Viet Nam's Bond Market, Part 2: Viet Nam government bond yields rose across all maturities in summer 2026

Part 2 of 5 in the Viet Nam's Bond Market series from Vietnam Economy in Data, based on ADB's Asia Bond Monitor, September 2026.

Between 1 June and 31 August 2026, local currency (LCY) government bond yields in Viet Nam rose across all maturities by an average of 18 basis points (bps).

ADB attributes the rise to elevated inflationary pressures generated by the ongoing conflict in the Middle East. Higher energy and transportation costs pushed up consumer price inflation to 4.7% year-on-year in June before moderating to the government's target of 4.5% in July.

Government bond yields and CPI inflation, June to August 2026. Source: ADB, Asia Bond Monitor, September 2026.

Context

Yields, inflation and ADB's stated cause. Source: ADB, Asia Bond Monitor, September 2026.

What is a basis point? 100 basis points equal 1 percentage point, so 18 basis points equal 0.18 percentage points.

As general bond-market context, for fixed-rate bonds, all else being equal, rising yields mean falling market prices, and higher yields can increase the government's new borrowing costs. ADB notes that concerns over the attainability of the government's 10% growth target increased expectations of higher financing needs, placing further upward pressure on yields.

Source

• Report: ADB, Asia Bond Monitor, September 2026 (Viet Nam chapter).

• Data date: End-Q2 2026 unless stated otherwise.

Posts in this series

• Part 1 (14 Nov 2026): How large is Viet Nam's bond market?

• Part 2 (15 Nov 2026): Viet Nam government bond yields rose across all maturities in summer 2026 (this post).

• Part 3 (16 Nov 2026): Corporate bond issuance surged by more than 400% in Q2 2026.

• Part 4 (18 Nov 2026): Who holds Viet Nam's government bonds?

• Part 5 (21 Nov 2026): Viet Nam's sustainable bonds remain small.