Fixed income
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
04
August
USDVND surges ahead of tariff outcomes
This week, the SBV modestly withdrew liquidity from the banking system by rolling just enough repos to offset maturing pressures, while USDVND surged. Interbank rates cooled with sharp declines in...
28
July
SBV boosts liquidity injection as system demand climbs
This week, the SBV continued its strong net liquidity injection into the banking system as funding demand rose, while USDVND cooled down. Interbank rates increased across all tenors, with sharp...
Featured Analysis
TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture
Market commentary: Selling pressure
Derivatives: Selling pressure intensifies
PVS – Earnings Review – [BUY] – 3Q25: Profit growth in line with expectations
Market commentary: Market recovery
Derivatives: Waiting for further confirmation
DPM- Brief – [NONRATED] – 3Q25: Benefiting from Selling Prices
