The VST failed to achieve its Q3 issuance target

- In the primary market, the VST issued VND19.4tn (USD807.1mn; -11.1% MoM) of G-bonds in September. In Q3 2023, the VST issued VND70.0tn (USD2.9bn) of G-bonds, fulfilling only 63.6% of its Q3 plan. In 9M 2023, the VST issued VND249.9tn (USD10.4bn) of G-bonds, completing 62.5% of its full-year target. We estimate that VND59.2tn (USD2.5bn) expired in 9M 2023, resulting in a net issuance of VND190.7tn (USD7.9bn) — 2.4x the net issuance recorded in 9M 2022.

- In the secondary market, average daily trading volume (ADTV) jumped 27.5% MoM to VND7.4tn (USD309.8mn) – the highest volume since June 2022, in which the ADTV of outright transactions (accounting for 77.6% of total trading turnover) surged 30.3% MoM to VND5.8tn (USD240.5mn).

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