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Viet Nam

Market Watch
Close of
October 22, 2020
Change From
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.

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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.

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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.

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Policy Rates
Change From
Policy Rates Latest Rate
(1-Oct-2020)
Previous Rate
(13-May-2020)
YTD
Rate
Refinancing Rate 4.000 50.0 200.0

* 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 2019-05-17
RAM BB3 positive 2019-08-27
Non-Regional Rating Institutions
Fitch BB stable 2020-04-08
S&P BB stable 2020-05-21

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Breakdown of LCY Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Investor Profile - Government Bonds
  • Foreign Holdings in LCY Government Bonds
  • Trading Volume
  • Bonds Turnover Ratio
  • 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 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.

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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
2020 Sep Jun Mar
2019 Nov Sep Jun Mar
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

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.

Size and Composition

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.

Policy, Institutional and Regulatory Developments

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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