Macro

• Economic indicators
• Economic perspectives
• Fixed income
• Macro flash

17

November

SBV maintains net injection

This week, the SBV continued its net liquidity injection to support the banking system as year-end demand pressure intensified. Specifically, the interbank yield curve steepened, with short-term rates cooling while...

Report (0)

10

November

SBV rollovers repos as demand persists

This week, the SBV maintained its net liquidity injection at a modest level, mainly to offset withdrawal pressure from maturing repo contracts and support system-wide liquidity. Interbank rates remained elevated,...

Report (67)

06

November

National growth target clouded by climatic disruptions

Vietnam’s economic landscape entering the final quarter of 2025 is crucial, as it will determine whether the government’s ambitious growth target can be achieved. Following a robust third quarter, the...

Report (81)

03

November

SBV maintains liquidity injection as demand persists

This week, the SBV maintained its net liquidity injection, albeit at a modest level, mainly to offset the withdrawal pressure from maturing repo contracts. Specifically, the interbank yield curve diverged,...

Report (50)

27

October

SBV injects significantly as liquidity pressures intensify

This week, the SBV executed its second-largest net injection of 2025, likely due to significantly intensified liquidity pressures ahead of the year-end credit push. This tightening was reflected in the...

Report (45)

20

October

SBV backs to injection as liquidity demand rises

This week, the SBV returned to net liquidity injection as liquidity demand in the banking system picked up, while USDVND remained broadly stable. The interbank curve flattened as short-term rates...

Report (73)

16

October

FX pressures to subside toward year-end

Since the beginning of 2025, the Vietnamese dong has depreciated by approximately 3.5%, reflecting heightened exchange rate pressures following the return of President Trump and the ensuing global trade tensions....

Report (69)

13

October

Sep 2025: Lower issuances, higher maturity pressure

In Sep 2025, the total value of bond issuance sharply decreased to VND49,569bn (Fig.1), - 15% yoy and -18% mom. The Banking issued VND33,880bn with -29% yoy and accounting for...

Report (76)

13

October

The greenback cooled amid reignited trade war risks

This week, both USDVND and the dollar index edged lower as President Trump threatened to impose 100% tariffs on Chinese goods, while Beijing maintained a firm stance. Recent trade talks...

Report (72)