The Government forms a large share of bond issuers in Viet Nam, in particular the central government and state-owned enterprises. Corporate issuers represent a small share of the bond market, comprising approximately 4% of total bonds outstanding as of December 2008.

The national government is the largest issuer of debt securities and the Viet Nam Development Bank, which issues government-guaranteed bonds, is the second largest issuer. Other issuers include Ho Chi Minh City and the State Bank of Viet Nam (SBV).

State-owned enterprises (SOEs) also form a large number of bond issues in Viet Nam. For example, PetroVietnam was the first SOE to issue bonds and others are expected to follow suit as the “equitization� of SOEs progresses. The Bank for Investment and Development of Viet Nam (BIDV) signed an agreement with the Debt Asset Trading Corporation to assist in the financial restructuring of SOEs, including the issuance of bonds for its own financing needs.

Commercial banks and other private enterprises issue corporate bonds. The primary issuers include the Asia Commercial Bank, Viet Nam Technology and Commercial Bank, and Minh Phu Seafood.