Macro

28
July
SBV boosts liquidity injection as system demand climbs
This week, the SBV continued its strong net liquidity injection into the banking system as funding demand rose, while USDVND cooled down. Interbank rates increased across all tenors, with sharp...

21
July
SBV supports liquidity while USDVND rises
This week, the SBV recorded a significant injection through the repo instrument to support the banking system amid a tighter liquidity condition, with short-term interbank rates surging. On the FX...

14
July
USDVND eases amid evolving tariff developments
This week, the USDVND cooled as the latest developments in U.S. tariff policy unfolded. Specifically, the U.S. has announced a series of blanket tariffs on its key trading partners, most...

11
July
Transitioning into the Era of National Rise
Vietnam’s economic growth is expected to moderate in 3Q25 as both global and domestic conditions become less favorable. Specifically, we forecast real GDP to grow by 6.5% YoY in 3Q25,...

08
July
Jun 2025: New issuance hit a record high in June
In Jun 2025 the total bond issuance increased to VND115,575bn (Fig. 1), (+36% yoy and +56% mom). The Banking led the Jun 2025 surge with VND94,168bn (+30% yoy) and accounted...

08
July
USDVND rebounds as reciprocal tariffs unveiled
This week, USDVND came under renewed pressure following Trump’s announcement of the outcome of tariff negotiations with Vietnam. Although the final rates were lower than the initially proposed 46%, they...

07
July
Growth navigates new uncertainties
Vietnam's macro picture in June presented a nuanced story. On the external front, IIP persisted, but PMI softened from fewer new orders. This divergence suggests IIP's strength was largely due...

30
June
USDVND cools as SBV reissues bills
The USDVND eased after five consecutive weeks of gains, following the SBV’s reissuance of central bank bills for the first time in over three months to address interest rate differentials....

23
June
Exchange rate under pressure as interest rate gap widens
The USDVND exchange rate continued its upward trend for the fifth consecutive week, a clear response to evolving domestic and international economic landscapes. On the global front, the Federal Reserve’s...