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Vietnam’s Bonds Gain After Prices Drop in Two Biggest Cities

Vietnam’s bonds gained, snapping seven days of declines, after prices dropped in the country’s two biggest cities. The dong strengthened.

Consumer prices fell 0.17 percent in June from May in the capital of Hanoi and decreased 0.43 percent in the economic hub of Ho Chi Minh City, according to a posting on the government’s website today, citing statistics offices in the two cities.

Low inflation is “a favorable condition for the State Bank of Vietnam to complete its road map for loosening monetary policy to support credit growth,” Hanoi-based Bao Viet Securities Co. analysts including Ha Thi Thu Hang and Ngo Minh Hoa wrote in a research note yesterday. “Government bond yields are expected to fall slightly.”

The yield on five-year notes declined one basis point, or 0.01 percentage point, to 9.70 percent, after rising for seven consecutive days, according to a daily fixing from banks compiled by Bloomberg.

The dong gained 0.1 percent to 20,918 per dollar as of 3:20 p.m. in Hanoi, according to data compiled by Bloomberg. The central bank fixed the reference rate at 20,828, unchanged since Dec. 26, according to its website. The currency is allowed to trade as much as 1 percent on either side of the rate.

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