Vietnam government bond auction March 25 raises US$188 million / 37% subscribed

Vietnam government bond auction on March 25 raised VND 4,950 billion (US$188 million), with the sale just 37 percent subscribed, according to the Vietnam Bond Market Association.

The State Treasury had offered a total of VND 13,500 billion (US$512 million) across four tenors, including VND 1,000 billion in 5-year, VND 11,000 billion in 10-year, VND 1,000 billion in 15-year, and VND 500 billion in 30-year bonds.

Demand was concentrated in the 10-year segment, while longer-dated securities failed to attract investors.

No 15-year or 30-year bonds were issued despite VND 400 billion in registered bids for the 15-year tenor, while the 30-year tranche saw no bids.

The 5-year bond recorded VND 280 billion in bids, with only VND 80 billion (US$3.0 million) accepted, translating to a subscription rate of 8 percent.

The 10-year bond attracted VND 5,820 billion in bids, with VND 4,870 billion (US$185 million) issued, equivalent to a 44 percent subscription rate.

Yields were broadly stable, with the 5-year yield rising by one basis point to 3.6 percent, while the 10-year yield held steady at 4.11 percent.

Year to date, the State Treasury has issued approximately VND 80,101 billion (US$3.04 billion) in government bonds, completing around 16 percent of its VND 500,000 billion (US$18.97 billion) issuance plan for 2026.

Issuance has been heavily concentrated in the 10-year tenor, which accounts for VND 78,511 billion, or about 98 percent of total issuance so far this year.

By comparison, 15-year bonds total VND 950 billion, while 5-year bonds account for VND 640 billion.

TABLE: Vietnam government bond auction results March 25, 2026, VNDbillions