Vietnam Government Bonds - Yields Curve

COUNTRY • SUMMARY
VIETNAM

The Vietnam 10-Year Government Bond currently offers a yield of 2.766%. This yield reflects the return investors can expect if they hold the bond until maturity. Government bond yields are critical indicators of economic confidence and investor sentiment.

The yield spread between Vietnam 10-Year and 2-Year government bonds is 81.2 basis points (bp), reflecting the difference in yields between long-term and short-term debt.
Typically, long-term bonds carry higher yields than short-term ones.
Current observation: Normal Convexity in Long-Term vs Short-Term Maturities.

Vietnam Central Bank Rate stands at 4.50%, following the most recent adjustment in June 2023.

According to Standard & Poor's agency, the Vietnam credit rating is BB+.

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Vietnam Yield Curve

A Yield Curve is a graph that shows the relationship between interest rates (or yields) and different maturities of debt for a specific borrower, often government bonds. It typically plots yields on the y-axis and maturities on the x-axis, ranging from short-term to long-term bonds.

The shape of the yield curve gives investors insights into market expectations for interest rates, economic growth, and inflation. A normal yield curve, where long-term rates are higher than short-term, suggests economic growth, while an inverted curve, where short-term rates are higher, can indicate an upcoming recession.

Vietnam Yield Curve
Vietnam Government Bonds
3 November 2024

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Residual
Maturity
Annualized Yield Constant Maturity Zero Coupon Price Capital
Growth
of 1 Unit
Last
Update
Last Chg 1M Chg 6M Chg 12M Last Chg 1M Chg 6M Chg 12M
1 year 1.894% -5.3 bp -6.0 bp -1.5 bp 98.14 +0.05 % +0.06 % +0.01 % 1.018 01 Nov
2 years 1.954% -0.2 bp -1.9 bp -1.9 bp 96.20 0.00 % +0.03 % +0.03 % 1.039 01 Nov
3 years 1.970% -0.4 bp -4.1 bp -0.3 bp 94.32 +0.02 % +0.13 % +0.01 % 1.060 01 Nov
5 years 1.968% +0.1 bp -20.9 bp -1.8 bp 90.72 0.00 % +1.04 % +0.09 % 1.102 01 Nov
7 years 2.250% +3.5 bp -13.8 bp -42.6 bp 85.58 -0.23 % +0.96 % +2.96 % 1.168 01 Nov
10 years 2.766% +7.7 bp -8.3 bp -17.5 bp 76.12 -0.74 % +0.81 % +1.71 % 1.313 01 Nov
15 years 3.023% +13.0 bp -5.3 bp -16.4 bp 63.97 -1.87 % +0.77 % +2.42 % 1.563 01 Nov
20 years 3.127% +7.2 bp -2.9 bp -21.2 bp 54.02 -1.39 % +0.56 % +4.19 % 1.851 01 Nov
30 years 3.293% +3.5 bp +6.4 bp -18.2 bp 37.83 -1.02 % -1.84 % +5.41 % 2.643 01 Nov
Last Update: 3 Nov 2024, 0:15 GMT+0

Vietnam Yield History

This table presents the historical values of the yield curve, with data points collected at the end of each year.

By analyzing these values over time, one can observe trends and shifts in economic sentiment and monetary policy that impact investor expectations about future interest rates and economic growth.

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Government Bonds Yield (%)
Spread (bp)
Period 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y 10Y - 2Y
Nov 2024 n.a. n.a. n.a. 1.894 1.954 1.970 1.968 2.250 2.766 3.293 81.2
Dec 2023 n.a. n.a. n.a. 1.678 1.686 1.748 1.667 2.012 2.318 3.169 63.2
Dec 2022 n.a. n.a. n.a. 4.786 4.793 4.805 4.882 4.936 4.987 n.a. 19.4
Dec 2021 n.a. n.a. n.a. 0.616 0.658 0.726 0.824 1.284 2.050 n.a. 139.2
Dec 2020 n.a. n.a. n.a. 0.304 0.296 0.417 1.209 1.289 2.280 n.a. 198.4
Dec 2019 n.a. n.a. n.a. 1.389 1.597 1.734 1.900 2.616 3.328 n.a. 173.1
Dec 2018 n.a. n.a. n.a. 4.078 4.204 4.304 4.492 4.793 5.166 n.a. 96.2
Dec 2017 n.a. n.a. n.a. 3.665 3.933 3.955 4.273 4.556 5.053 n.a. 112.0
Dec 2016 n.a. n.a. n.a. 4.106 4.668 5.040 5.439 5.716 6.095 n.a. 142.7

Vietnam Yield Analysis

Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases. For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive. If not, the yield curve can be flat or inverted.

The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).

Internal Spread on Key Maturities:
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2Y vs 1Y 6.0 bp Yield Curve is flat in Short-Term Maturities
5Y vs 2Y 1.4 bp Yield Curve is flat in Mid-Term vs Short-Term Maturities
10Y vs 2Y 81.2 bp Normal Convexity in Long-Term vs Short-Term Maturities
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Residual
Maturity
Yield Spread vs Spread vs
Central Bank
Rate (4.50%)
1 year 2 years 5 years 10 years
30 years 3.293% -120.7bp
10 years 2.766%
-173.4bp
5 years 1.968%
-253.2bp
2 years 1.954%
-254.6bp
1 year 1.894%
-260.6bp

Vietnam Credit Ratings

A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation).

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Rating Agency Rating Outlook Last Update Action
Standard & Poor's BB+ - 27 May 2022 rating upgrade
Moody's Investors Service Ba2 - 6 Sep 2022 rating upgrade
Fitch Ratings BB+ - 8 Dec 2023 rating upgrade
DBRS - -

Vietnam Interest Rates

A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.

Interest Rates Value
Central Bank Rate 4.50%
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Vietnam 10Y Bond Yield Spread

The Vietnam 10Y Government Bond has a 2.766% yield.

A positive spread, marked by , means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle .

Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
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Vietnam 10Y vs Current Spread Chg 1M Chg 6M Chg 12M Compare
Countries
vs Japan 10Y 182.1 bp -3.3 bp -13.4 bp -20.5 bp
vs China 10Y 64.1 bp +11.2 bp +9.9 bp +37.8 bp
vs Germany 10Y 35.2 bp -18.8 bp -0.3 bp +6.8 bp
vs Spain 10Y -36.8 bp -12.0 bp +3.7 bp +38.5 bp
vs France 10Y -40.8 bp -14.9 bp -26.0 bp -10.9 bp
vs Canada 10Y -52.3 bp -9.1 bp +31.0 bp +31.3 bp
vs Italy 10Y -92.4 bp -13.2 bp +3.0 bp +57.7 bp
vs United States 10Y -162.0 bp -46.1 bp +4.0 bp +1.5 bp
vs United Kingdom 10Y -168.9 bp -36.1 bp -31.7 bp -30.1 bp
vs Australia 10Y -179.1 bp -42.7 bp -22.2 bp -5.3 bp
vs India 10Y -407.5 bp +12.4 bp +22.5 bp +30.1 bp
vs Brazil 10Y -1034.4 bp -78.5 bp -180.0 bp -175.2 bp
vs Russia 10Y -1409.9 bp -58.7 bp -241.8 bp -497.0 bp

Vietnam Government Bonds Prices

Price Simulation: bonds with a face value of 100, with different coupon rates.

The highlighted column refers to the zero coupon bond.
Click on for a forecast of the yield.
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Residual
Maturity
Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
30 years 3.293% 37.83 56.71 94.47 132.23 169.98 207.74
20 years 3.127% 54.02 68.72 98.13 127.54 156.95 186.36
15 years 3.023% 63.97 75.89 99.73 123.56 147.40 171.23
10 years 2.766% 76.12 84.75 102.02 119.29 136.55 153.82
7 years 2.250% 85.58 91.99 104.81 117.63 130.45 143.27
5 years 1.968% 90.72 95.43 104.87 114.30 123.74 133.18
3 years 1.970% 94.32 97.20 102.97 108.74 114.51 120.29
2 years 1.954% 96.20 98.15 102.03 105.92 109.80 113.69
1 year 1.894% 98.14 99.12 101.09 103.05 105.01 106.97
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00
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