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The State Bank of Vietnam (SBV) continued to inject large amounts of VND liquidity into the banking system through open market operations (OMO). It offered a total of 65,000 billion VND across 7-, 14- and 56-day maturities at a uniform rate of 4.5% per year, and the full amount was subscribed. On the same day, 50,614 billion VND matured and no treasury bills were offered, resulting in a net injection of 14,386 billion VND into the market on 31/3. Total outstanding liquidity on the OMO channel reached 290,090 billion VND.
Earlier, on 30/03, interbank VND rates rose sharply across most tenors to around 12% per year. In response, the SBV increased OMO offerings to 90,000 billion VND, with the entire amount subscribed. After offsetting maturities, the central bank pumped a net 31,033 billion VND into the market on 30/3.
In early February, the regulator also injected liquidity via OMO after the overnight rate surged to 17% per year. In addition, the SBV conducted a 21-day USD/VND currency swap with banks to support liquidity in VND for the banking system.
According to Vietcombank Securities (VCBS), liquidity pressure and capital balance issues in the banking system have been stressed since the second half of 2025. VCBS said this has caused buffers at some banks—especially small- and mid-sized lenders—to shrink significantly. Analysts noted that the room to absorb short-term liquidity shocks has narrowed, forcing banks to rely more on interbank funding at higher costs.
VCBS added that the SBV responded promptly with liquidity-support measures, including continued large-scale liquidity injections via long-tenor OMO and flexible use of the 21-day currency swap.
VCBS also pointed to rising geopolitical risk, saying global capital flows have tended to move toward safe-haven assets such as gold, the USD and US Treasuries. This has supported a short-term rise in the DXY index. The securities firm warned that exchange-rate pressures could persist, keeping interbank rates at elevated levels.
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