Macro
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...
14
April
SBV boosts liquidity injection while greenback weakens
This week, the SBV continued its liquidity injection for the third consecutive week, stepping up its support to the banking system. The interbank curve remained mostly unchanged, while USDVND eased....
09
April
Exchange rate pressure escalates as tariffs hit
This week, SBV continued to inject liquidity into the banking system with greater intensity, while pressure on USDVND escalated. Interbank rates increased at short-term tenors, especially the overnight rate, while...
08
April
Steady growth before global turbulence
GSO’s March statistics show that Vietnam’s economy continued to grow steadily ahead of Trump’s reciprocal tariffs. Domestic drivers such as retail sales and public investment accelerated further, serving as key...
03
April
Reciprocal tariffs: A painful blow
The U.S. has announced a sweeping reciprocal tariff policy affecting over 180 countries, marking a shift toward intensified trade tensions. Vietnam was hit particularly hard with a 46% tariff, much...
31
March
USDVND cautious ahead of U.S. “Liberation Day”
This week, the SBV injected liquidity into the banking system, albeit at a modest level, while USDVND nearly unchanged. Interbank rates steepened as short-term rates, particularly the overnight rate—declined sharply,...
28
March
Reciprocal tariffs: Fueling trade tensions
The global economy has remained in turmoil since Mr. Trump returned for a second term, and it is likely to face even greater volatility as reciprocal tariffs—measures that will further...
24
March
Exchange rate pressure reignites ahead of reciprocal tariffs plan
This week, the SBV shifted to liquidity withdrawal, albeit at a modest level, while USDVND pressure returned. Interbank rates steepened, with short-term rates ticking up while longer-term rates declined. On...
17
March
SBV begins to enact its stimulus measures
This week, the SBV shifted to injecting liquidity into the banking system, primarily through repos while continuing to halt T-bill issuance, as USDVND remained stable. Interbank rates diverged, with short-term...
Featured Analysis
Market commentary: Foreigners net sell “VIC”
Derivatives: Continued correction
Market commentary: Cautious developments
March 2025: Muted sound of real estate issuance
Market commentary: Wide-spread selling pressure
Derivatives: Profit-taking pressure
Sector Note – 1Q25F forecast: Recovery but slowdown
