According to information from the Hanoi Stock Exchange (HNX), in June 2025, HNX organized 16 auctions of government bonds issued by the State Treasury (KBNN), successfully mobilizing VND 30,473 billion, an increase of 68.8% compared to May. Of which, the 10-year and 5-year terms account for the largest proportion with the issuance value of VND 20,640 billion (68%) and VND 8,300 billion (27%), respectively.
In the first 6 months of the year, KBNN has mobilized 201,390 billion VND through bond auctions, completing 40% of the issuance plan for the whole year of 2025.
At the final bidding session in June, winning bids tended to increase, with an increase of 718 basis points compared to the end of the previous month. Specifically, the 5-year term interest rate is 2.59%, the 10-year term is 3.18%, the 15-year term is 3.27% and the 30-year term is 3.40%.
In the secondary market, the listed value of government bonds as of June 30, 2025 reached VND 2.39 trillion. The average trading value in the month reached VND16,739 billion/session, up 20.28% over the previous month. Of which, outright transactions accounted for 73.98%, while repo transactions accounted for 26.02%.
In the first 6 months of the year, the average trading value reached VND14,044 billion, up 19.22% compared to the whole year of 2024. The activities of foreign investors accounted for 3.68% of the total trading value in the month, with a slight net selling value of VND 13.4 billion.
Trading yields in the secondary market have a clear differentiation. The strongest increases were the 7-year terms (2.82%), 15-year (3.16%) and 5-year terms (2.52%), while the 3-year, 25-year and 25:30-year terms decreased to 2.02%; 3.40%, and 3.42%, respectively.
Trading activities in June focused on medium and long terms, mainly 10 years, 1015 years and 5 years, with the corresponding proportion of 28.15%; 14.17% and 12.55% compared to the total market value.
The commercial banking sector continues to be the main force in the government bond market. In June, banks accounted for 55.08% of outright transaction value and up to 93.24% of repo transaction value.
