Vietnam’s State Treasury offered VND 13,000 billion (US$493.2 million) across 5-year, 10-year, 15-year and 30-year maturities, Wednesday, but investors bought just VND 7,950 billion (US$301.7 million) worth, all in the 10-year term, according to the Vietnam Bond Market Association.
The winning yield on the 10-year bonds was 3.92 percent, up 4 basis points from the previous auction, reflecting stronger demand for medium-term issuance amid shifting market liquidity.
Bids for the 5-year maturity totalled VND 200 billion (US$7.6 million) against VND 1,000 billion (US$38.0 million) on offer, while the 15-year and 30-year tranches received registrations of VND 300 billion (US$11.4 million) and zero respectively, resulting in no sales for those terms.
Government bond issuance remains heavily concentrated in the 10-year tenor in 2025, with VND 268,172 billion (US$10.19 billion) sold since January, accounting for 95.1 percent of total issuance.
Year to date, the State Treasury has raised VND 322,719 billion (US$12.25 billion) of government debt, meeting 64.5 percent of its annual target of VND 500,000 billion (US$18.97 billion).
Fourth-quarter issuance has so far reached VND 67,030 billion (US$2.54 billion), equal to 46.2 percent of the quarter’s plan, as fundraising continues to focus on benchmark 10-year notes sought by banks and long-term investors.
Vietnam government bonds data, December 10
| Code | Tenor | Offered | Registered | Sold | Yield % |
| TD2530010 | 5.00 | 1,000.00 | 200.00 | 0.00 | – |
| TD2535029 | 10.00 | 10,000.00 | 9,900.00 | 7,950.00 | 3.92 |
| TD2540037 | 15.00 | 1,500.00 | 300.00 | 0.00 | – |
| TD2555052 | 30.00 | 500.00 | 0.00 | 0.00 | – |