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1. 'Bright spot' bond market doubles in size over 5 years……………………………………………………………………..
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'Bright spot' bond market doubles in size over 5 years
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Abstract: […]they should also offer incentives and reduce fees and procedures to attract investors, especially
foreign investors to the local bond market. According to the Ha Noi Stock Exchange, the country's major bond
exchange, the results were visible in the cash flow to the bond market, with strong demand for five-year bonds
at lower interest rates.
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Full text: HA NOI, Feb. 24 (PNA/VNS) — The local bond market has grown double in size over the past five
years, said Do Ngoc Quynh, secretary of the Viet Nam Bond Market Association (VBMA).
Recording an average annual growth rate of 30 per cent, it was the highest growth recorded in East Asia and
ASEAN regions, Quynh told a local newspaper.
He added that the growth of the bond market was a "bright spot" in the overall picture of Viet Nam's financial
The total value of the bonds in circulation at the end of 2014 was approximately VND760 trillion (equivalent to
USD 38 billion and 19.3 per cent of the GDP), including VND700 trillion (USD 32.8 billion) from the government
The volume of corporate bonds issued successfully also increased over the years. In 2014, it was worth
approximately VND40 trillion (USD 1.87 billion), up 30 per cent from 2010.
Quynh pointed out that the restructuring of the economy has supported the bond market growth in Viet Nam.
However, the secretary also saw limitations of the market, adding that its scale (19.3 per cent of the GDP) was
still much lower than the target of 38 per cent of the GDP, set for 2020.
The terms of G-bonds were also shorter than the target. Most of the best-selling terms were of five years and
below, while the government wanted to sell more bonds with longer terms such as 10 and 15 years.
In addition, with the capitalization of approximately USD 38 billion, the local bond market was still smaller than
in the other countries in the region, including the Philippines with USD 102 billion (equivalent to 37.6 per cent of
the GDP) and Thailand with USD 282 billion (76.3 per cent of the GDP).
The size of local government bonds was also smaller than the two remaining components of the financial
system, credit institutions (100 per cent of the GDP) and market shares (31.5 per cent of the GDP).
Quynh thought the problems could be solved by implementing measures to improve the quality of the market
and develop more products to attract more investors.
The country should also improve the legal framework for the issuance and investment of corporate bonds.
Quynh said that, in particular, the government should amend the local decree to reduce the procedures for bond
issuance to encourage more participation in the market.
At the same time, they should also offer incentives and reduce fees and procedures to attract investors,
especially foreign investors to the local bond market.
Before the Lunar New Year holiday, the State Treasury sold VND5 trillion (USD 234 million) of five-year bonds
with a coupon rate 5.39 per cent per year.
At the same time, the Treasury also raised VND805 billion (USD 37.7 million) through 10-year bonds with a
coupon rate of 6.5 per cent per year.
After five auctions in early 2015, the State Treasury has successfully raised 31.37 trillion (USD 1.47 billion) in
bonds. The auctions also sold VND2.3 trillion (USD 107 million) worth of 10-year term bonds.
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According to the Ha Noi Stock Exchange, the country's major bond exchange, the results were visible in the
cash flow to the bond market, with strong demand for five-year bonds at lower interest rates.
Subject: Bond markets; Bond issues; Investments; Treasuries;
Publication title: The Philippines News Agency (PNA)
Publication year: 2015
Publication date: Feb 24, 2015
Section: Business and Economy
Publisher: Philippines News Agency
Place of publication: Manila
Country of publication: Philippines
Publication subject: General Interest Periodicals–Philippines
Source type: Wire Feeds
Language of publication: English
Document type: News
ProQuest document ID: 1657455680
Copyright: Copyright Philippines News Agency Feb 24, 2015
Last updated: 2015-02-24
Database: ProQuest Central
Copyright ? 2016 ProQuest LLC. All rights reserved. – Terms and Conditions
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