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Viet Nam

Market Watch
Close of
December 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.298 ▲ 3.0 ▲ 1.0 ▲ 39.8
5 Year 4.585 ▲ 0.7 4.8 ▲ 22.5
10 Year 5.168 ▲ 1.3 0.7 3.6

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
VND per USD 23,295.000 ▲ 0.0 ▲ 0.0 2.6
VND per JPY 205.623 0.0 ▲ 0.1 2.1

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D VNIBOR 4.633 ▲ 15.8 ▲ 18.3 ▲ 343.3
3M VNIBOR 5.033 ▲ 10.8 ▲ 17.5 ▲ 66.6

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(7-Jul-2017)
Previous Rate
(7-Jul-2017)
YTD
Rate
Refinancing Rate 6.250     0.0     0.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I BB- stable 2016-10-25
RAM BB3 stable 2017-04-17
Non-Regional Rating Institutions
Fitch BB stable 2018-05-15
S&P BB- stable 2017-03-05

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Issuance Volume of LCY Bond Market
  • Breakdown of LCY Government Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2018: Viet Nam


ASEAN+3 Bond Market Guide is a comprehensive explanation of the regionís 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.

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ASEAN+3 Bond Market Guide 2012: Viet Nam


Published by the ASEAN+3 Bond Market Forum (ABMF) in collaboration with the ADB as its secretariat, the two-volume guide contains detailed information on bond market infrastructure; transaction flows, including information on matching, settlement cycles, and numbering; and the regulatory framework and market practices in the Hong Kong, China.

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* Download previous issues PDF
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary



Yield Movements

Local currency (LCY) government bond yields in Viet Nam declined for all tenors between 31 August and 15 October, resulting in a downward shift of the yield curve. The decline in interbank rates drove yields lower during the review period. The State Bank of Vietnam is expected to keep interest rates steady for the rest of the year to support economic growth, and opts to use other monetary tools to curb inflation. The central bank has been engaging in open market operations to manage liquidity and intervening in the foreign exchange market to stabilize the VNDĖUSD exchange rate.

Size and Composition

The size of Viet Namís LCY bond market climbed to VND1,232.4 trillion at the end of September, up 5.0% quarter-on-quarter (q-o-q) and 15.7% year-on-year (y-o-y). Viet Namís growth rates were the third-fastest in emerging East Asia on a q-o-q basis and the fastest on a y-o-y basis, albeit coming from a low base. At the end of September, the aggregate size of the LCY government bond market reached VND1,152.8 trillion on growth of 5.2% q-o-q and 14.7% y-o-y. The outstanding amount of LCY corporate bonds rose to VND79.5 trillion at the end of September, posting a 2.9% q-o-q and 31.6% y-o-y expansions in Q3 2018.

Policy, Institutional and Regulatory Developments

In October, the State Treasury lowered its bond issuance plan for 2018 to VND175 trillion from VND200 trillion as originally planned. The breakdown of issuance volume for each maturity is as follows: (i) 5-year bonds at VND31 trillion, (ii) 7-year bonds at VND11 trillion, (iii) 10-year bonds at VND64 trillion, (iv) 15-year bonds at VND51 trillion, (v) 20-year bonds at VND9 trillion, and (vi) 30-year bonds at VND9 trillion.

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