Fixed income
17
September
Aug 2025: Higher issuances, lower maturity pressure
In Aug 2025, the total value of bond issuance increased to VND60,362bn (Fig.1), - 6% yoy and 34% mom. The Banking led the growth with VND33,714bn with -37% yoy and...
17
September
Sep FOMC meeting: What to expect?
The Federal Reserve kicks off its two-day meeting Tuesday, and is widely expected to decide to cut interest rates by 25 basis points on Wednesday. The rate decision will be...
15
September
USDVND moves sideways ahead of the FOMC
This week, USDVND was little changed while the dollar index fell sharply as the FOMC meeting approached. Specifically, concerns about the U.S. labor market outweighed sticky inflation: job openings declined,...
09
September
SBV withdraws liquidity after the holiday
This week, the SBV maintained a sizable net liquidity withdrawal as repo maturities outpaced new issuance, signaling eased system liquidity. Interbank rates fell across most tenors, with higher trading volumes...
03
September
SBV withdraws liquidity ahead of Independence Day
This week, the SBV returned to a sizable net liquidity withdrawal as liquidity condition in the banking system turned soft with interbank rates, especially those on short-term tenors, falling sharply....
25
August
Dovish Fed, decisive SBV amid USDVND movement
This week, USDVND spiked early before easing by week’s end, driven by both external and domestic factors. On the global front, the dollar softened after Chair Powell signaled openness to...
18
August
USDVND edges higher, overriding global dollar weakness
This week, the SBV returned to net liquidity withdrawal as demand cooled, while the interbank curve steepened with sharp declines in short-term rates and slight increases at the long end,...
11
August
USDVND moves sideways in an information-light week
This week, the SBV injected liquidity into the banking system, albeit at a modest level, while interbank rates stayed elevated and USDVND was broadly flat. On the interbank market, rates...
07
August
Jul 2025: Lower issuances, higher maturity pressure
In Jul 2025 the total bond issuance dropped to VND43,303bn (Fig. 1), +6% yoy and -65% mom Corporate bond maturities in August are projected to reach VND35,752bn, +433% yoy
Featured Analysis
Sep FOMC meeting: What to expect?
Derivatives: Profit-taking pressure
Market commentary: Market reversal
Market traders: Market liquidity recovered
Derivatives: Liquidity declines
Market commentary: Green start to the week
USDVND moves sideways ahead of the FOMC
