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Fixed Income April 2025 - VND depreciates following US tariff announcement

Fixed Income

09 May 2025

G-bond issuance dropped for the first time since the beginning of the year

- In April, G-bond issuance dropped 35.1% MoM to VND42.4tn (USD2.6bn) after reaching a record high in March.

- As of end-April, the VST had fulfilled 35.4% of its Q2 2025 plan and 30.6% of its full-year 2025 plan.

- In the secondary market, average daily trading volume (ADTV) declined 24.4% MoM to VND12.5tn (USD483.1mn) in April after rising for two consecutive months.

- After declining in March, yields in both the primary and secondary markets trended up. As of end-April, on the secondary market, yields for 5Y and 10Y bonds were quoted at 2.42% (+13 bps MoM) and 3.07% (+11 bps MoM), respectively.

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