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Viet Nam

Market Watch
Close of
August 13, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.544 3.0 5.3 114.6
5 Year 1.759 ▲ 3.7 ▲ 0.7 26.6
10 Year 2.945 ▲ 2.6 ▲ 3.4 47.1

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
VND per USD 23,176.000 0.0 0.0 0.0
VND per JPY 216.740 0.0 ▲ 1.2 1.6

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D VNIBOR 0.150 ▲ 1.2 1.7 137.5
3M VNIBOR 1.467 ▲ 4.7 5.8 255.8

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
Refinancing Rate 4.500 50.0 150.0

* 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 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

Viet Nam's local currency (LCY) bond yield curve shifted downward for short-term tenors and upward for medium- to long-term tenors between 28 February and 15 May. The yield decline at the shorter-end of the curve can be traced to the interest rate cuts of the State Bank of Vietnam, while the increase in yields at the medium- to longer-end reflects investors seeking higher returns at the same time the government needs to secure money to finance its socioeconomic development programs to support the economy.

Size and Composition

Viet Nam's LCY bonds outstanding totaled VND1,360.7 trillion at the end of March. The market expanded 9.5% quarter-on-quarter (q-o-q) in the first quarter (Q1) of 2020 after recording a decline in the fourth quarter of 2019. The rebound was entirely driven by the government segment which grew 10.5% q-o-q while outstanding bonds in the corporate sector remained subdued which declined 1.7% q-o-q. Government bonds comprised the bulk of the bond market with a 92.6% share at the end of the quarter versus a 7.4% share for corporate bonds.

Policy, Institutional and Regulatory Developments

On 7 May, the Ministry of Finance issued Circular No. 37, which reduced 20 out of 22 securities fees by 50%. The measure aims to help businesses negatively impacted by the COVID-19 pandemic in line with the government's effort to keep the economy afloat. The reduction will be effective from 7 May to 31 December.

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