The Phenomenon of Bond Interest Rates: Banks Face High Rates, VinGroup, Vinhomes, Vietjet… Raise Funds Cheaper at Only 9-11%/Year, Securities Group Even Lower

A market report on bonds for Q3/2025 from S&I Ratings indicates that while banks are increasing their interest rates (6.18%), many real estate and production firms can raise funds at lower rates, between 9-11% per year. Examples include VinGroup, Vinhomes with rates dropping from 12.5% to 11% and Vietjet’s bond issuance at 9.722%. The primary reasons for this trend are improvements in the business environment and positive economic data, such as GDP growth at 8.23% and a manufacturing PMI of 50.4. However, the debt repayment pressure in the real estate sector remains significant with 18.331 trillion VND maturing in the last three months of the year, expected to increase sharply in 2026. Additionally, the new regulation from Decree 245/2025 requires bond issuers to have a credit rating, which may impact the primary bond market in the short term but enhances transparency in the long run.