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Government bond auction under the multi-price method piloted

09:51 | 23/09/2021

VCN – The Treasury Management Department (State Treasury) in collaboration with the Hanoi Stock Exchange (HNX) held an online conference to announce the pilot Government bond auction under the multi-price method on September 21.

Government bond auction under the multi-price method piloted
Director of the Treasury Management Department Luu Hoang speaks at the online conference. Photo: The State Treasury

At the conference, Director of the Treasury Management Department Luu Hoang said the Government bond auction via the e-bidding system of HNX has achieved positive results; the size of the government bond market has grown.

Currently, the government bond market has become an effective capital mobilisation channel for the State budget, meeting the capital needs for construction of key infrastructure projects for socio-economic development.

The market is also a safe and effective investment tool for investors. The regular and continuous operation of the primary Government bond market contributes to supplying goods and boosting the development of the secondary market.

Almost all countries in the world select the Government bond auction as the main capital mobilisation channel, meeting the capital needs of the State budget due to simple, transparent and effective services and procedures and great benefits for investors and issuers.

The auction is implemented via two methods, including the unit-price auction and multi-price auction. Some nations apply the multi-price auction, some countries apply unit-price auction and others select two methods.

Vietnam has applied the unit-price auction method. In the near future, the State Treasury will work with the HNX to pilot the multi-price auction of Government bond.

The State Treasury introduced a plan to pilot the issuance of Government bond under the multi-price auction method, Deputy Director of Treasury Management Department Nguyen Thi Ngoc Hieu said.

The HNX representative spoke about technical issues related to the e-procurement system.

The State Treasury is expected to implement the first multi-price auction for five-year government bond in October.

By Thuy Linh/Ngoc Loan