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Vietnam’s bond market poised for growth

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The Vietnamese corporate dong-denominated market is the smallest of ASEAN’s six corporate bond markets. But the tiny market is building steadily, making it one of the fastest growing in the region.

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The corporate dong market continued to grow by about 30% annually in both 2017 and 2018, with its size at the end of last year totaling D99tr, or the equivalent of more than $4bn. That size is remarkable, considering that the market reached just $1.6bn at the end of 2014, when the Credit Guarantee & Investment Facility (CGIF) guaranteed its first dong-denominated bond.

CGIF’s foray into the dong market, signing on to a D2.1tr 8% transaction, issued by retail group MasanConsumer Holdings (MCH) in December 2014, was a landmark for Vietnam. With CGIF’s guarantee, MCH was able to sell a 10-year bond, making it the first non-bank corporate issuer to do so, as Vietnam’s market is dominated by tenors of five years or less. 


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