The Magic Number: $2.54 Billion and Beyond

Vietnam’s government bond auctions in March 2025 witnessed remarkable success, raising 65.3 trillion VND (over 2.5 billion USD), reflecting a significant 124% surge compared to February. This impressive achievement is a strong testament to investors’ unwavering confidence in the country’s financial stability and prospects.

Demonstrating the effectiveness of the State Treasury’s strategies, the first quarter of 2025 saw a mobilization of 110.4 trillion VND, inching closer to the Q1 issuance target with 99.5% achievement and marking a solid start towards the full-year plan, with 22.1% already accomplished.

The bond issuance in March covered a diverse range of maturities, including 5, 10, 15, and 30 years, with the 10-year bonds taking center stage. These bonds accounted for a substantial 92.6% of the total issuance, translating to 60.523 trillion VND and showcasing their dominance in the market.

An illustrative image depicting stacks of coins and a bar graph, symbolizing financial growth and investment.

As of the end of March, bond yields displayed stability and slight improvements. The 5-year yield witnessed a minor increase of 0.05 percentage points, while yields for the longer-term maturities of 10, 15, and 30 years maintained their steadiness or experienced marginal declines, with recorded values of 2.96%, 3.05%, and 3.28%, respectively.

The secondary market showcased staggering growth, with the total value of listed government bonds reaching an astonishing 2.3 quadrillion VND by March 31. March witnessed a surge in average daily transaction values, climbing to 16.5 trillion VND, reflecting a notable 23.8% increase from the month prior.

Foreign investor participation played a significant role, contributing 3.33% to total market transactions. Their net purchases added up to 988 billion VND, indicating a healthy level of foreign investment in Vietnam’s bond market.

Looking at the broader picture, the first quarter of 2025 painted a positive outlook for the secondary market. Transactions totaled 791.1 trillion VND during this period, with an average daily trading volume of 13.6 trillion VND, representing a healthy 15.8% increase compared to the average of 2024.

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