Vietnam's Government Bond Yields Edge Higher as State Treasury Clears 70 Trillion VND in September Auctions

Government Bond Market and Interbank Lending Rates

Vietnam's interbank market posted a mixed session on October 8, according to a report published by the Vietnam Interbank Market Research Association. Vietnamese dong lending rates moved in both directions across tenors, with the short end firming and the one-month tenor easing.

The average overnight VND rate climbed 0.2 percentage points to 0.8 percent per annum, while the one-week rate rose to 2.5 percent per annum. The two-week tenor held steady at 3.8 percent per annum, and the one-month rate slipped 0.2 percentage points to 5 percent per annum. Even after the increase, the overnight rate remains well below the yields offered at longer maturities, underscoring the steepness of the interbank curve.

On the dollar side, average USD interbank rates dipped 0.01 percentage points at the two shortest tenors. The overnight dollar rate stood at 3.84 percent per annum and the one-week rate at 3.88 percent per annum. The two-week and one-month dollar tenors were unchanged at 3.92 percent and 4.0 percent per annum, respectively.

State Treasury September Auctions and Full-Year Progress

The Hanoi Stock Exchange (HNX) reported that during September 2026 it conducted 25 rounds of government bond auctions on behalf of the State Treasury, successfully raising 70,139.2 billion VND. That figure represents a 152 percent increase over the amount collected in August.

Cumulatively, the State Treasury has mobilised 299,060.5 billion VND through government bond issuance over the first nine months of 2026, equating to 60 percent of its full-year issuance target. Roughly 40 percent of the annual plan therefore still needs to be completed in the final three months of the year.

By tenor structure, September issuances were heavily weighted toward the 10-year maturity, which accounted for 44,403 billion VND, or 63.3 percent of total volume. The 5-year tenor captured the remaining 25,651.2 billion VND, or 36.6 percent. Although the Treasury invited bids across five tenors — three, five, ten, 15, and 30 years — only the five-year, ten-year, and 30-year issues cleared successfully.

A notable development was the 2-basis-point uptick in winning bid rates across all three successful tenors compared with the last auction at the end of August. At the final September session, the 5-year rate came in at 4.27 percent per annum, the 10-year at 4.43 percent per annum, and the 30-year at 4.62 percent per annum.

Ho Chi Minh City Civil Servant Pay Reform

The Ho Chi Minh City People's Committee has issued a new set of regulations governing the performance classification and additional income payments for civil servants, public employees, and contract workers across city agencies and units.

Under the framework, additional income must be directly linked to the quality and productivity of an individual's output, ensuring that those who deliver higher results receive proportionally higher compensation. Evaluations and the conversion of performance grades into pay tiers are to be carried out on a quarterly basis. Agencies will compile results, prepare a classification list, submit it to the competent authority for approval, publicly disclose the outcomes, and then process payments. The process is required to be democratic, transparent, fair, objective, and free from favouritism.

The Department of Home Affairs has been tasked with leading implementation, in coordination with relevant agencies, and is responsible for inspection and oversight of compliance.

Forest Protection Workforce and Police Inquiry

A new plan approved by the Ho Chi Minh City People's Committee will place a dedicated protection force of 279 personnel over the city's 61,327 hectares of protective and special-purpose forest land managed by the HCMC Special and Protective Forest Management Board. The roster includes 84 contract workers, 8 concurrent command staff, and 271 dedicated staff spread across professional departments and subordinate units. Of the dedicated staff, 187 are civil servants and 84 are contract workers covering roles such as forest rangers, boat and caisson operators, and fire-fighting vehicle drivers.

Core duties include patrolling forest and forested land, preventing deforestation, illegal encroachment, unauthorised timber harvesting, and wildlife poaching, as well as monitoring forest resources and supporting biodiversity conservation. During the dry season, the force will maintain shift coverage, inspect fire-prevention infrastructure, clear undergrowth, manage flammable materials, and prepare emergency response equipment.

The board currently employs 188 staff — 170 civil servants and 18 contract workers — and oversees numerous forest areas, including the Can Gio protective forest, which spans more than 35,016 hectares. Existing forest-protection infrastructure comprises 195 guard posts, four fire-observation towers, and a fleet of land and water patrol vehicles.

Separately, the Criminal Investigation Department of the HCMC Police is seeking the rightful owners of two motorcycles impounded during the investigation of an alleged illegal drug-organisation case that occurred on July 18, 2026, on Thang Long 30-4 Street, Phuoc Thang Ward. The first bike, a brown Fanlim registered as 77F9-4747, is registered to Nguyen Binh Dinh (born 1972), who was confirmed to have died in 2006. The second, a blue Daehan registered as 72K1-9409, is registered to Cao Thanh Long of 24/3 Bach Dang, Vung Tau Ward, but he is no longer at that address and his whereabouts are unknown. Anyone claiming ownership should contact the investigation office at 5 Nguyen Gia Thieu Street, Phuoc Thang Ward, within 30 days of the notice; otherwise the vehicles will be disposed of under applicable law. Inquiries can be directed to Investigator Nguyen Duc Thang on 0932.607.383.

Upcoming Events and Policy Headlines

A packed calendar of national and regional events is scheduled for mid-October. On October 10, the National Assembly's Culture and Social Committee will host a national academic conference titled "Promoting the Value of Vietnamese Culture as a Key Driver of National Development in a New Era." The same day marks the 80th anniversary of the Hanoi Capital Armed Forces' traditional day, accompanied by the artistic programme "80 Years – The Everlasting Heroic Epic of Hanoi" and a special performance "Symphony of Hanoi" celebrating the 72nd anniversary of the capital's liberation. The Central Committee of the Vietnam Youth Union will also stage its "Beautiful Living Youth" gala and wrap up the "I Love My Motherland" campaign.

In Da Nang, the fourth ASEAN–China Judicial Forum will convene under the theme "Strengthening Regional Judicial Cooperation in the Context of Global Integration and the Digital Era," alongside a workshop on science-and-technology communication and digital transformation in Da Nang for 2026–2030. Ho Chi Minh City will hold a principals' conference for secondary schools and vocational-education centres, a "Student Week" themed on digital-age advancement, and a baking-arts skills competition. The first Quy Nhon Climate and Transition Dialogue will take place in Gia Lai on October 10–11.

On October 11, the 70th anniversary of the Vietnam Youth Union will be commemorated with a mass meeting, the awarding of the 2026 Nguyen Chi Thanh Prize, and a youth music festival. October 12 brings the second round of the Standing Committee's seventh session, the "Outstanding Vietnamese Farmer – 40 Years of Doi Moi" 2026 ceremony in Hanoi, and the Vietnam–China Youth Forum themed "Continuing the Red Source – Building the Future Together."

On October 14, defence ministers from Vietnam, Laos, and Cambodia will meet for their annual trilateral gathering, followed by a joint civil-defence exercise among the three militaries. In Bac Ninh, a training session on supporting grassroots cadres and communicators in the area of contract overseas employment will be held. The Hanoi Expanded Theater Festival 2026 will run from October 14 to 23.

Further, October 15 sees the inaugural Military Women's Award ceremony and the 61st symposium of the Vietnam Academy of Social Sciences on archaeology, both in Hanoi. On October 16, the Vietnam Women's Union will present the 2026 Vietnamese Women's Award, the second Nguyen Thi Dinh Prize, and launch the 2027 "Women in Innovation and Startup – Elevating Vietnamese Brands" competition.

In sports, the national mass-physical-exercise campaign "Every Citizen Chooses at Least One Sport for Regular Practice" will be launched at Dong Kinh Nghia Thuc Square in Hanoi on October 10, while the Dong Thap "Lotus Land" marathon opens the same day. A "Women Run for a Smoke-Free Environment" race is scheduled for October 11 in Hanoi.

Other policy stories in the news cycle include a clarification on which entities are authorised to use the "Vietnamese Rice" collective brand, Ho Chi Minh City's plan to complete a full inventory and documentation of its intangible cultural heritage by 2028, and proposed amendments to the tasks and powers of the Ministry of Justice.