond market stabilized in September following strong prior gains, with total outstanding value stable at VND1,411tn (up 8% y/y and 7% YTD), equivalent to 10.7% of 2025 GDP. 3Q issuance softened 5% y/y to VND152.4tn, while buybacks hit a record VND108tn (up 53% y/y) on active balance sheet management by major banks. Meanwhile, maturity pressure eased 27% m/m temporarily in Sep (VND19tn) but is set to rebound in 4Q25 (VND55tn forecast), raising near-term refinancing risks. Secondary market ADTV soared 45% m/m to a record VND7.5tn in September