Macro

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...
Report (17)

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...
Report (1)

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...
Report (0)

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....
Report (0)

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...
Report (0)

16

June

USDVND pressure persists

USDVND continued its fourth consecutive weekly increase, although the pace of increase has gradually slowed. The rise reflects market caution ahead of the outcome of trade negotiations between Vietnam and...
Report (0)

12

June

May 2025: Record issuance, Rising maturity pressure

In May2025, the total bond issuance increased to VND66,112bn (+117% yoy, +38% mom). The Banking issued VND48,757bn (+123% yoy) and made up 74% of the total May issuance. Corporate bond...
Report (14)

09

June

SBV back to liquidity withdrawal as interbank demand cools

This week, the SBV resumed liquidity withdrawal at a significant level, as demand in the interbank market dropped sharply amid easing liquidity conditions, while USDVND continued its upward trend. The...
Report (1)

06

June

Growth holds, but storm clouds gather

Vietnam’s macro picture in May remained broadly positive, with IIP and FDI continuing to show strong performance, and inflation staying under control. However, momentum in manufacturing is softening, raising concerns...
Report (1)
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