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Vietnam’s Bonds Rise a Sixth Day in Longest Advance Since August

Vietnam’s bonds gained for a sixth day, the longest winning streak since August, as a decline in money-market rates signaled banks have more funds to invest in debt. The dong was steady.

The overnight interbank deposit rate fell 136 basis points in the last two months to 2.14 percent yesterday, the lowest level since Aug. 16. The measure was at 2.50 percent today. Fund supply in the banking system has improved after lenders bought 60 metric tons of gold from the public since May and converted into cash, the central bank’s Governor Nguyen Van Binh told lawmakers in Hanoi yesterday.

“It’s more profitable and safer to invest in bonds now, compared with investment channels like lending,” Vu Anh Duc, the Hanoi-based deputy director of the investment department at Vietnam Joint-Stock Commercial Bank for Industry & Trade, said by telephone. “There’s some fund surplus with banks as well.”

The five-year yield fell three basis points, or 0.03 percentage point, to 10.10 percent, the lowest level since Sept. 26, according to a daily fixing rate from banks compiled by Bloomberg.

The dong traded at 20,848 per dollar as of 4:12 p.m. in Hanoi, unchanged from yesterday, according to data compiled by Bloomberg. The central bank set the currency’s reference rate at 20,828, unchanged since Dec. 26, according to its website. The dong is allowed to trade as much as 1 percent on either side of the rate.

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