SBV back to withdrawal as interbank cools

This week, as banking system liquidity cooled, the SBV returned to net liquidity withdrawal via OMO, while USDVND remained broadly sideways amid market anticipation of upcoming Fed developments. The interbank curve steepened further as banks shifted demand to longer tenors, supported by the SBV issuing longer-term repos to limit short-term volatility amid year-end pressures. On the FX side, USDVND edged up as the greenback strengthened with Fed cut hopes resurfacing following Fed governors’ remarks, though recent U.S. unemployment data revived market expectations for a rate cut.