--- title: State Treasury Adjusts 2026 Government Bond Plan description: The State Treasury cut its 2026 bond issuance plan to VND 400 trillion, scheduling VND 100 trillion for Q4 with focus on 5-year and 10-year tenors. url: https://ginity.vn/en/blog/state-treasury-adjusts-2026-government-bond-plan canonical: https://ginity.vn/en/blog/state-treasury-adjusts-2026-government-bond-plan markdown: https://ginity.vn/en/blog/state-treasury-adjusts-2026-government-bond-plan.md language: en datePublished: 2026-11-02T00:00:00+07:00 dateModified: 2026-11-02T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: macro name: Macro & monetary url: https://ginity.vn/en/topics/macro tickers: [] sources: - name: Vietnam Financial Times url: https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html title: Government bond mobilization actively adjusted amid market developments - name: Vietnam Government Portal url: https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm title: State Treasury issues over VND 168.5 trillion of government bonds in five and a half months - name: Vietnam Government Portal url: https://baochinhphu.vn/huy-dong-hon-201000-ty-dong-trai-phieu-chinh-phu-sau-7-thang-102260811133659258.htm title: Mobilizing over VND 201 trillion of government bonds after 7 months - name: VnExpress url: https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html title: Government bond issuance plan sharply reduced - name: Vietnam Bond Market Association url: https://vbma.org.vn/vi/activities/thong-bao-ke-hoach-dau-thau-tpcp-thang-10-va-quy-4-nam-2026 title: Notice of government bond auction plan for October and Q4 2026 - name: Official Gazette of Vietnam url: https://congbao.chinhphu.vn/van-ban/nghi-dinh-so-83-2023-nd-cp-40589.htm title: Decree No. 83/2023/ND-CP amending Decree No. 95/2018/ND-CP on government debt instruments publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # State Treasury Adjusts 2026 Government Bond Plan > The State Treasury cut its 2026 bond issuance plan to VND 400 trillion, scheduling VND 100 trillion for Q4 with focus on 5-year and 10-year tenors. Gini · Macro & monetary · 2026-11-02 · https://ginity.vn/en/blog/state-treasury-adjusts-2026-government-bond-plan _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - The State Treasury lowered its full-year 2026 government bond issuance target by VND 100 trillion, down from VND 500 trillion to VND 400 trillion on 12/10/2026. - In the first 9 months of 2026, cumulative winning volume reached VND 299.061 trillion across 38 auction sessions, completing 74.8% of the adjusted annual target. - The Q4 2026 plan schedules VND 100 trillion in issuance, with 10-year and 5-year tenors together representing 80.0% of total planned offerings. - The average issuance maturity across the first 9 months of 2026 stood at 8.84 years with an average winning yield of 4.20% per year. - Deploying idle state treasury funds and public investment progress reaching 20.5% by 15/06/2026 determine additional sovereign funding requirements. The State Treasury officially adjusted its 2026 annual government bond issuance plan through primary auctions, cutting the target from VND 500 trillion down to VND 400 trillion according to announcements reported by [VnExpress](https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html) on 12/10/2026. This reduction of VND 100 trillion reflects proactive management of central sovereign borrowing aligned with actual budget expenditures and public investment progress. Tracking the Q4 2026 issuance data points helps institutional investors assess supply dynamics across the [sovereign yield curve](/en/blog/government-bonds-and-the-sovereign-yield-curve) and understand the interaction between sovereign debt auctions and banking liquidity channels. ## Data on the 2026 issuance plan adjustment At the start of 2026, the Ministry of Finance assigned the State Treasury a total government bond issuance target of VND 500 trillion to finance the central state budget, as reported by the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. All issuance activities were conducted via competitive auctions on the Hanoi Stock Exchange in accordance with statutory procedures outlined in Decree No. 83/2023/ND-CP published by the [Official Gazette of Vietnam](https://congbao.chinhphu.vn/van-ban/nghi-dinh-so-83-2023-nd-cp-40589.htm). During the first half of 2026, auction volumes tracked capital disbursement needs closely. By 15/06/2026, cumulative winning volume reached VND 168.501 trillion, completing 33.7% of the initial annual plan, according to the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. Cumulative issuance expanded through July 2026 to reach VND 201.165 trillion across the first 7 months of 2026, achieving 40.0% of the original target, as documented by the [Vietnam Government Portal](https://baochinhphu.vn/huy-dong-hon-201000-ty-dong-trai-phieu-chinh-phu-sau-7-thang-102260811133659258.htm) on 11/08/2026. Over the first 9 months of 2026, the State Treasury organized 38 auction sessions with a total offered volume of VND 629.500 trillion, while participating institutions submitted bid volumes of VND 560.094 trillion (a bidding ratio of approximately 89.0% of offered volume), according to official data reported by the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026. Total cumulative winning volume over the 9-month period stood at VND 299.061 trillion. On the morning of 12/10/2026, at the Hanoi Stock Exchange, the State Treasury officially announced an adjustment to its full-year 2026 auction issuance target, lowering the total from VND 500 trillion to VND 400 trillion, as reported by [VnExpress](https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html) on 12/10/2026. Against this revised target of VND 400 trillion, the 9-month result completed 74.8% of the annual goal. By 12/10/2026, cumulative government bond issuance reached VND 316.000 trillion, equivalent to roughly 80.0% of the revised annual target, according to [VnExpress](https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html) on 12/10/2026. | Issuance Metric | Initial 2026 Target | Adjusted 2026 Target | First 9 Months 2026 Actual | Planned Q4 2026 Target | | :--- | :--- | :--- | :--- | :--- | | Total volume (VND trillion) | 500.000 | 400.000 | 299.061 | 100.000 | | Auction sessions conducted | Scheduled quarterly | Scheduled quarterly | 38 sessions | Scheduled monthly | | Offered volume (VND trillion) | Flexible | Flexible | 629.500 | 100.000 | | Bid volume (VND trillion) | Not applicable | Not applicable | 560.094 | In progress | | Target completion rate | 59.8% | 74.8% | 74.8% | 25.0% | | Average maturity (years) | Above 8.0 years | Above 8.0 years | 8.84 years | Focused on 5-10 years | | Average winning yield (% p.a.) | Market-determined | Market-determined | 4.20% | Divergent by tenor | Source: Compiled from State Treasury data reported by the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026 and the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. ## Tenor structure and auction divergence in Q4 Under Official Letter No. 6946/KBNN-QLNQ issued on 06/10/2026 by the State Treasury, planned government bond auctions for Q4 2026 total VND 100 trillion, according to documentation published by the [Vietnam Bond Market Association](https://vbma.org.vn/vi/activities/thong-bao-ke-hoach-dau-thau-tpcp-thang-10-va-quy-4-nam-2026) on 06/10/2026. The maturity schedule concentrates heavily on benchmark tenors that offer deep secondary market liquidity. Specifically, the 10-year tenor receives the largest allocation at VND 50 trillion, representing exactly 50.0% of total planned offerings in Q4 2026. The 5-year tenor ranks second with VND 30 trillion, or 30.0% of the quarterly plan. The 15-year tenor is assigned VND 15 trillion (15.0%). The remaining three tenors represent small shares: the 3-year tenor at VND 2 trillion (2.0%), the 30-year tenor at VND 2 trillion (2.0%), and the 20-year tenor at VND 1 trillion (1.0%), as published by the [Vietnam Bond Market Association](https://vbma.org.vn/vi/activities/thong-bao-ke-hoach-dau-thau-tpcp-thang-10-va-quy-4-nam-2026) on 06/10/2026. > Chart: Q4 2026 government bond auction issuance plan by tenor. VND trillion. 5-year: 30; 10-year: 50; 15-year: 15; 3-year: 2; 30-year: 2; 20-year: 1. Regarding primary yield developments, through the end of September 2026, the weighted average maturity of issued bonds stood at 8.84 years, while the weighted average issuance yield was 4.20% per year (up slightly by 0.05 percentage points from the average of the first 8 months of 2026), according to figures reported by the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026. At the final auction session of July 2026, winning yields registered 4.20% per year for the 5-year tenor and 4.36% per year for the 10-year tenor, according to the [Vietnam Government Portal](https://baochinhphu.vn/huy-dong-hon-201000-ty-dong-trai-phieu-chinh-phu-sau-7-thang-102260811133659258.htm) on 11/08/2026. By 12/10/2026, the winning yield for the benchmark 10-year bond remained anchored near 4.43% per year, as detailed by [VnExpress](https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html) on 12/10/2026. This tenor divergence reflects institutional demand concentration: commercial banks and institutional funds focus buying interest on 5-year and 10-year notes to manage reserve requirements and balance sheet duration. Conversely, long-dated papers spanning 20 to 30 years recorded very thin issuance volumes, indicating that long-term institutional investors maintained cautious allocation strategies while interest rate benchmarks continued to adjust, according to the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026. ## Formula for annual issuance plan completion Market analysts calculate the progress of sovereign debt mobilization relative to the assigned government target using the ratio of cumulative winning volume to the approved annual plan: $$\text{Target Completion Rate} = \frac{\text{Cumulative Winning Volume}}{\text{Planned Issuance Target}} \times 100\%$$ In this formulation, the cumulative winning volume represents the total nominal value of government bonds sold through primary auctions up to the observation cut-off date, while the planned issuance target is the annual figure approved by the governing authority. For example, through the end of September 2026, cumulative winning volume reached VND 299.061 trillion, as published by the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026. Relative to the initial 2026 target of VND 500 trillion, the completion rate stood at: $$\frac{299.061}{500.000} \times 100\% \approx 59.8\%$$ Following the formal plan adjustment to VND 400 trillion on 12/10/2026 reported by [VnExpress](https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html) on 12/10/2026, the completion rate is calculated again against the revised baseline: $$\frac{299.061}{400.000} \times 100\% \approx 74.8\%$$ Updating this benchmark figure establishes that the remaining funding requirement for Q4 2026 was approximately VND 100.939 trillion, aligning closely with the scheduled quarterly auction volume of VND 100 trillion across October, November, and December 2026, according to the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026. ## Treasury management channels and transmission conditions The decision by the State Treasury to lower its 2026 bond issuance plan was not based on a single speculative premise, but rather on explicit budget balance mechanisms and verifiable market conditions. Regulatory authorities do not automatically claim that reduced bond issuance will relieve banking system liquidity pressures, because the transmission of market effects depends strictly on four operational conditions documented in official releases. First, investor participation structures shape auction absorption. According to the State Treasury statement reported by the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026, the primary buyers across 38 auction sessions in the first 9 months of 2026 were Vietnam Social Security and commercial banks. For commercial lenders, government bonds represent liquid collateral and statutory reserve assets that compete directly with private credit deployment. When year-end credit demand increases, banks allocate liquidity toward commercial lending rather than sovereign bonds, making auction winning yields contingent upon bank funding costs, as analyzed in [Q4 bond market trends](/en/blog/interest-rates-bond-market-q4-2026). Second, central authorities evaluate the utilization of temporarily idle treasury funds. The State Treasury stated that it is coordinating with relevant agencies to assess idle state funds to prioritize lending to the central budget, according to the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026. Deploying internal public cash reserves helps balance budget expenditure needs and curtails sovereign market borrowing pressures. However, the State Treasury emphasized that drawing upon idle treasury balances remains strictly conditional upon careful evaluations of government revenue and expenditure receipts and immediate payment obligations, as stated in the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. Third, actual public investment disbursement timelines dictate financing needs. As of 15/06/2026, cumulative public investment capital disbursed through the State Treasury reached VND 188.832 trillion, representing only 20.5% of the annual target assigned by the Prime Minister, according to the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. Slower-than-expected disbursement in early 2026 reduced the immediate cash requirement from the sovereign debt market. Whether cash requirements accelerate in late 2026 depends entirely on the speed with which ministries and local governments execute projects, as discussed in context with [credit risk and bond yield spreads](/en/blog/assessing-credit-risk-and-bond-yield-spreads). Fourth, interaction with open market operations and interbank money market dynamics remains critical. Sovereign debt issuance serves as one channel absorbing liquidity from commercial banks into the state budget. Bank liquidity comfort depends additionally on required reserve requirements, treasury deposits placed at commercial banks, and central bank repurchase agreements, according to the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. Lowering the sovereign issuance target reduces paper supply, but does not guarantee relaxed monetary conditions if other liquidity withdrawal pressures arise concurrently. ## Observation milestones for Q4 2026 Institutional market participants tracking sovereign bond supply and funding costs should monitor four verifiable milestones during the fourth quarter of 2026: 1. Weekly auction results across October, November, and December 2026 on the Hanoi Stock Exchange, tracking winning-to-offered ratios across benchmark 5-year and 10-year tenors published by the [Vietnam Bond Market Association](https://vbma.org.vn/vi/activities/thong-bao-ke-hoach-dau-thau-tpcp-thang-10-va-quy-4-nam-2026) on 06/10/2026. 2. Movements in primary auction cut-off yields relative to the 9-month average of 4.20% per year and the 10-year benchmark level of 4.43% per year recorded on 12/10/2026, as documented by the [Vietnam Financial Times](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) on 15/10/2026 and [VnExpress](https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html) on 12/10/2026. 3. Official updates on public investment disbursement during Q4 2026 against the baseline rate of 20.5% reported on 15/06/2026 by the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. 4. Scale of idle treasury funds deployed to finance the central budget alongside treasury reverse repo operations supporting commercial bank reserves, according to the [Vietnam Government Portal](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) on 19/06/2026. ## Sources - Vietnam Financial Times: [Government bond mobilization actively adjusted amid market developments](https://thoibaotaichinhvietnam.vn/huy-dong-trai-phieu-chinh-phu-chu-dong-dieu-tiet-truoc-bien-dong-thi-truong-205320.html) (15/10/2026) - Vietnam Government Portal: [State Treasury issues over VND 168.5 trillion of government bonds in five and a half months](https://baochinhphu.vn/kho-bac-nha-nuoc-phat-hanh-hon-168500-ty-dong-trai-phieu-chinh-phu-trong-5-thang-ruoi-102260619210757535.htm) (19/06/2026) - Vietnam Government Portal: [Mobilizing over VND 201 trillion of government bonds after 7 months](https://baochinhphu.vn/huy-dong-hon-201000-ty-dong-trai-phieu-chinh-phu-sau-7-thang-102260811133659258.htm) (11/08/2026) - VnExpress: [Government bond issuance plan sharply reduced](https://vnexpress.net/giam-manh-ke-hoach-phat-hanh-trai-phieu-chinh-phu-5131303.html) (12/10/2026) - Vietnam Bond Market Association: [Notice of government bond auction plan for October and Q4 2026](https://vbma.org.vn/vi/activities/thong-bao-ke-hoach-dau-thau-tpcp-thang-10-va-quy-4-nam-2026) (06/10/2026) - Official Gazette of Vietnam: [Decree No. 83/2023/ND-CP amending Decree No. 95/2018/ND-CP on government debt instruments](https://congbao.chinhphu.vn/van-ban/nghi-dinh-so-83-2023-nd-cp-40589.htm) (29/11/2023) ## Frequently asked questions ### Why did the State Treasury reduce its 2026 government bond issuance plan? The 2026 government bond target was reduced from VND 500 trillion to VND 400 trillion to match public investment disbursement progress, optimize borrowing costs, and leverage idle state treasury funds. ### Which tenors are prioritized in the Q4 2026 issuance plan? Under Official Letter 6946/KBNN-QLNQ dated 06/10/2026, the Q4 2026 plan allocates VND 100 trillion across 10-year (VND 50 trillion), 5-year (VND 30 trillion), 15-year (VND 15 trillion), 3-year (VND 2 trillion), 30-year (VND 2 trillion), and 20-year (VND 1 trillion) tenors. ### How did 10-year government bond auction yields move in 2026? The 10-year government bond winning yield stood at 4.36% per year at the end of July 2026 and remained anchored near 4.43% per year as of October 2026 in primary market auctions. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._