Government bonds in November: Mobilized nearly 30,000 billion VND

(Chinhphu.vn) - 23 auctions in November brought in VND29,540 billion to the bond market. The 10-year term dominated, interest rates increased slightly, while secondary transactions decreased by more than 25%, according to data from the Hanoi Stock Exchange.

23 auctions in November brought in VND 29,540 billion to the bond market.

In November 2025, the Hanoi Stock Exchange (HNX) organized 23 bond auctions, raising a total of VND 29,540 billion. First of all, the State Treasury continued to play a leading role by raising VND 23,490 billion, accounting for the majority of the total issuance volume in the month. The Vietnam Bank for Social Policies raised an additional VND 6,050 billion, supplementing capital for policy credit programs.

Accumulated from the beginning of the year to the end of November 2025, the State Treasury has mobilized VND 306,919 billion, equivalent to 61.38% of the government bond issuance plan in 2025. The issuance structure in the month shows that cash flow continues to focus on the 10-year term, with a proportion of up to 81.35%, equivalent to VND 19,110 billion. The rest is mainly 5-year bonds.

At the same time, interest rates continued to increase at key terms. In the last auction of November, the winning interest rate for the 5-year term reached 3.16%, and the 10-year term was 3.86%. Compared to the end of October, the increases were 0.02 percentage points and 0.06 percentage points, respectively. This development reflects the budget's medium- and long-term capital needs, as well as the market's adjustment to macroeconomic signals.

In the secondary market, however, liquidity showed signs of decreasing compared to the previous month. The average trading value per session in November 2025 reached VND 12,629 billion, down 25.12% compared to October. On the contrary, the market size continued to expand when the total listed value of government bonds as of November 30, 2025 reached VND 2,494,860 billion, up 1.05% compared to the end of the previous month.

In terms of transaction structure, in addition, outright purchases dominate with 80.39% of the total market value. Repos account for 19.61%, showing that the demand for using bonds as a liquidity management tool of financial institutions remains at a significant level.

Notably, foreign investors' transactions only accounted for 2.52% of the total market value. Therefore, the impact from foreign investors has not been a dominant factor in the liquidity of domestic bonds. In November, foreign investors net bought VND299 billion, reflecting a cautious trading trend but still maintaining a net buying status.

Regarding interest rate movements by term, the 15-year and 20-25-year groups recorded the strongest increases, with yields reaching 3.3% and 4.0255%, respectively. On the contrary, the 3-year group saw the strongest decrease, with yields falling to 2.5210%. The most traded terms continued to be the 10-year, 5-year and 7-10-year groups, with trading proportions of 21.98%, 21.51% and 14.52%, respectively.

Speaking at the recent "Conference summarizing bond market activities in 2025", Deputy Minister of Finance Nguyen Duc Chi acknowledged the efforts of management agencies and market members over the past time. The Deputy Minister said that the GDP growth target of 10% or more for 2026 and the following years places great demands on the bond market, both government bonds and corporate bonds, in its role as a channel for mobilizing medium- and long-term capital for the economy.

Mr. Minh

Source: https://baochinhphu.vn/trai-phieu-chinh-phu-thang-11-huy-dong-gan-30000-ty-dong-102251205164535698.htm