Vietnam’s State Treasury sold US$10 million of three-year bonds at an auction Friday, less than the $50 million originally planned as investors demanded higher rates than the government was willing to pay.

The securities were sold at a coupon of 3.9 percent, according to an e-mailed statement from the Hanoi Stock Exchange, where the auction took place. The highest rates sought by two bidders were 5 percent and the lowest was 3.8 percent, while the Hanoi-based Treasury offered a coupon of 3.9 percent.

The statement didn’t provide total bids at the auction.

The government sold only $47 million of two-year notes on August 26, less than half of the $100 million originally planned, while it sold $100 million of one-year bonds at 2.98 percent on August 24.