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Viet Nam

Market Watch
Close of
November 19, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.000 2.5 29.5 221.0
5 Year 2.443 ▲ 3.5 7.9 211.2
10 Year 3.650 2.4 12.4 147.5

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
VND per USD 23,201.000 ▲ 0.0 0.0 0.1
VND per JPY 213.755 0.1 0.4 1.2

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D VNIBOR 1.957 ▲ 25.7 ▲ 9.7 254.3
3M VNIBOR 3.757 14.3 14.3 124.3

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(16-Sep-2019)
Previous Rate
(7-Jul-2017)
YTD
Rate
Refinancing Rate 6.000 25.0 25.0

* 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
  • 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 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 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

Viet Namís local currency (LCY) government bond yield curve shifted downward between 31 August and 15 October. The downward yield movement was driven largely by a policy rate cut by the State Bank of Vietnam (SBV) on 13 September. Unlike other central banks in the region, the SBVís move was largely in response to easing monetary policies in advanced economies as opposed to declines in domestic growth. The SBV also noted that the domestic economy remains stable with inflation controlled.

Size and Composition

Viet Nam continued to have the smallest LCY bond market in emerging East Asia, with outstanding bonds of VND1,277.7 trillion (USD55.1 billion) at the end of September. The overall growth of the LCY bond market accelerated to 3.4% quarter-on-quarter in the third quarter of 2019 from 2.6% quarter-on-quarter in the second quarter. On a year-on-year basis, total bonds outstanding grew 1.9%. The outstanding stock of LCY government bonds climbed to VND1,172.5 trillion and corporate bonds reached VND105.2 trillion at the end of September. †

Policy, Institutional and Regulatory Developments

In August, the State Treasury announced its plan to issue VND70 trillion worth of government bonds in the third quarter of 2019. The issuance plan comprises (i) 5-year Treasury bonds worth VND4 trillion, (ii) 7-year Treasury bonds worth VND2 trillion, (iii) 10-year Treasury bonds worth VND27 trillion, (iv) 15-year Treasury bonds worth VND26 trillion, (v) 20-year Treasury bonds worth VND6 trillion, and (vi) 30-year Treasury bonds worth VND5 trillion. The volume of issuance, however, may be adjusted subject to market conditions and the funding needs of the government.

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