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Viet Nam

Market Watch
Close of
October 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.188 7.5 ▲ 4.0 ▲ 28.8
5 Year 4.525     0.0 ▲ 9.2 ▲ 16.5
10 Year 5.075     0.0 ▲ 3.7 12.9

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
VND per USD 23,345.000     0.0     0.0 2.9
VND per JPY 208.047 ▲ 0.0 1.3 3.3

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D VNIBOR 2.740 6.0 ▲ 4.0 ▲ 154.0
3M VNIBOR 4.140 6.0 ▲ 12.6 22.7

* 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

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  • 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 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

Between 1 June and 15 August, local currency (LCY) government bond yields in Viet Nam climbed for all tenors, shifting the entire curve upward. The overall rise in yields was reflective of strong economic growth posted in the first half of the year. In addition, the State Bank of Vietnam has engaged in open market operations to rein in inflation and stabilize the value of the Vietnamese dong.

Size and Composition

Viet Namís LCY bond market was the sole market in emerging East Asia that posted a quarter-on-quarter (q-o-q) †contraction in bonds outstanding in the second quarter of 2018. At the end of June, the LCY bond marketís size †stood at VND1,173.2 trillion, which was down 1.4% q-o-q and reversed a 10.8% q-o-q hike in the first quarter of 2018. At the end of June, the outstanding amount of LCY government bonds slipped to VND1,096.0 trillion while the outstanding amount of corporate bonds climbed to VND77.3 trillion. †

Policy, Institutional and Regulatory Developments

In June, the State Bank of Vietnam issued a regulation that restricts the purchase of corporate bonds by banking institutions, including foreign banks. Under the regulation, credit institutions and foreign bank branches are required to conduct an internal credit scoring and rating of corporate bonds that they plan to purchase. Also, internal management regulations are required to be made for evaluating bond investments, particularly for corporate bonds issued to finance projects in potentially risky areas. Credit institutions and foreign bank branches are also prohibited from purchasing corporate bonds that are issued to fund corporate debt restructuring. This law came into effect in August.

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