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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.


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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