July 22, 2021
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||0.700||0.0||0.0||▲ 30.0|
|5 Year||1.100||▲ 2.3||▲ 3.4||▼ 20.0|
|10 Year||2.190||▼ 0.4||▲ 2.1||▼ 42.0|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|VND per USD||23,045.000||▼ 0.1||▼ 0.1||▲ 0.2|
|VND per JPY||209.234||▼ 0.2||▲ 0.2||▲ 6.5|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|1D VNIBOR||0.750||▲ 1.5||▼ 1.1||▲ 66.4|
|3M VNIBOR||1.410||▼ 0.2||▼ 5.7||▲ 32.2|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|Refinancing Rate||4.000||▼ 50.0||0.0|
* Policy rate changes are expressed in basis point change.
|Regional Rating Institutions|
|Non-Regional Rating Institutions|
ASEAN+3 Bond Market Guide is a comprehensive explanation of the region''''s bond markets. It provides information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction (including settlement systems), and other relevant information. The ASEAN+3 Bond Market Guide 2018 Viet Nam is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Viet Nam. View Report
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The yields of local currency (LCY) government securities in Viet Nam rose for most tenors between 28 February and 15 May. Yields on 1-year, 5-year, 10-year, and 15-year bonds increased, ranging from less than 1 basis point (bps) to 5 bps. Yield declines were seen for the 2-year and 7-year tenors while the yield on the 3-year bond was unchanged. The modest general increase in LCY government bond yields signaled that ample liquidity remained in the system and that risk aversion is sustaining the demand for government securities, thereby limiting the increases in rates. Moreover, the monetary policy stance of the State Bank of Vietnam remained accommodative while inflationary pressure remained relatively weak.
Viet Nam’s total LCY bonds outstanding slightly declined 0.3% quarter-on-quarter (q-o-q) to VND1,637.3 trillion (USD71.0 billion) at the end of the first quarter of 2021. The market contraction was due to lower outstanding government debt even as corporate bonds outstanding increased. The government bond market contracted 1.1% q-o-q on the back of a large volume of maturities during the quarter, which was accompanied by low or no issuance across government bond segments. Corporate bonds posted growth of 3.3% q-o-q. On an annual basis, the bond market expanded 19.0% year-on-year in Q1 2021. Government bonds accounted for the larger share of Viet Nam’s bond market at 82.1% versus corporate bonds with a 17.9% share.
Viet Nam’s Ministry of Finance released Decision No.2290/QD-BTC, which lists market makers for the debt market effective 1 January–31 December 2021. The market markers for 2021 comprise 17 commercial banks and securities firms, up from only 13 in 2020. The entities have the right to participate in the bidding of government bonds, act as the main guarantor organization for the issuance of government bonds, and provide inputs for drafting new policies for the bond market. The Ministry of Finance will evaluate the entities toward the end of the year if they can maintain their status as market makers.
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