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Viet Nam

Market Watch
Close of
July 22, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 3.060 ▲ 5.3 19.0 115.0
5 Year 3.638 ▲ 2.0 8.5 91.7
10 Year 4.513 3.0 7.4 61.2

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
VND per USD 23,226.000 ▲ 0.1 0.1 0.2
VND per JPY 215.315 ▲ 0.2 0.1 1.9

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D VNIBOR 2.550 18.3 37.9 195.0
3M VNIBOR 3.688 11.2 14.1 131.2

* 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 positive 2019-05-09
S&P BB stable 2019-04-05

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
  • 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
2019 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

Between 1 March and 8 May, local currency (LCY) government bond yields in Viet Nam climbed for all tenors. Bond yields rose faster at the short-end than the long-end, resulting in a flattening of the yield curve. The overall upward trend in bond yields was influenced by the uptick in deposit rates. A regulation by the State Bank of Vietnam, which came into effect in 2019, reduced the ratio of short-term capital that can be used for long-term lending. Only 40% of a bank's short term capital can now be used for long-term lending, down from the previous allowable amount of 45%. As a result, borrowing costs edged higher.

Size and Composition

Viet Nam's LCY bond market reached a size of VND1,193.0 trillion (USD51 billion) at the end of March. Growth rose a marginal 0.7% quarter-on-quarter (q-o-q) in the first quarter (Q1) of 2019, a reversal from the 5.0% q-o-q contraction in the fourth quarter (Q4) of 2018. On a year-on-year (y-o-y) basis, however, a 0.2% contraction was recorded. Total LCY government bonds outstanding stood at VND1,092.2 trillion at the end of March, with growth rebounding to 0.9% q-o-q in Q1 2019 after contracting 6.1% q-o-q in the preceding quarter. On a y-o-y basis, the government bond market contracted 2.4% after expanding 7.9% in Q4 2018. The stock of Treasury instruments was the sole driver of growth as the stocks of central bank bills and government guaranteed and municipal bonds contracted during the review period. The outstanding stock of LCY corporate bonds reached VND100.7 trillion, with growth declining 1.3% q-o-q but rising 31.9% y-o-y.

Policy, Institutional and Regulatory Developments

IIn April, the State Treasury announced that it plans to issue VND80 trillion bonds in the second quarter of 2019. The issuance plan is as follows: (i) 5-year Treasury bonds worth VND10 trillion, (ii) 7-year Treasury bonds worth VND5 trillion, (iii) 10-year Treasury bonds worth VND26 trillion, (iv) 15-year Treasury bonds worth VND30 trillion, (v) 20-year Treasury bonds worth VND5 trillion, and (vi) 30-year Treasury bonds worth VND4 trillion. For 2019 as a whole, the government is targeting to issue VND200 trillion.

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