Vietnam posts record government bond issuance in 2025

As of Thursday, nearly VND350 trillion (US$13.3 billion) worth of government bonds had been issued. 

Total issuance for the year is expected to reach about VND360 trillion, the highest level on record, Luu Hoang, head of treasury management at the Vietnam State Treasury under the Ministry of Finance, told reporters in Hanoi.

The average maturity of the bonds issued this year was 9.78 years, down 1.34 years from 2024, while the average yield rose to 3.21 percent, up 0.69 percentage points from last year, Hoang said.

State budget revenue topped VND2.5 quadrillion ($95 billion) as of Wednesday, exceeding the annual estimate by over 31 percent, deputy director Ngo Thi Nhung said. 

Domestic revenue excluding crude oil reached more than VND2.2 quadrillion ($83.4 billion), surpassing the target by 32 percent.

The Treasury said it had coordinated closely with ministries and local governments to accelerate public investment disbursement, while maintaining fiscal discipline.

It also reported spending more than VND163 trillion ($6.2 billion) this year to pay benefits under emergency and social support policies to about 117,000 people, and disbursing more than VND10.4 trillion ($395.6 million) for a National Day (September 2) gifting program.

Income generated from the temporary use of idle state funds contributed VND12.4 trillion ($471.6 million) to the state budget in 2025.

The State Treasury completed a restructuring of its organizational model earlier this year, reducing the number of administrative units by more than 44 percent, as part of a broader government effort to streamline the public sector.