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Vietnam 1-Year Bonds Rise on Interest-Rate Outlook; Dong Steady

Vietnam’s one-year bonds advanced, driving the yield to a 33-month low, on speculation the government will lower local fuel prices, helping slow inflation and increasing room for interest-rate cuts. The dong was steady.

The finance ministry will consider cutting gasoline prices if global petroleum prices extend declines, online newswire VnExpress reported today. Prime Minister Nguyen Tan Dung told the central bank to “speed up” reductions in borrowing costs to help businesses, the government said on May 9. State Bank of Vietnam Governor Nguyen Van Binh said in March the monetary authority would cut rates by 100 basis points in each of the second, third and fourth quarters.

“The market thinks there will be rate cuts soon,” said Nguyen Duy Phong, a Ho Chi Minh City-based analyst at Viet Capital Securities Co.

The yield on one-year bonds fell two basis points, or 0.02 percentage point, to 8.71 percent, according to a daily fixing rate from banks compiled by Bloomberg. That’s the lowest level since August 2009. Benchmark five-year bond yields were unchanged for a third day at 9.5 percent.

Crude-oil prices in New York declined more than 12 percent this month to $92.13 per barrel, according to data compiled by Bloomberg.

The dong traded at 20,855 per dollar as of 2:07 p.m. in Hanoi, compared with 20,848 on May 18, according to data compiled by Bloomberg. 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 trade up to 1 percent on either side of the rate.

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