Announcement
VND VNIBOR will transition to an enhanced methodology on 3 November 2025.
Vietnamese interest rate benchmarks
- VND VNIBOR The rate at which local Vietnamese banks, who are active in the Vietnamese money market are willing to lend to other banks in Vietnamese Dong (VND).
- USD VNIBOR The rate at which local Vietnamese banks, who are active in the Vietnamese money market are willing to lend to other banks in US Dollars.
- VNDFIX The benchmarks include VND-USD spot and forward FX rates as well as an implied interest rate benchmark based on exchanging VND into USD at the spot rate, lending at USD VNIBOR and converting back into VND using the forward FX rate.
VND VNIBOR Prototype Methodology Enhancements
Prototype available ahead of production release
The new prototype reformed VND VNIBOR methodology is based on industry feedback and aims to align with best practice by using executed trade data and developing a nearly risk-free reference rate. Further details can be found in the methodology and outcome statement documents. It should not be used for any purposes other than testing.
Effective 3 November 2025, FTSE Russell will implement enhancements to the VND VNIBOR benchmark, a key Vietnamese interbank interest rate with over 25 years of historical data. These changes follow an industry consultation and aim to align the benchmark more closely with the Financial Stability Board’s recommendations.
Highlights
Enhanced forward-looking VND VNIBOR tenors |
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Supports use of overnight VND VNIBOR as a Risk-Free Rate (RFR) |
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Operational & Governance Updates |
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USEFUL LINKS
Benefits
Why VND VNIBOR
Accuracy is improved through the use of actual transaction data.
The new prototype reformed VND VNIBOR methodology seeks to maximise trade data collection by extending the collection window.
The methodology enhances resilience by adopting a waterfall methodology.
Data access
VND VNIBOR will be available through the full suite of LSEG Data & Analytics products, using the following RICs:
| Tenor | Existing production | Prototype | Reformed production (effective 3rd November 2025 onwards) | ||
|---|---|---|---|---|---|
| All tenors | All | VNIBOR= | PROVNIBOR= | VNIBOR= | |
| VND VNIBOR benchmark | Compounded average rates | 1M | — | PROVNIVND1MAVG= | VNIVND1MAVG= |
| 2M | — | PROVNIVND2MAVG= | VNIVND2MAVG= | ||
| 3M | — | PROVNIVND3MAVG= | VNIVND3MAVG= | ||
| 6M | — | PROVNIVND6MAVG= | VNIVND6MAVG= | ||
| 9M | — | PROVNIVND9MAVG= | VNIVND9MAVG= | ||
| 1Y | — | PROVNIVND1YAVG= | VNIVND1YAVG= | ||
| VND VNIBOR Index | — | — | .PROVNIVNDTRI | .VNIVNDTRI | |
| Primarily trade based forward looking tenors | ON | VNIVNDOND= | PROVNIVNDOND= | VNIVNDOND= | |
| SW | VNIVNDSWD= | PROVNIVNDSWD= | VNIVNDSWD= | ||
| 2W | VNIVND2WD= | PROVNIVND2WD= | VNIVND2WD= | ||
| 1M | VNIVND1MD= | PROVNIVND1MD= | VNIVND1MD= | ||
| 3M | VNIVND3MD= | PROVNIVND3MD= | VNIVND3MD= | ||
| VND VNIBOR reference rate1 | Quote based tenors | 2M | VNIVND2MD= | PROVNIVND2MD= | VNIVND2MD= |
| 6M | VNIVND6MD= | PROVNIVND6MD= | VNIVND6MD= | ||
| 9M | VNIVND9MD= | PROVNIVND9MD= | VNIVND9MD= | ||
| 1Y | VNIVND1YD= | PROVNIVND1YD= | VNIVND1YD= |
1. VND VNIBOR Reference Rate (2M, 6M, 9M and 1Y) may not be used as a reference in any financial products in any jurisdiction where the UK or EU benchmark regulations apply.
