During the month, the HNX organised 12 auctions of government bonds issued by the State Treasury of Vietnam.
In the first two months of 2026, the State Treasury raised more than 60.5 trillion VND in government bonds, completing about 55% of its first-quarter issuance plan and roughly 12% of the full-year target.
In February, the State Treasury offered bonds with maturities of five, 10, 15 and 30 years. However, only the 10-year bonds were successfully auctioned. The winning yield for this tenor at the final auction of the month stood at 4.09% per year, up four basis points compared with the first successful auction earlier in the month.
On the secondary market, the total listed value of government bonds surpassed 2.6 quadrillion VND at the end of February, up 1.14% from the previous month. Average trading value stood at more than 14.9 trillion VND per session, down 12.45% from January.
Outright transactions accounted for 74.24% of total trading value, while repo transactions made up 25.76%. Foreign investors represented 5.26% of the market’s total trading value and recorded a net sale of 334 billion VND during the month.
In terms of yields, three-year bonds saw the sharpest increase, rising to 3.3665%. Meanwhile, the largest yield declines were recorded in bonds with maturities of two years, 20–25 years and 25–30 years, with yields at 2.3441%, 4.1504% and 3.8355%, respectively.
Regarding liquidity, the most actively traded bonds on the secondary market were those with maturities of 10 years, 7–10 years and 3–5 years, accounting for 16.42%, 15.58% and 12.41% of the market’s total trading value, respectively./.
