越南10年期国债 (Vietnam10Y) 加自选

越南高级官员周五表示，越南央行预计今年信贷将增长19%至20%，并将优先考虑经济增长，同时在全球不确定性中保持稳定。据路透社报道，副行长Pham Thanh Ha在新闻发布会上也表示，商业银行的贷款利率呈下降趋势，并呼吁进一步降息。他补充道：“今年到目前为止，全球经济和政治形势以不可预测的方式演变，市场对美国关税政策、全球贸易战风险和地缘政治冲突感到担忧。”。越南国家银行将专注于防止不良贷款增加，并表示将严格控制对风险行业的贷款。越南今年的国内生产总值增长目标为8.3%至8.5%，高于去年的7.09%。7月，美国和越南签署了一项贸易协定，根据该协定，美国将对从越南进口的商品征收20%的关税。

Vietnam’s central bank expects credit to grow by 19% to 20% this year and will prioritize economic growth while maintaining stability amid global uncertainties, senior officials said on Friday. Deputy Governor Pham Thanh Ha also stated at a press conference that commercial banks’ lending interest rates were on a downward trend and called for further cuts, Reuters reported. "The global economic and political situation has, so far this year, evolved in an unpredictable manner, with market concerns about the US tariff policy, the risks of a global trade war, and geopolitical conflicts," he added. The State Bank of Vietnam will focus on preventing non-performing loans from rising and said lending to risky sectors would be tightly controlled. Vietnam is targeting gross domestic product growth of 8.3% to 8.5% this year, faster than the 7.09% rate last year. In July, the US and Vietnam signed a trade agreement under which the US will impose a 20% tariff on imports from Vietnam.

标准普尔全球越南制造业采购经理人指数在2025年9月保持在50.4，标志着经营状况再次略有改善，并将目前的增长延长至三个月。8月份下滑后，新订单再次增加，支撑了市场的稳定，而出口需求显示出初步复苏的迹象，因为更稳定的美国关税政策帮助一些公司获得了海外业务。产出连续第五个月扩大，但由于积压大幅下降，增长放缓至6月以来的最低水平。就业人数连续第十二个月下降，企业推迟了更换。成本压力进一步上升，投入价格以2024年7月以来的最快速度攀升，促使销售价格出现14个月来的最大涨幅。尽管如此，尽管投入品和成品库存下降，但采购活动已连续第三个月上升。企业对更强劲的需求和公共投资仍持乐观态度，但市场情绪较8月份有所缓解，仍低于平均水平。

The S&P Global Vietnam Manufacturing PMI stayed at 50.4 in September 2025, signaling another slight improvement in operating conditions and extending the current growth run to three months. The stabilization was supported by a renewed rise in new orders after slipping in August, while export demand showed tentative signs of recovery as steadier US tariff policies helped some firms secure business abroad. Output expanded for the fifth month, though growth eased to its weakest since June as backlogs fell sharply. Employment continued to decline for the twelfth month, with firms holding off on replacements. Cost pressures rose further, with input prices climbing at the fastest pace since July 2024, prompting the steepest increase in selling prices in 14 months. Still, purchasing activity rose for a third month, though stocks of inputs and finished goods declined. Firms remained optimistic on stronger demand and public investment, but sentiment eased from August and stayed below average.

越南总理范明钦周三表示，越南将在第四季度继续与美国进行贸易谈判，同时寻求与南方共同市场和海湾合作委员会国家达成新的自由贸易协定。8月初，美国总统唐纳德·特朗普对越南商品征收20%的关税，对经越南转运的商品征收40%的税。河内警告称，由于战略竞争、冲突和美国的“互惠”关税政策，出口“将面临困难和挑战”。尽管逆风越来越大，越南今年的出口目标是增长12%。与此同时，联合国开发计划署估计，关税可能会使越南对美国的出口减少20%，使其成为受影响最严重的东南亚国家。

Vietnam will continue trade talks with the U.S. while seeking new free trade agreements with Mercosur and Gulf Cooperation Council nations in Q4, Prime Minister Pham Minh Chinh said Wednesday. Earlier in August, U.S. President Donald Trump imposed a 20% tariff on Vietnamese goods and a 40% levy on transshipments via Vietnam. Hanoi has warned that exports “will face difficulties and challenges…due to strategic competition, conflicts, and the U.S.’s ‘reciprocal’ tariff policies.” Despite mounting headwinds, Vietnam is targeting 12% export growth this year. Meanwhile, the United Nations Development Programme estimated the tariffs could cut Vietnam’s exports to the U.S. by up to 20%, making it the most affected Southeast Asian country.

越南10年期政府债券收益率升至3.70%，为2023年3月以来的最高水平。过去4周，越南10年期债券收益率上涨13.40个基点，过去12个月上涨88.80个基点。

Vietnam 10 Year Government Bond Yield increased to 3.70%, the highest since March 2023. Over the past 4 weeks, Vietnam 10Y Bond Yield gained 13.40 basis points, and in the last 12 months, it increased 88.80 basis points.