Only three Vietnamese bonds are listed on the international market, and their liquidity remains low.
Vietinbank’s bond has the highest liquidity on the list, which also
includes bonds from Masan Group (MSN) and Vingroup (VIC). However, since
it was listed on the Singapore Stock Exchange in May last year, the
bond’s value in a trading session reached only a few thousand US
dollars.
Moreover, the Vietinbank bond’s trading value in Singapore is much lower than that of bonds purchased domestically.
Bonds
from the Bank for Investment and Development of Vietnam sell for 100
billion VND (4.7 million USD) per session on the Ha Noi Stock Exchange,
accounting for 10 percent of their total issued value. On the Singapore
Stock Exchange, other bonds are valued at millions of dollars.
While Vietinbank bonds still see two to four transactions each month, Masan and Vingroup bonds are rarely traded.
Hoang Anh Gia Lai (HAG) had to terminate the listing of its
convertible bonds in Singapore last year due to the lack of trades,
which made the listing costs untenable.
The bleak condition of internationally listed bonds is a significant discouragement to enterprises.
Vietcombank (VCB), the National Oil and Gas Group (PetroVietnam) and
the Vietnam National Coal – Mineral Industries Group (Vinacomin)
expressed wishes to sell bonds on the international market last year. However, according to the Ministry of Finance, these three giants have
not submitted plans yet.-VNA