SBV injects significantly as liquidity pressures intensify

This week, the SBV executed its second-largest net injection of 2025, likely due to significantly intensified liquidity pressures ahead of the year-end credit push. This tightening was reflected in the interbank market, where rates rose sharply across short tenors and trading volumes surged. On the FX market, the USDVND cooled down, driven by rising Fed rate cut expectations and positive diplomatic signals on global trade and bilateral cooperation. Additionally, the SBV’s maintenance of USD forward sales, coupled with year-end remittance inflows, is expected to keep the exchange rate stable in the near term.