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BIDV official appointed to bond association

Update: September, 26/2015 - 09:11

Quach Hung Hiep (R). — Photo laodong

HA NOI (VNS) — Quach Hung Hiep, the deputy general director of the Bank for Investment and Development of Viet Nam (BIDV), was voted chairman of the Viet Nam Bond Market Association.

The association was established in 2009 and has 56 members, including commercial banks, securities and insurance companies and fund management and financial institutions. It aims to foster the efficient development of the domestic bond market.

Bond transactions have slowed since August following the central bank's move to devalue the dong. Industry insiders said recent fluctuations in the foreign exchange market would continue to impact investor sentiment in the bond market in the short term.

The State Treasury alone plans to mobilise VND250 trillion (US$11.11 billion) worth of bonds in 2015 but has sold only VND96.47 trillion ($4.28 billion), or 38.5 per cent of the annual quota, as of September 23. — VNS

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