In April 2025, the State Treasury (KBNN) mobilized VND42,427 billion of government bonds (TPCP) through 20 bidding rounds organized by the Hanoi Stock Exchange (HNX). Accumulated in the first 4 months of the year, KBNN mobilized a total of VND 152,867 billion, reaching 30.6% of the 2025 plan.
In April, the issuing bonds had terms of 5, 10, 15 and 30 years, mainly focusing on terms of 10 years (72.2%, equivalent to VND 30,640 billion) and 5 years (23.6%, equivalent to VND 10,000 billion). At the end of the month bidding session, the winning bid rates for the 5, 10 and 15-year terms reached 2.31%, 3.05% and 3.10%, respectively, a slight increase compared to the end of March, while the 30-year term reached 3.28%.
In the secondary market, the listing value of Government Government as of April 29 reached 2.35 million billion dong. The average trading value in April reached VND 12,513 billion, down 24.29% compared to the previous month. Outright transactions accounted for 67.68%, while Repos transacted 32.32% of the total trading value. Operation of foreign investors increased compared to March, accounting for 4.3% of the total market transactions; Particularly, this block net sold 522 billion dong in the month.
Government trading yields have increased the most in terms of 15-20 years (an average of 3,0026%) and 3-5 years (an average of about 2,5656%), while the strongest decline in the 25-30-year term (an average of 3,1895%) and 10-15 years (an average of 3,0816%). Middle and long-term terms lead the trading volume, notably the 10-year term (32.09%), 5 years (12.43%) and 10-15 years (11.98%). The commercial banking block continues to dominate the trading market share, accounting for 50.23% of the total value of Outright trading and 81.29% of the total value of repos trading in the market.
