G-bond yields continued downtrend

- The Vietnam State Treasury (VST) issued VND16.9tn (USD721mn) of G-bonds (-27.2% from May) in June. In H1 2023, the VST issued VND179.9tn (USD7.7bn) of G-bonds while VND31.8tn (USD1.4bn) of G-bonds came due, leading to a net issuance of VND148.1tn (USD6.3bn) — 3.9x the amount issued in H1 2022. At end-June, the VST completed 62.5% of its Q2 2023 plan and 45.0% of its FY2023 plan.

- In the secondary market, average daily trading value (ADTV) increased 6.2% MoM to VND7.0tn (USD300mn) in June.  Of the total turnover, ADTV of outright transactions surged 36.8% MoM to VND5.1tn (USD220mn) — the highest since April 2022.

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