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Viet Nam

Market Watch
Close of
September 19, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.105 5.3 8.8 ▲ 20.5
5 Year 4.453 3.7 15.5 ▲ 9.3
10 Year 5.113     0.0 5.0 9.1

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
VND per USD 23,238.000 ▲ 0.2 ▲ 0.2 2.4
VND per JPY 206.965 ▲ 0.1 ▲ 1.1 2.8

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D VNIBOR 2.400 10.0 133.3 ▲ 120.0
3M VNIBOR 4.100     0.0 33.8 26.7

* 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

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 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.

Download Report

* Download previous issues PDF
2018 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 March and 15 May, local currency (LCY) government bond yields in Viet Nam increased for all tenors except the 1-year and 2-year maturities, which fell 25 basis points (bps) and 26 bps, respectively. The decline in yields at the short-end of the curve can be attributed to the State Bank of Vietnamís reduction of its open market operation interest rate in January when it cut the interest rate by 25 bps to 4.75%. On the other hand, the upward movement in yields of medium-to-long-term bonds reflects mounting pressure from rising global interest rates as the United States Federal Reserve and other major central banks prepare for accelerated monetary policy normalization.

Size and Composition

The size of Viet Namís LCY bond market reached VND1,173 trillion (USD51 billion) at the end of March, registering growth of 8.6% quarter-on-quarter (q-o-q). While the government and corporate bond segments both saw increases in the first quarter of 2018, growth in the LCY bond market is largely driven by government bonds, which comprise about 94% of the total. The size of the government bond market grew 8.9% q-o-q amounting to VND1,108 trillion and the corporate bond market grew 4.1% q-o-q amounting to VND65 trillion. Despite the strong growth, Viet Namís bond market remains the smallest in emerging East Asia.

Policy, Institutional and Regulatory Developments

Viet Namís State Securities Commission issued a draft regulation requiring the initial margin ratio to be at least 60%, effective 1 February. The margin ratio of 60:40 means that investors have to deposit 60% of the purchase price and are allowed to borrow the remaining 40% from the broker. The regulation aims to reduce potential risks in the stock market and restrain credit growth in the banking and financial sector. At the same time, a credit slowdown could affect the growth momentum of the stock market.

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