Macro
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...
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....
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...
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...
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...
Featured Analysis
Market commentary: Low liquidity
Market traders: Proprietary traders recorded strong net selling
Derivatives: Awaiting the next signal
Market commentary: Green returns
Covered warrant: Liquidity continues to increase
Derivatives: Bearish sentiment
Market commentary: Broad-based selling pressure
