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After a successful year, Vietnam plans to issue more government bonds this year to cash in on investors’ good appetite.
The local bond market is set to explode and double its size by 2020.
Foreign non-life insurance companies in Vietnam experienced a declining growth rate in 2012 as the local market struggled with economic difficulties.
A recent Hanoi Stock Exchange (HNX) report shows that seven major banks in Vietnam purchased VND100 trillion ($4.8 billion) government bonds in primary market in 2012, nearly double the total figures of 2009-2011.
Several analysts are expecting Vietnam’s government bond yield to sink below its record low of 2009, as commercial banks still find it hard to increase lending and have to place money in bonds.
Some business observers have expressed doubts about the efficacy of the merger between PetroVietnam Finance and Western Bank, the first merger ever between a finance company and a bank in Vietnam.
Dong-currency government bonds are still attractive to investors despite a Moody’s downgrade thanks to their steadily rising yield.
The bond and Treasury-bill markets are showing vital signs of life, after the market suffered heart attack spasms following the arrests of high-profile bankers.
PetroVietnam Finance Corp. was reportedly eyeing to buy into poorly performing Western Bank so as to turn itself into a commercial bank.
Vinacomin last week sold just 17 per cent of its $145 million domestic bond issuance, as bidders turned the other cheek.