Fixed income
05
May
SBV continues to withdraw liquidity before the holiday
SBV extended its liquidity withdrawal for a third consecutive week, signaling a softer pressure in the banking system despite the upcoming long holiday. As a result, interbank rates shifted, with...
28
April
Exchange rate pressure prevails
This week, SBV returned to net liquidity withdrawal at a substantial level as a large volume of repo contracts matured. This move signaled that liquidity in the banking system had...
21
April
Exchange rate pressure returns as trade war escalates
This week, the SBV returned to net liquidity withdrawal at a moderate level by rolling over repo contracts to ease maturing obligations. As a result, interbank rates declined across tenors,...
16
April
March 2025: Muted sound of real estate issuance
-In March 2024, total corporate bond issuance rose to VND17,199bn (+832% mom, -16% yoy). The Banking and Securities sectors accounted for 68%/32% of the total bond issuance (-0.37%p/+0.89%p compared to...
14
April
SBV boosts liquidity injection while greenback weakens
This week, the SBV continued its liquidity injection for the third consecutive week, stepping up its support to the banking system. The interbank curve remained mostly unchanged, while USDVND eased....
09
April
Exchange rate pressure escalates as tariffs hit
This week, SBV continued to inject liquidity into the banking system with greater intensity, while pressure on USDVND escalated. Interbank rates increased at short-term tenors, especially the overnight rate, while...
31
March
USDVND cautious ahead of U.S. “Liberation Day”
This week, the SBV injected liquidity into the banking system, albeit at a modest level, while USDVND nearly unchanged. Interbank rates steepened as short-term rates, particularly the overnight rate—declined sharply,...
24
March
Exchange rate pressure reignites ahead of reciprocal tariffs plan
This week, the SBV shifted to liquidity withdrawal, albeit at a modest level, while USDVND pressure returned. Interbank rates steepened, with short-term rates ticking up while longer-term rates declined. On...
17
March
SBV begins to enact its stimulus measures
This week, the SBV shifted to injecting liquidity into the banking system, primarily through repos while continuing to halt T-bill issuance, as USDVND remained stable. Interbank rates diverged, with short-term...
Featured Analysis
Market commentary: Foreign investors turned net buyers again
GDA – Brief – [NONRATED] – 3Q25 – Domestic market supported earnings
Market commentary: Selling pressure returned
Derivatives: Awaiting the next signal
VJC – Earnings Review – [HOLD] – 3Q25: Inefficient expansion
Derivatives: Uptrend confirmation?
Market commentary: Sustained demand
