Hanoi (VNA) – The State Treasury raised 33.63 trillion VND (1.27 billion USD) in Government bonds across 17 auctions conducted by the Hanoi Stock Exchange (HNX) in May.
In the first five months of 2026, total capital mobilised via Government bonds reached 159.2 trillion VND, equivalent to 72% of the State Treasury’s second-quarter issuance target and 32% of its annual plan.
Demand remained concentrated in medium- and long-term instruments, with 10-year and five-year bonds accounting for the bulk of issuance. The two tenors represented 54% and 45% of the total issuance value, respectively amounting to 18.25 trillion VND and 15 trillion VND.
The State Treasury offered bonds with maturities ranging from 3 to 30 years during the month. Successful bids were secured for 3, 5, 10, 15, and 30-year bonds, while winning yields edged up by between 2 and 14 basis points from the final auction in April.
At the last auction in May, winning yields were recorded at 3.49% for three-year bonds, 4% for five-year bonds, 4.25% for 10-year bonds, 4.27% for 15-year bonds and 4.5% for 30-year bonds.
On the secondary market, the total listed value of Government bonds stood at nearly 2.7 quadrillion VND at the end of May, up 2% month-on-month. Average trading value, however, slipped 6.59% to 14.96 trillion VND per session.
Outright transactions accounted for 74.4% of total trading value, while repos made up 25.63%. Foreign investors contributed 4.3% of overall market turnover, up 0.8 percentage points from the previous month, but remained net sellers with net outflows of 137 billion VND.
HNX data showed that yields on bonds with maturities of 10–15 years posted the strongest increase during the month, reaching 3.97%. In contrast, the sharpest declines were seen in the three- to five-year and seven-year segments, where yields fell to 2.65% and 3.63%, respectively.
Bonds with maturities of seven to 10 years were the most actively traded, accounting for 20.6% of total market value. They were followed by 20-year bonds with a 15.5% share and five-year bonds with 7.3%./.