The VST completed its Q4 2022 issuance plan but missed its full-year target  

- The Vietnam State Treasury (VST) issued VND32.5tn (USD1.4bn; -24% MoM) of G-bonds in December with a winning rate of 100%, bringing its Q4 2022 issuance to VND99.9tn (USD4.2bn) and completing roughly 100% of its Q4 insurance target. However, the VST issued VND214.7tn (USD9.1bn) of G-bonds in full-year 2022, completing 53.7% of the FY plan of VND400tn (USD17.0bn).

- December’s bond yields declined thanks to improving system liquidity with yields of 5Y and 10Y bonds on the secondary market falling to 4.70% (-11 bps MoM) and 4.80% (-12 bps MoM), respectively, as of December 31.

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