Yields fell to the lowest since May after Nguyen Xuan Phuc, Minister and Chairman of the Government Office, announced on Thursday an inflation target of 15 percent for 2009.
Consumer prices rose 28 percent from a year earlier in August, the biggest increase since at least 1992, official figures show.
While the inflation target for next year is 15 percent, “we will strive to bring inflation to about 12.6 percent in 2009,” Phuc said at a conference in Hanoi.
The yield on the benchmark five-year note fell three basis points to 16.09 percent, according to a daily fixing from 10 banks compiled by Bloomberg.
A basis point equals 0.01 percentage point.
“Many investors expect inflation will be better next year, so that they are interested in buying long-term debt,” said Nguyen Thu Hong, the Hanoi-based head of Saigon Securities Inc.’s treasury department.
The Vietnamese dong fell 0.06 percent to VND16,595 per dollar, taking this week’s drop to 0.36 percent.
The State Bank of Vietnam set the reference rate for dong trading at VND16,496 a dollar Friday, compared with VND16,497 on Thursday, according to its website.
The currency is allowed to trade by up to 2 percent on either side of that rate.
Source: Bloomberg |
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