VIETNAM RAISES OVER VND80 TRILLION THROUGH G-BONDS IN Q1

In March alone, VND19.56 trillion of Vietnam's G-bonds was raised through 16 auction sessions - PHOTO: ARCHIVES

HCMC – The Vietnam State Treasury mobilized VND80.1 trillion through Government bond issues in the first quarter of 2026, fulfilling 73% of the quarterly plan and 16% of the annual target.

This capital mobilization, unveiled by the Hanoi Stock Exchange (HNX), underscores a strong start for the domestic sovereign debt market. In March alone, VND19.56 trillion of G-bonds was raised through 16 auction sessions, with investor appetite primarily concentrated in 5-year, 10-year, and 15-year tenors, despite the availability of diverse maturities ranging up to 30 years.

The primary market recorded a slight upward trend in winning yields, with increases ranging from 2 to 10 basis points compared to late February. By the final auction of March, the winning interest rate for the 5-year tenor stood at 3.6% per annum, while the 10-year and 15-year terms reached 4.11% and 4.2%, respectively.

This marginal yield adjustment reflects evolving liquidity conditions and investor expectations as the economy navigates the initial stages of the 2026 fiscal year.

In tandem with the primary market’s momentum, the secondary market witnessed positive shifts in both scale and liquidity. By the end of March, the total listed value of G-bonds reached over VND2.62 quadrillion, a 0.75% increase month-on-month.

Market liquidity saw a notable breakthrough, with the average daily trading value surging by nearly 15% from February to reach over VND17.1 trillion per session. Outright transactions continued to dominate the market structure, accounting for 73.8% of the total trading value.

Foreign investors maintained a stable presence, contributing 5.03% to the total market trading volume. Notably, this group recorded a net buying position of VND33 billion in March, signaling continued international confidence in Vietnam’s fiscal stability.

As the Vietnam State Treasury continues its issuance roadmap, the market’s performance in the first quarter provides a solid foundation for the Government’s efforts to fund national development projects throughout 2026.

Source: The Saigon Times