Capital raising through international bond issuance: Evidence from ASEAN and policy implications for Viet Nam

TRAN VAN TUAN

PhD Candidate in Finance and Banking, Foreign Trade University; Attorney-at-Law, IDB Law Firm (Vietnam)

Email (Corresponding author): [email protected]

NGUYEN DO QUYEN

PhD. Faculty of Finance and Banking, Foreign Trade University

Email: [email protected]

Abstract

International bond issuance has become a key channel through which emerging economies diversify funding sources and integrate into global capital markets. This study examines international bond issuance in ASEAN and reassesses Viet Nam’s position by combining regional aggregate data (2006-2025) with a disaggregated, issuer-type-based dataset of Viet Nam’s issuances (2005-2025), structured into sovereign, financial, and nonfinancial segments. Using a descriptive and comparative analytical design with theory-driven interpretation, the study distinguishes between Viet Nam’s relative position within ASEAN and the internal structure of its issuance activity. The findings reveal a persistent divergence between transaction-level access and marketlevel participation. Despite substantial growth in ASEAN issuance, Viet Nam consistently accounts for less than 1% of total volume. At the same time, ASEAN markets have become increasingly diversified across sectors, currencies, and maturities. In contrast, Viet Nam demonstrates measurable issuance capacity - approximately USD 8,045 billion across 30 transactions - but retains a structurally constrained market characterized by issuer concentration, exclusive reliance on USD-denominated issuance, segmented maturity structures, and dependence on offshore infrastructure. The study argues that this divergence reflects institutional incompleteness and shows that market access alone does not translate into market development, highlighting the role of institutional integration in enabling sustained and scalable participation.

Keywords: Capital raising, international bond issuance, capital markets, institutional completeness, emerging economies

(The article was published in the Vietnam Economic & Financial Review, Vol. 2, Issue 4, August 2026).

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