Macro
13
February
Jan 2026: The lowest issuances
- In Jan 2025, the total value of bond issuance dropped to VND3,711bn (Fig.1), -33% yoy and -96% mom. - The Banking issued VND2,221bn with -58% yoy and accounting for...
09
February
SBV conducts aggressive liquidity injections ahead of Lunar New Year
This week, the SBV maintained strong net liquidity injections as funding demand intensified ahead of the Lunar New Year holiday. On the interbank market, rates heated up amid surging demand,...
06
February
A positive start ahead of the Lunar New Year
Vietnam’s early-year economic indicators point to a constructive start. Export growth was supported by a higher number of working days compared with the same period last year, although demand remained...
02
February
SBV shifts to net injection
This week, the SBV returned to a net liquidity injection stance after three consecutive weeks of withdrawing funds from the system. On the interbank market rates continued to trend upward...
26
January
SBV mantains to net withdrawal
In the fourth week of 2026, the SBV continued to withdraw liquidity from the banking system, primarily by allowing previously injected repo contracts to mature, thereby reducing outstanding balances. Specifically...
20
January
SBV continues to net withdrawal
This week, the SBV continued its net liquidity withdrawal via OMO as liquidity pressure in the banking system eased. On the interbank market, the interbank curve flattened, with short tenor...
16
January
Dec 2025: Higher issuances, Lower maturity pressure
The issuances from major sector significantly expanded In Dec 2025, the total value of bond issuance surged to VND84,355bn (Fig.1), 3% yoy and 140% mom. The Banking issued VND56,859bn with...
12
January
SBV returns to net withdrawal as demand eases
This week, the SBV shifted back to net liquidity withdrawal via OMO as liquidity pressures in the banking system eased at the start of the year. On the interbank market,...
06
January
The Dawn of National Rise
Vietnam’s economy recorded a strong acceleration toward year-end, underpinned by the combined strength of domestic resilience and renewed momentum in external trade. Real GDP growth remained aligned with national targets,...
Featured Analysis
Jan 2026: The lowest issuances
PHR – Brief – [NONRATED] – NP slides on weak IP and no VSIP III payment
Banking – Note – [NEUTRAL] – On target
Derivatives: Declining liquidity
Market commentary: Sustained demand
Derivatives: Reversal signal?
Market commentary: Broad-based gains
