Government bond mobilization in June 2025 increased by nearly 70%,...

In June 2025, the Hanoi Stock Exchange (HNX) organized 16 auctions of government bonds (G-bonds) issued by the State Treasury (KBNN), successfully mobilizing VND 30,473 billion - a sharp increase of 68.8% compared to the previous month, reflecting high market demand in the context of rising winning interest rates.

Focusing on medium and long term, interest rates continue to increase slightly

The terms issued in the month included 5, 10, 15 and 30 years, of which the 10-year and 5-year terms accounted for the largest proportion, 68% and 27% respectively, equivalent to a volume of VND 20,640 billion and VND 8,300 billion.

Compared to the end of May 2025, the winning interest rate at the last session of June increased slightly in all terms. Specifically, the 5-year term interest rate increased by 18 basis points to 2.59%; the 10-year term increased by 10 basis points to 3.18%; the 15-year term increased by 7 basis points to 3.27%; and the 30-year term increased by 10 basis points to 3.40%.

Government bond mobilization in June 2025 increased by nearly 70%, winning interest rates continued to increase

In the first 6 months of 2025, the State Treasury mobilized VND 201,390 billion through bidding for government bonds, completing 40% of the yearly plan, showing that the issuance progress is closely following the target, despite pressure from the global financial market and interest rates tending to increase.

Secondary market is bustling, foreign investors are still net sellers

In the secondary market, the listed value of Government bonds as of June 30, 2025 reached VND2,395 trillion. Transactions in the market have improved significantly, with the average trading value per session reaching VND16,739 billion, up 20.28% compared to May.

In the first 6 months of the year, the average trading value per session reached VND 14,044 billion, 19.22% higher than the average for the whole year of 2024, showing a clear improvement in market liquidity.

Foreign investors' transactions accounted for 3.68% of the total market transaction value in June, however, this group continued to sell slightly with a value of VND 13.4 billion - reflecting cautious sentiment in the context of international interest rates still not showing a stable trend.

The yield on government bonds traded on the secondary market in June increased the most in the 5-year (to 2.5167%), 7-year (2.8176%) and 15-year (3.1584%) terms. Meanwhile, the yield decreased in the 3-year, 25-year and 25-30-year terms.

Trading activities focused on medium and long-term terms, of which the 10-year term accounted for the largest proportion at 28.15% of the total transaction value, followed by the 10-15 year terms (14.17%) and 5 year terms (12.55%). The commercial banking sector continued to play a key role, accounting for a large proportion of government bond transactions in both primary and secondary markets.

Source: https://baolamdong.vn/huy-dong-trai-phieu-chinh-phu-thang-6-2025-tang-gan-70-lai-suat-trung-thau-tiep-tuc-nhich-len-381728.html