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Vietnam Five-Year Bonds Drop for Seventh Week on Inflation Risk

Vietnam’s benchmark five-year bonds fell for a seventh week, their longest losing streak in more than four years, on speculation inflation will accelerate. The dong was little changed.

Consumer-price gains may be about 7 percent by the end of 2012 and 9.4 percent by the end of 2013, the Asian Development Bank’s Vietnam country economist Dominic Mellor said in Hanoi on Oct. 3. Inflation was 6.48 percent in September, compared with 5.04 percent in August, official data show.

“Inflation expectations have crept up again and banks are afraid to lock in to longer-term bonds,” said Nguyen Duc Hai, a Ho Chi Minh City-based portfolio manager at Manulife Asset Management. Fuel and food costs have the potential to boost consumer prices, he said.

The yield on the benchmark five-year bonds rose two basis points, or 0.02 percentage point, to 10.15 percent this week, completing the longest weekly run of increases since June 2008, according to daily fixing rates from banks compiled by Bloomberg. The yield was steady from yesterday.

The dong was little changed today and this week at 20,885 per dollar as of 5:06 p.m. in Hanoi, 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 as much as 1 percent on either side of the rate.

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