Volume 13, Issue 9 (September 2026), Pages: 252-262

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 Original Research Paper

Development of the corporate bond market in Vietnam: Policy recommendations

 Author(s): 

Bui Quoc Dung ¹, Le The Sau ², Vu Mai Chi ^3, *

 Affiliation(s):

¹State Audit Office of Vietnam, Hanoi, Vietnam
²Specialised Audit Department No. VII, State Audit Office of Vietnam, Hanoi, Vietnam
³Banking Faculty, Banking Academy of Vietnam, Hanoi, Vietnam

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 * Corresponding Author. 

   Corresponding author's ORCID profile:  https://orcid.org/0009-0009-2374-2027

 Digital Object Identifier (DOI)

 
https://doi.org/10.21833/ijaas.2026.09.023

 Abstract

This study examines the determinants of corporate bond market development in Vietnam and provides policy recommendations to improve market sustainability. Based on survey data from 176 market participants, the study evaluates five groups of factors: legal framework and market supervision, market infrastructure and pricing mechanisms, investor structure and financial intermediaries, issuance procedures and costs, and disclosure and transparency. Cronbach’s alpha is used to test the reliability of the scales, while Confirmatory Factor Analysis (CFA) is applied to validate the measurement model. Subsequently, multiple linear regression is employed to test the proposed hypotheses. The findings indicate that market infrastructure and pricing mechanisms, together with investor structure and financial intermediaries, have positive and significant effects on corporate bond market development. Issuance procedures and costs have a marginally significant positive effect, while the legal framework and market supervision, and disclosure and transparency, do not show clear direct effects. The study suggests improving market infrastructure, developing institutional investors, reforming the issuance process, and strengthening the legal framework and disclosure requirements in the long term.

 © 2026 The Authors. Published by IASE.

 This is an open access article under the CC BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0/).

 Keywords

Corporate bond market, Market development, Market infrastructure, Investor structure, Issuance procedures

 Article history

Received 13 April 2026, Received in revised form 2 September 2026, Accepted 6 October 2026

 Acknowledgment

The authors gratefully acknowledge the financial support from the Banking Academy of Vietnam. 

 Compliance with ethical standards

 Ethical considerations 

Participation was voluntary, informed consent was obtained, and responses were collected anonymously. 

 Citation:

Dung BQ, Sau LT, and Chi VM (2026). Development of the corporate bond market in Vietnam: Policy recommendations. International Journal of Advanced and Applied Sciences, 13(9): 252-262

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