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Close of March 18, 2024 |
Change From | |||
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Govt. Bond Yields | Latest Yield | Previous Day | Previous Week | YTD |
2 Year | 1.373 | ▲ 0.8 | ▲ 5.6 | ▼ 18.4 |
5 Year | 1.663 | ▲ 2.5 | ▲ 10.6 | ▲ 13.0 |
10 Year | 2.532 | ▲ 0.2 | ▲ 5.9 | ▲ 29.5 |
* Government bond yield changes are expressed in basis points. |
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Currencies | Latest Rate | Previous Day | Previous Week | YTD |
VND per USD | 24,725.000 | ▼ 0.0 | ▼ 0.3 | ▼ 1.9 |
VND per JPY | 165.773 | ▲ 0.1 | ▲ 1.2 | ▲ 3.7 |
* Exchange rate changes are expressed as a percentage change. |
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Interest Rates | Latest Rate | Previous Day | Previous Week | YTD |
1D VNIBOR | 0.275 | ▼ 42.5 | ▼ 46.5 | ▼ 268.5 |
3M VNIBOR | 2.567 | ▼ 3.3 | ▲ 1.7 | ▼ 46.6 |
* Interest rate changes are expressed in basis point change. |
Change From | ||||
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Policy Rates | Latest Rate (16-Jun-2023) |
Previous Rate (23-May-2023) |
YTD Rate |
|
Refinancing Rate | 4.500 | ▼ 50.0 | 0.0 | |
* Policy rate changes are expressed in basis point change. |
Agency | Rating | Outlook | Date | |
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Regional Rating Institutions | ||||
R&I | BB | stable | 2019-05-17 | |
RAM | BB3 | positive | 2019-08-27 | |
Non-Regional Rating Institutions | ||||
Fitch | BB+ | stable | 2023-12-08 | |
S&P | BB+ | stable | 2023-06-15 | |
NEWS HIGHLIGHTS
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BOND ISSUANCES
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 | ||||
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2009 | Nov | Sep |
Between 1 September and 10 November, the local currency (LCY) government bond yields in Viet Nam rose for all tenors driven by an uptick in inflation and the United States Federal Reserve’s decision to keep interest rates at a 22-year high in its September and November Federal Open Market Committee meetings.
Viet Nam’s LCY bond market grew 3.9% quarter-on-quarter (q-o-q) in the third quarter (Q3) of 2023 to reach VND2,640.0 trillion at the end of September. Growth was driven by the State Bank of Vietnam’s resumption of central bank securities issuance to mop up excess liquidity in the banking system amid slow credit growth. Outstanding Treasury and other government bonds posted a slower growth of 1.5% q-o-q in Q3 2023 due to a decline in issuance while outstanding LCY corporate bonds contracted 3.1% q-o-q driven by large volume of maturities in August and September despite strong corporate bond issuance during the quarter. Viet Nam's total LCY bond issuance grew 144.6% q-o-q to reach VND198.1 trillion in Q3 2023 driven by increased issuance from corporates.
Effective 15 August, Circular No. 8 replaced the existing circular (Circular No. 12), which set out conditions for nongovernment-guaranteed foreign borrowings. The new circular limits the permitted use of foreign loans and international bonds issued by Vietnamese enterprises. Under the new circular, short-term foreign borrowings can only be used for payment and restructuring the borrower’s own short-term and foreign debts, while medium- or long-term foreign borrowings can only be used for the borrower’s own business plans and projects. In addition, Circular No. 8 requires the borrower to submit a detailed usage plan or debt restructuring plan that justifies the purpose of foreign borrowings to the central bank for review and loan registration process. Circular No. 8 may potentially help in preventing bond defaults by allowing short-term borrowings to serve as bridge loans in refinancing scenarios.