Latest research
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
Report
Corporate Bond Market Review – July 2024
Banks continue to dominate new bond issuances, with more than half being Tier 2 capital bonds
14 Aug 2024
Report
Securities Sector Comment – 1H2024 Update
Margin lending and investment gains drove strong profits, liquidity remained stable despite higher short-term borrowings
13 Aug 2024
Research Reports
| 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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