Corporate Bond Market Situation Post-Scandals
📌 The corporate bond market is facing significant difficulty following issues with Tan Hoang Minh and Van Thinh Phat groups, leading to reduced new issuance and increased early redemptions.
📉 Corporate bond issuance volume dropped sharply from $\text{134,800 billion VND}$ in Q1 to $\text{65,900 billion VND}$ in Q3 2022, with October seeing only $\text{1,800 billion VND}$.
🏦 Real estate and construction enterprises accounted for \text{28.87%} and \text{7.8%} of issuance, respectively, while credit institutions were the largest issuer group at \text{41.34%}.
⏱️ Early bond buybacks reached $\text{152,500 billion VND}$, a \text{49.6%} increase compared to the same period in 2021.

Underlying Causes of Market Distress
🧐 A primary cause for market inflation and subsequent issues was the easy participation of individual investors in a complex financial product they lacked expertise to evaluate.
🏦 Rising bank deposit interest rates are driving investors to sell corporate bonds and shift funds to savings accounts, impacting liquidity.
💔 Negative market sentiment, fueled by rumors about struggling real estate groups, eroded investor confidence in both banking and corporate bond markets.

Proposed Solutions and Regulatory Stance
🏥 The Ministry of Finance affirmed that corporate bonds remain a crucial medium-to-long-term capital mobilization tool, necessary to ease pressure on bank credit channels.
💡 Suggestions from securities firms and issuers include increasing credit room for real estate companies, allowing bond restructuring (delaying interest/principal payments), or swapping bonds for real estate products.
⚖️ The Ministry of Finance insists on businesses honoring their initial commitments regarding interest and principal repayments, although policy space for immediate large-scale support is acknowledged as limited.

Key Points & Insights
➡️ The market requires the development of sufficiently large financial investment institutions capable of absorbing the market size ($\text{560,000 billion VND}$ in real estate bonds) and discerning quality issuers.
➡️ Historical evidence (e.g., 1997 Asian Financial Crisis, 2008 US Housing Crisis) suggests that market collapses help identify flaws, leading to subsequent more sustainable development.
➡️ Investors are strongly advised to remain calm while the government assesses the situation to implement short-term and long-term solutions to restore market confidence and liquidity.

📸 Video summarized with SummaryTube.com on Nov 18, 2025, 03:49 UTC