The VST failed to achieve its Q4 and full-year issuance plans 

- In December, G-bonds issuance dropped 26.4% MoM to VND14.5tn (USD596.2mn) – the lowest monthly issuance amount since September 2022 - with the issued-to-offered ratio at 68.9% (vs 86.4% in November). 

- As a result, the VST only fulfilled 37.4% of its Q4 2023 insurance target of VND130.0tn (USD5.4bn) and 74.6% of its full-year 2023 plan of VND400.0tn (USD16.5bn). Meanwhile, VND59.5tn (USD2.4bn) of G-bonds expired during the year, leading to a net issuance of VND239.0tn (USD9.8bn; +35.1% YoY).

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