In the first quarter of 2026, Vingroup announced plans to issue up to 350 million USD in international bonds, to be listed on the Vienna MTF in Austria. The bonds will have a five-year maturity and a maximum interest rate of 5.75% per annum.
BIM Group and Sun Group have also expanded access to international capital through private bond placements and overseas loans for renewable energy, tourism infrastructure, and resort real estate projects.
The trend reflects the growing integration of Vietnam’s private sector into global financial markets. Nguyen Thi Thu Hien, CEO of Techcom Securities (TCBS), said, “A vast amount of medium- to long-term capital is waiting to enter Vietnam, such as through bond guarantee funds. This is a channel that businesses should explore instead of focusing solely on traditional channels like bank loans and domestic bond issuances.”
“Accessing foreign bond investment funds and foreign guarantee funds helps Vietnamese enterprises improve their standing in international markets and opens a new level of governance,” Hien added.
Every successful issuance is more than a fundraising story. It reflects international investors’ confidence in Vietnam’s macroeconomic outlook, policy management, and the financial health of Vietnamese enterprises. Vietnam’s continued economic growth and macroeconomic stability are helping to attract global capital flows.
International credit rating agency Moody’s recently upgraded Vietnam’s financial outlook from “Stable” to “Positive” while maintaining a sovereign rating of Ba2. Vietnam was the only Asia-Pacific country to receive a positive outlook from the agency.
According to Max-F. Scheichenost, a founding board member of the Vietnam Private Capital Agency, "Vietnam has just completed one of the most ambitious policy reform cycles in its history. Global economists and the media are already calling it Doi Moi 2.0.”
He named a few highlights: the Securities Law 2024, the FTSE EM reclassification confirmed for September 2026, the launch of VIFC Ho Chi Minh City and Da Nang, and new venture capital fund frameworks.
“Taken together, this is not incremental reform, this is structural transformation. So the policy window is open. VIPC 2026 is where we turn that policy momentum into capital deployed into Vietnam's most strategic industries," Max noted.
Global green finance is also creating major opportunities for Vietnam’s international bond market. International investment funds are increasingly prioritizing projects that meet ESG (Environmental, Social, and Governance) standards, opening doors for Vietnamese enterprises to raise capital for renewable energy, green transportation, and climate adaptation projects.
Vietnam is also strengthening market support mechanisms, including establishing bond valuation service providers, particularly for green and sustainable bonds, and standardizing regulations on organizational accountability and collateral management. These measures aim to increase professionalism in the corporate bond market and boost the attractiveness of this fundraising channel.
Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, said, “We’re pushing for the implementation of solutions to improve the national credit rating to attract foreign investors and reduce capital costs for businesses. Raising the national credit rating is extremely important as it helps Vietnamese enterprises secure more preferential interest rates when borrowing capital.”
The expansion of international bond issuance underscores the growing maturity of Vietnam’s financial market. As Vietnamese enterprises increase their participation in the global economy, rising demand for transparency and sound governance is expected to accelerate institutional reform, financial standardization, and competitiveness.
International bond mobilization is an important source of development capital and offers a gateway for Vietnam to deepen global financial integration. If effectively managed and fully leveraged, it could become a key driver supporting Vietnam’s ambition for high growth and sustainable development in the years ahead.
