G-bond issuance value jumped 68% MoM to VND44.2tn (USD1.9bn) in May — the highest level in eight months. The surge in G-bond issuance was attributed to (1) a strong increase in the offered amount (the Vietnam State Treasury (VST) offered VND48tn/USD2.1bn of G-bonds) and (2) high demand for reinvestment (VND33.4tn/USD1.45bn of G-bonds came due in May). In 5M 2021, the VST issued VND109.7tn (USD4.8bn) of G-bonds, fulfilling 31.3% of FY2021’s target. We estimate around VND102.6tn (USD4.5bn)