Macro
08
October
SBV resumes net withdrawal as USDVND softens
This week, the SBV reverted to a mild net liquidity withdrawal after a strong injection in the previous week, as liquidity in the banking system cooled. Interbank rates declined sharply...
07
October
Growth stems from low-base effect
Vietnam’s economic indicators in September painted a notably upbeat picture, with most metrics signaling continued improvement. Most striking was the national GDP growth rate exceeding 8 percent, an impressive milestone...
29
September
SBV resumes net injection while USDVND holds steady
This week, the SBV returned to net liquidity injection after four consecutive weeks of withdrawal, signaling renewed pressures in the banking system as short-term interbank rates jumped sharply and trading...
26
September
Blockchain: A new era for Vietnam (P.1)
Vietnam is entering a new era in its blockchain journey, marked by the recent adoption of Resolution 05, which authorizes a five-year pilot program for regulated digital asset exchanges. This...
25
September
Nov 2025: Higher issuances, Lower maturity pressure
In Oct 2025, the total value of bond issuance expanded to VND64,396bn, +49% yoy and +27% mom. The Banking issued VND29,235bn with +30% yoy and accounting for 45% of total...
22
September
USDVND edges down after Fed cut
In 38W25, interbank liquidity remained comfortable as the SBV allowed a net withdrawal amid repo maturities, while short-term rates declined and trading volumes surged. These dynamics suggest easing funding pressures,...
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,...
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
