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Vietnam bonds fall as government says it may miss growth target
Vietnam's benchmark bonds fell for the first time in three days after the government said it may fail to meet its growth target this year.
Five-year notes dropped the most in a week after Prime Minister Nguyen Tan Dung said Vietnam may miss its target of 7 percent economic growth for 2008 as companies were finding it difficult to raise money.
The nation needs to persist in fighting inflation while minimizing the “negative impact” of the global financial crisis, he said at the opening of a National Assembly meeting in Hanoi.
The yield on the five-year note rose 9 basis points to 16 percent, according to a daily fixing price from 10 banks compiled by Bloomberg. A basis point is 0.01 percentage point.
“The macro economy has been stabilizing but is not yet sustainable,” Dung said.
“Although inflation has slowed down, it is still at the highest level in more than 10 years and the trade deficit is large.”
The dong traded at 16,595 versus the dollar as of 3:41 p.m. in Hanoi, according to data compiled by Bloomberg.
Thanhnien
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