HCMC – Average daily trading value in the secondary government bond market rose 31.4% month-on-month to VND17.03 trillion in January, according to data from the Hanoi Stock Exchange (HNX).
HNX organized 18 government bond auctions in January on behalf of the State Treasury, raising VND26.05 trillion. The amount met 24% of the first-quarter plan and 5.2% of the full-year target.
The bonds issued come with three tenors: five, 10 and 15 years. Ten-year bonds accounted for 95% of the total, or VND24.7 trillion.
Coupon rates increased across all maturities. At the final auction of the month, coupon rates reached 3.3% for five-year bonds, 4.04% for 10-year bonds, and 4.12% for 15-year bonds. These levels were up by 10, four and two basis points, respectively, from the first auction in early January.
Total listed government bonds stood at VND2.57 quadrillion as of January 30, up 1.5% from the previous month.
Outright transactions made up 80.09% of total trading value in January, while repos accounted for 19.91%.
Foreign investors represented about 4.15% of total secondary market turnover during the month. They posted net sales of VND2.06 trillion.
The State Treasury plans to issue around VND500 trillion in government bonds in 2026. About VND38 trillion in bonds will fall due this year, the lowest level in five years, indicating that new issuance will primarily finance budget deficits and public investment.
Deposit rates across the banking system could rise by around 100 basis points in 2026 to meet funding needs and support public investment programs, according to Vietcombank Securities.
State-run banks are expected to keep deposit rates stable in the first half of the year in line with policy guidance from the State Bank of Vietnam and the Government, before modest increases in the second half as credit demand strengthens.
