Macro

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

11

August

USDVND moves sideways in an information-light week

This week, the SBV injected liquidity into the banking system, albeit at a modest level, while interbank rates stayed elevated and USDVND was broadly flat. On the interbank market, rates...

Report (80)

07

August

Jul 2025: Lower issuances, higher maturity pressure

In Jul 2025 the total bond issuance dropped to VND43,303bn (Fig. 1), +6% yoy and -65% mom Corporate bond maturities in August are projected to reach VND35,752bn, +433% yoy

Report (46)

06

August

Stable domestic growth amid early signs of export deceleration

Vietnam’s July economic report paints a mixed but overall encouraging picture. Export growth, particularly for sea-shipped goods, showed slowdown, and FDI inflows reflected increased investor caution amid ongoing tariff uncertainty....

Report (78)

04

August

USDVND surges ahead of tariff outcomes

This week, the SBV modestly withdrew liquidity from the banking system by rolling just enough repos to offset maturing pressures, while USDVND surged. Interbank rates cooled with sharp declines in...

Report (54)

28

July

SBV boosts liquidity injection as system demand climbs

This week, the SBV continued its strong net liquidity injection into the banking system as funding demand rose, while USDVND cooled down. Interbank rates increased across all tenors, with sharp...

Report (1)

21

July

SBV supports liquidity while USDVND rises

This week, the SBV recorded a significant injection through the repo instrument to support the banking system amid a tighter liquidity condition, with short-term interbank rates surging. On the FX...

Report (0)

14

July

USDVND eases amid evolving tariff developments

This week, the USDVND cooled as the latest developments in U.S. tariff policy unfolded. Specifically, the U.S. has announced a series of blanket tariffs on its key trading partners, most...

Report (1)

11

July

Transitioning into the Era of National Rise

Vietnam’s economic growth is expected to moderate in 3Q25 as both global and domestic conditions become less favorable. Specifically, we forecast real GDP to grow by 6.5% YoY in 3Q25,...

Report (0)

08

July

Jun 2025: New issuance hit a record high in June

In Jun 2025 the total bond issuance increased to VND115,575bn (Fig. 1), (+36% yoy and +56% mom). The Banking led the Jun 2025 surge with VND94,168bn (+30% yoy) and accounted...

Report (19)