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

S&I Ratings’ report for Q3 2025 indicates a contrasting trend in funding costs between banks and non-banking businesses. While banks must raise their average interest rate to 6.18%, the highest in six quarters, the real estate and production sectors can secure funding at lower rates, between 9-11%, down from previous levels. VinGroup and Vinhomes reduced rates from 12.5% to 11%/year, while Vietjet issued bonds at 9.722%/year. The main reasons behind this are improving business conditions and a more optimistic market sentiment, supported by positive macroeconomic indicators. However, the pressure of bond maturity remains significant, especially in the real estate sector, with VND 18.331 trillion set to mature in the last three months of the year. Decree 245/2025/NĐ-CP requiring credit ratings for bond issuances is also expected to impact the market.