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Viet Nam

Market Watch
Close of
January 22, 2021
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.400     0.0 10.0     0.0
5 Year 1.100 ▲ 6.0 ▲ 5.0 20.0
10 Year 2.180 4.0 10.0 43.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
VND per USD 23,074.000 0.0 0.0 ▲ 0.1
VND per JPY 222.336 ▲ 0.3 0.1 ▲ 0.6

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D VNIBOR 0.081 0.2 ▲ 0.1 0.5
3M VNIBOR 0.988 1.2 17.6 10.0

* Interest rate changes are expressed in basis point change.

More details

Policy Rates
Change From
Policy Rates Latest Rate
(1-Oct-2020)
Previous Rate
(13-May-2020)
YTD
Rate
Refinancing Rate 4.000 50.0     0.0

* Policy rate changes are expressed in basis point change.

More details

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 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. View Report

* Download previous issues PDF
2020 Nov Sep 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

The yields of local currency (LCY) government securities in Viet Nam fell across the curve between 31 August and 30 October. Yields on bonds with 1-year and 2-year maturities dropped 14 basis points (bps) and 10 bps, respectively, while yields on bonds with tenors from 3 years to 15 years had larger declines ranging from 31 bps to 50 bps. A low-interest-rate environment and abundant liquidity in the financial system, as a result of the State Bank of Vietnam's accommodative monetary policy stance, and easing inflation drove the downward movement of the yield curve.

Size and Composition

Viet Nam's LCY bond market grew 11.6% quarter-on-quarter (q-o-q) in the third quarter, recovering strongly from a decline of 1.4% q-o-q in the second quarter. Total bonds outstanding registered VND1,514.3 trillion (USD65.3 billion) at the end of September, supported by the government segment which grew 9.1% q-o-q on the back of increased issuance from the State Treasury, and by the corporate segment which expanded 26.9% q-o-q. On an annual basis, LCY bonds outstanding increased 17.0% year-on-year. The LCY bond market comprised 83.8% government bonds and 16.2% corporate bonds.

Policy, Institutional and Regulatory Developments

On 14 August, the Ministry of Finance issued Circular No. 77/2020/TT-BTC to provide guidance on its existing decrees, Decree No. 81/2020/ND-CP and Decree No. 163/2018/ND-CP, on the provision of bond issuance information in the domestic market. In particular, the circular guides the (i) information disclosure regime of bond issuers; (ii) information disclosure on the corporate bond website; and (iii) reporting regime of the stock exchange, corporate bond issuance consulting organizations, and bond depository organizations.

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