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Vietnam Government Bonds Gain as Debt Set to Mature; Dong Falls

Vietnam’s government bonds gained on speculation investors will reinvest funds from maturing debt and push prices higher. The dong dropped.

“About 17 trillion dong ($809 million) of bonds will mature next month, adding funds to banks that hold the notes,” said Nguyen Tan Thang, head of fixed-income research at Ho Chi Minh City Securities Corp. “Bond yields will move down on expectations of lower interest rates at banks.”

The yield on benchmark five-year notes declined two basis points, or 0.02 percentage point, to 12.40 percent, according to a daily fixing from banks compiled by Bloomberg. The rate dropped 15 basis points this month.

Vietnam’s central bank expects interest rates at lenders to be reduced given month-on-month inflation has slowed every month since August 2011, according to a statement on the government’s website late yesterday, citing State Bank of Vietnam Governor Nguyen Van Binh.

The dong fell 0.6 percent to 21,018 per dollar as of 4 p.m. in Hanoi, according to prices from banks compiled by Bloomberg, after rising by the same magnitude yesterday as markets reopened following the weeklong Lunar New Year. The currency climbed 0.1 percent this month.

The State Bank of Vietnam set its reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to fluctuate by as much as 1 percent on either side of that rate.

To contact reporter on this story: Nguyen Dieu Tu Uyen in Hanoi at +84-4-936-6727 or

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