According to the Ministry of Finance (MoF), as of February 23, 2024, eleven enterprises had issued bonds this year totaling VND7.25 trillion ($302 million), or eight-fold higher than in the same period of 2023. Of these, 52.4 per cent had collateral. However, compared to the vibrant level of issuances in the second half of last year, the numbers reveal a degree of “gloom” in the market in the opening two months of 2024. According to analysts, the market has been growing slowly this year as a number of regulations tighten discipline and place higher requirements on market participants. Though the beginning of the year was quiet, analysts are still optimistic that 2024 will be more vibrant than 2023 thanks to the government’s efforts to improve the macro environment, the business situation being brighter, and the market becoming gradually more accustomed to the new standards in Decree No. 65. Investors stand to benefit from greater transparency, the improved quality of newly-issued corporate bonds, and the market entering into a new stage of development.