Fixed income
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...
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...
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...
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...
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...
02
June
Exchange rate pressure returns
This week, the SBV resumed liquidity injection, albeit at a moderate level, by offsetting matured repo contracts, while USDVND surged. The interbank curve steepened again, with notable declines in actively...
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...
Featured Analysis
USDVND rebounds as reciprocal tariffs unveiled
Covered warrant: Liquidity continues to improve
Market commentary: Liquidity increases
Derivatives: Breakout session
Growth navigates new uncertainties
Market commentary: Late-session demand momentum
Derivatives: Continued consolidation
