Government bond market in August: Mobilized more than 11,400 billion VND, secondary transactions increased sharply

(Chinhphu.vn) - In August 2025, the Hanoi Stock Exchange (HNX) organized 18 auctions of government bonds (G-bonds) issued by the State Treasury, successfully mobilizing VND 11,464 billion.

In August 2025, HNX successfully mobilized 11,464 billion VND

The bonds issued have terms from 5 to 30 years, of which the majority are concentrated in terms of 10 years and 15 years, accounting for 86.79% (equivalent to VND 9,950 billion) and 9.63% (equivalent to VND 1,104 billion), respectively.

At the auction in late August 2025, the winning interest rates (i.e. the interest rate that the State commits to pay investors when purchasing bonds) for the 5-year, 10-year, 15-year and 30-year terms were 2.80%, 3.45%, 3.45% and 3.47%, respectively. Compared to the end of July, these rates have increased slightly, from 2 to 16 basis points (one basis point = 0.01%).

In the secondary market (where investors buy and sell issued bonds), the total listed value of Government bonds as of August 31, 2025 reached more than VND2,430 trillion. The average trading value per session reached VND18,571 billion, up 18.21% compared to the previous month.

Of which, Outright transactions (buying and selling outright, meaning investors buy and sell and hold the bonds) accounted for 76.12% and Repos (buying and selling back, meaning one party sells the bonds but commits to buying them back after a certain period of time) accounted for 23.88%. Foreign investors participated in 3.91% of the total transaction value, with a net buying status of VND869 billion (buying more than selling).

Regarding transaction yield (profit margin calculated based on interest received compared to purchase price), August 2025 recorded the strongest increase in the 25-year, 5-7-year and 3-year terms, reaching an average of 3.55%; 2.63% and 2.14%, respectively. Meanwhile, the yield in the 7-10-year term group decreased, currently around 2.87%.

Medium and long-term bonds were traded the most, especially 10-year (18.17% of total transactions), 5-year (15.33%) and 25-30-year (11.18%) terms.

The commercial banking sector still dominates the government bond market, with the trading proportion of this group reaching 47.31% in Outright and 91.64% in Repos compared to the entire market.

Mr. Minh

Source: https://baochinhphu.vn/thi-truong-tpcp-thang-8-huy-dong-hon-11400-ty-dong-giao-dich-thu-cap-tang-manh-102250909200904457.htm