Latest research
Report
Corporate Bond Market Perspective
Getting back on track, stronger risk awareness and more institutional investors critical for the new development phase
30 Sep 2024
Report
Residential Real Estate Sector – 1H2024 Update
New housing supply will boost developer cash flows but also increase leverage
23 Sep 2024
Report
Corporate Bond Market Review – Aug 2024
In August 2024, we observed one new bond default totaling VND 450 billion from a real estate-related issuer
12 Sep 2024
Report
Banking Sector
Frequently asked questions on credit ratings for banks
26 Aug 2024
Report
Banking Sector Update – 6M2024
Asset risks and profitability remained broadly stable, with small banks facing more loan delinquencies and liquidity issues
19 Aug 2024
Research Reports
| Corporate Bond Market Perspective: Getting back on track, stronger risk awareness and more institutional investors critical for the new development phase | 30 Sep 2024 | |
| Residential Real Estate Sector – 1H2024 Update: New housing supply will boost developer cash flows but also increase leverage | 23 Sep 2024 | |
| Corporate Bond Market Review – Aug 2024: In August 2024, we observed one new bond default totaling VND 450 billion from a real estate-related issuer | 12 Sep 2024 | |
| Banking Sector – Frequently asked questions on credit ratings for banks | 26 Aug 2024 | |
| Banking Sector – 6M2024 Update: Asset risks and profitability remained broadly stable, with small banks facing more loan delinquencies and liquidity issues | 19 Aug 2024 | |
| Corporate Bond Market Review – July 2024: In July 2024, we observed four new bond defaults totaling VND 1.24 trillion from three real estate-related issuers, including two first-time defaulters | 14 Aug 2024 | |
| Securities Sector Comment: Margin lending and investment gains drove strong profits, liquidity remained stable despite higher short-term borrowings | 13 Aug 2024 | |
| Corporate Bond Market Review – June 2024: This monthly report summarizes our observations and analysis of the key developments in the corporate bond market over the past month. | 15 July 2024 | |
| Residential Property Sector: 2H2024 Outlook: Developer sales will improve as new supply increases and homebuyer demand remains robust, access to financing will alleviate liquidity challenges | 08 July 2024 | |
| Banking Sector: Banks will require VND283 trillion of subordinated bonds over the next three years to support funding and capital needs | 17 June 2024 | |
| Corporate Bond Market Review – May 2024: The new default value increased with the coupon default of a bond from an issuer | 12 June 2024 | |
| Issuer Comment – Ha An Real Estate Investment and Business JSC: Upcoming equity infusions will reduce Ha An’s refinancing pressure and liquidity risks, a credit positive | 10 June 2024 | |
| Credit Insights: Recent surge in overnight interbank rates pose limited risks to the banking sector | 31 May 2024 | |
| Securities Sector: New capital raised in 2024 will bolster growth in margin lending and investments and capacity to manage downside risks | 30 May 2024 | |
| Banking Sector – 3M2024 Update: Profits are set to rise in 2024 due to lower credit costs and wider margins, strengthening banks’ weak loss absorption buffers | 24 May 2024 | |
| Corporate Bond Market Review – April 2024: New defaults recorded the lowest level since August 2022, and debt restructuring and resolution continued with a noticeable increase in partial repayments of bond principal by defaulted issuers | 13 May 2024 | |
| Corporate Bond Market Review – March 2024: Vietnam’s corporate bond market showed positive developments from improving credit conditions, such as a decline in new defaults, an increase in debt restructuring, and an increase in new issuances | 08 Apr 2024 | |
| Residential Property Sector Outlook: Outlook improving from stronger homebuyer sentiment and project sales, risks from high leverage mitigated by broader funding access | 20 Mar 2024 | |
| Banking Sector Outlook: Outlook improving as stronger operating conditions and low interest rates lower asset risks and boost profitability | 19 Mar 2024 | |
| Securities Sector Outlook: Outlook improving from continued growth in margin lending profits and investment gains supported by stronger market conditions, while asset risks stabilize from slower bond defaults | 12 Mar 2024 | |
| Corporate bond market outlook: Entering a new development phase on a stronger footing, forging ahead to overcome key challenges | 11 Mar 2024 | |
| Corporate Bond Market Perspective: Building market discipline is critical to the sustainable growth of corporate bond issuance and slower defaults in the new development phase | 27 Feb 2024 | |
| Banking Sector: New Credit Institution Law will strengthen risk governance among banks and empower the regulator to act swiftly to maintain financial sector stability | 19 Feb 2024 | |
| Residential Property Sector: New real estate laws will pave the way for quicker and prudent development of new housing projects, positive for developers’ credit profiles and sustainable growth of the housing market | 22 Jan 2024 | |
| 2024 Credit Outlook: Low interest rates and policy measures will support the recovery of domestic operating conditions and dampen the effects of external uncertainties |
12 Dec 2023 | |
| Residential Property Sector: 9M2023 Update Poor market sentiment led to weak project sales and operating cash flow, access to new financing is key to cope with refinancing risks |
20 Nov 2023 | |
| Banking Sector 9M2023 Update: 9M2023 profits fell from the 2022 peak but recovery is within sight as net interest margin and credit pick up | 13 Nov 2023 | |
| Securities Sector 9M2023 Update: Profitability recovered from trough levels, elevated exposure to higher-risk assets pose downside risk | 08 Nov 2023 | |
| Corporate Bond Market Perspective: Proactive negotiations will slow down bond defaults in 2024, marking the start of a new development phase and recovery of bond issuance | 10 Oct 2023 | |
| Residential Property Sector Outlook: Refinancing difficulties to persist as bond maturities and leverage peak amid market downturn, government measures need more time to take effect | 07 June 2023 | |
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Securities Sector Outlook: Weak sentiment and elevated asset risks to hurt profitability, while solvency concerns mitigated by low leverage and stable liquidity |
24 May 2023 | |
| Credit Insights: Weak external demand will weigh on Vietnam’s exports | 19 April 2023 | |
| Credit Insights: Reflections on SVB’s downfall | 12 April 2023 | |
| Corporate Bond Market Perspective: Real estate-related liquidity issues will drive up corporate bond defaults in 2023, new regulations to provide some relief for VND113 trillion of bonds at risk | 06 April 2023 | |
| Credit Insights: Policy rate cut to support economic growth | 28 March 2023 | |
| Credit Insights: Resolution No.33/NQ-CP on Solutions for Property Sector | 23 March 2023 | |
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Banks: Slower operating conditions to weaken profitability, liquidity to stabilize with midsized and small banks most at risk (Presentation) [Updated with 2022 full year financials] |
28 February 2023 | |
| Banks: Slower operating conditions to weaken profitability, liquidity to stabilize with midsized and small banks most at risk (Presentation) | 31 January 2023 | |
| Banks: Slower operating conditions to weaken profitability, liquidity to stabilize with midsized and small banks most at risk | 10 January 2023 | |
| Corporate Bond Market Perspective: New regulations will guide stable growth of corporate bonds, but keep new issuances subdued until 2H 2023 | 11 November 2022 | |
| Corporate Bond Market Perspective: New regulations will guide stable growth of corporate bonds, but keep new issuances subdued until 2H 2023 (Presentation) | 11 November 2022 | |
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