The auction of local currency government bonds takes place at the Ho Chi Minh Stock Exchange (HOSE) and Hanoi Securities Trading Centre (HASTC). Issues of treasury bills and foreign currency government bonds are auctioned through the State Bank of Viet Nam (SBV). Government bonds may also be issued through the treasury system or by underwriting.

HOSE is Viet Nam’s first trading board. All trades must be executed between members of HOSE. While trading may be done either using an automated order-matching system or via negotiated trading (put-through), most bond trading is conducted through negotiated trading among brokers. The results of these transactions are then recorded at HOSE.

Local currency bonds may also be auctioned and traded at HASTC, which began operations in March 2005. HASTC is expected to operate a bond exchange in the future to improve bond liquidity.