The Ho Chi Minh Stock Exchange (HOSE) and Hanoi Securities Trading Center (HASTC) issue bond identification codes.

At present, International Securities Identification Number (ISIN) codes are not used in Viet Nam.

A list of bonds traded on HOSE and HASTC are available by following the links provided below.

Major USD Issues

Viet Nam issued a 10-year USD750 million government bond with a 6.875% coupon rate in October 2005. This bond is due in January 2016 and has been rated Ba3 by Moody’s. This is the first major fixed-income security that foreign investors can acquire since the issuance of Brady bonds in March 1998.

To attract domestic savings, the Government issues local bonds denominated in US dollars. The Treasury Bill Auction Committee, under the supervision of the Ministry of Finance (MOF) and the State Bank of Viet Nam (SBV), oversees these issues.

Government

In response to growing investor demand for VND-denominated government bonds, Reuters Limited launched the first Viet Nam Dong Risk Free Zero Coupon. This real-time benchmark curve is derived from actively-traded government bonds.

Municipal

The largest issuer of municipal bonds is currently Ho Chi Minh City. With more issues of various maturities, a benchmark curve could develop.

PetroVietnam was the first state-owned enterprise (SOE) to issue bonds. The corporation plans a number of future issues across a range of maturities. This could ensure the emergence of a corporate benchmark.

The Bank for Investment and Development of Vietnam is the only bank that has bonds listed at HOSE. It was also the first bank allowed to issue 5-year bonds.

Swaps

Reuters Limited launched Interbank Zero Coupon Curve to price and revalue all customized interest rate swaps, long-term cross-currency forward contracts, and cross-currency swaps. This real-time benchmark curve is a collection of interbank trading instruments such as deposit rates and interest rate swaps.

Prime Lending Rate

SBV uses the prime lending rate to control inflation and to determine the pace of its monetary policy. SBV has raised the prime lending rate several times since 2005.

Short-Term Interest Rate

Reuters Viet Nam is publishing a Viet Nam Interbank Offered Rate (VNIBOR) benchmark. It comprises 12 local and foreign bank rates with periods of up to 6-months.

Long-Term Interest Rate

MOF is in the process of developing a benchmark bond system. The 10-year government bond rate, which is published by SBV, is currently used to calculate yields.

Reuters Benchmarks

To help Viet Nam meet the demands of the growing bond and currency markets, Reuters Limited released three Viet Nam Dong benchmark curves in June 2006: (i) VND Risk Free Zero Coupon is a real-time benchmark curve derived from actively-traded government bonds, (ii) Interbank Zero Coupon Curve is a real-time curve composed of interbank trading instruments such as deposit rates and interest rate swaps, and (iii) VND Interbank Offer Rate Fixing is a collection of key information on currency exchange rate, currency swap points, and dollar deposit rates.