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On 30/03, Vietnamese dong interbank rates rose sharply across most short tenors, with the overnight rate reaching 12.00% per year, signaling clear liquidity pressure in the system. In response, the State Bank of Vietnam (SBV) increased its bids on the collateralized loan channel (OMO), totaling 90 trillion dong, to support liquidity.
On the same day, 58.967 trillion dong matured and there were no bids for treasury bills. As a result, the SBV injected a net 31.033 trillion dong into the market. Total outstanding on the repo channel rose to 275.704 trillion dong.
The SBV’s action is expected to support system liquidity and help cool interbank rates.
Previously, the SBV had injected liquidity via OMO earlier in February 2026, when overnight interbank rates surged to 17% per year. The central bank also conducted a 21-day USD/VND currency swap with credit institutions to support system liquidity.
According to Vietcombank Securities (VCBS), liquidity pressures and capital balances in the banking system have been tight since the second half of 2025. This has forced banks—especially small and mid-sized institutions—to rely more on interbank funding at higher costs.
VCBS said the SBV’s measures, including large, long-tenor liquidity injections via OMO and the flexible use of 21-day currency swaps, are expected to provide relief. However, with rising geopolitical uncertainty, global capital flows toward safe-haven assets such as gold, the USD, and U.S. Treasuries have supported the near-term strength of the DXY.
VCBS added that FX pressures could persist, which may keep the interbank rate level elevated.
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