October 22, 2020
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||0.453||▼ 0.6||▲ 1.4||▼ 123.7|
|5 Year||1.251||▼ 1.2||▲ 3.9||▼ 77.4|
|10 Year||2.611||▲ 0.6||▲ 3.3||▼ 80.5|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|VND per USD||23,168.000||▲ 0.0||▲ 0.0||▲ 0.0|
|VND per JPY||220.942||▲ 0.3||▼ 0.6||▼ 3.6|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|1D VNIBOR||0.100||0.0||0.0||▼ 142.5|
|3M VNIBOR||1.150||▼ 5.0||0.0||▼ 287.5|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|Refinancing Rate||4.000||▼ 50.0||▼ 200.0|
* 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.
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.
|* Download previous issues PDF|
The yields of local currency government securities in Viet Nam fell across the curve between 15 June and 15 August. Larger yield declines were observed in short- and medium-dated tenors compared to those at the longer end of the curve. Strong demand from investors for government securities amid abundant liquidity was the main driver of the fall in bond yields. The low-interest-rate environment and weak consumer price inflation also contributed to the downward pressure on yields.
Viet Nam's total bonds outstanding declined 1.7% quarter-on-quarter (q-o-q) to VND1,349.3 trillion (USD58.2 billion) at the end of the second quarter of 2020, reversing the previous quarter's expansion. The contraction in market size was due to lower outstanding debt in the government sector, which declined 7.8% q-o-q, even as the corporate bond stock increased by 65.6% q-o-q. Government bonds accounted for a larger share of Viet Nam's bond market at 86.2% versus corporate bonds with a 13.8% share.
In July, the Government of Viet Nam issued Government Decree No. 81 to raise standards in the corporate bond market and ensure information transparency. In particular, the decree will limit private issuance to minimize risks for individual investors and will impose more responsibility on underwriters when evaluating the financial capacity of issuers. The decree also states that the total bond issuance of a company cannot exceed its equity capital by five times and that the gap between two bond issuances must be at least 6 months. The issuer must also declare the purpose of the funds and provide a business plan for proper monitoring by investors. The new decree takes effect on 1 September.
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