Macro

26
May
SBV modestly withdraws liquidity
This week, the SBV continued to withdraw liquidity, albeit at a moderate level, by offsetting matured repo contracts to maintain favorable interbank conditions. The interbank curve flattened, with a slight...

19
May
SBV withdraws significantly
This week, the SBV resumed to withdraw liquidity at a significant level as interbank rates eased, further reducing outstanding repo contracts this week. The interbank curve steepened as short-term rates...

12
May
SBV resumes liquidity injection
This week, the SBV returned to liquidity injection, albeit at a moderate level, into the banking system after three consecutive weeks of net liquidity withdrawal. The interbank curve flattened as...

08
May
April 2025: The return of real estate issuance
In April 2025, the total bond issuance increased to VND31,917bn (+61% yoy, +86% mom). The Real estate issued VND10,000bn (+12% yoy) and made up 31% of the total April issuance,...

06
May
Tariff clouds loom over solid performance
Vietnam’s macroeconomic picture in April remains broadly positive, with industrial production and trade indicators continuing to perform well. However, this may represent only a calm before the storm, as early...

05
May
SBV continues to withdraw liquidity before the holiday
SBV extended its liquidity withdrawal for a third consecutive week, signaling a softer pressure in the banking system despite the upcoming long holiday. As a result, interbank rates shifted, with...

28
April
Exchange rate pressure prevails
This week, SBV returned to net liquidity withdrawal at a substantial level as a large volume of repo contracts matured. This move signaled that liquidity in the banking system had...

21
April
Exchange rate pressure returns as trade war escalates
This week, the SBV returned to net liquidity withdrawal at a moderate level by rolling over repo contracts to ease maturing obligations. As a result, interbank rates declined across tenors,...

16
April
March 2025: Muted sound of real estate issuance
-In March 2024, total corporate bond issuance rose to VND17,199bn (+832% mom, -16% yoy). The Banking and Securities sectors accounted for 68%/32% of the total bond issuance (-0.37%p/+0.89%p compared to...