Weekly report 23/8-27/8/2021

(1)

V

GOVERNMENT BOND - SECONDARY MARKET

CORPORATE BOND MARKET

1 2 3 4 5 6

During the week, the State Treasury called for auction a total of VND 9,250 billion, the winning rate was 42%. Until now, the total value of G-bonds issued since the beginning of the year has reached 57% of the annual plan. The winning yield of 30-year bond decreased by 3bps.

This week, the secondary market's trading value was VND 48.4 trillion (+24% wow) in which both outright transaction and repo transaction increased by about 24% compared to last week. Foreign investors net bought VND 159 billion of government bond. Government bond yields according to VBMA outright trading room decreased by 1 - 6 bps at tenors 3 years, 5 years, 7 years and 20 years.

According to information on HNX and SSC, as of August 27th 2021, in August, there were 35 issuances under private placement with a total issuing value of VND 13,613 billion.

The average interbank interest rate decreased by 6, 11 and 4 bps at overnight, 1-week, and 2-week tenors to 0.65%, 0.74%, 0.94%, respectively. The total trading volume on the interbank market last week reached VND 731 trillion, increased by 15% compared to the previous week. In which, overnight and 2-week tenors' volume accounted for 91.6% of the total trading volume of the whole week.

Vi etn am Bo nd Ma rk et Associ atio n

MONEY MARKET

Weekly report

23/8 - 27/8/2021

GOVERNMENT BOND - PRIMARY MARKET FOREIGN EXCHANGE MARKET

The central exchange rate was adjusted downward by the State Bank to 23,142 VND/USD (-24 VND/USD wow). Vietcombank bidding and offering exchange rates had a tendency to fall. USD Index decreased to 92.69, 0.87% lower than last week.

0.32% 0.55% 0.75% 0.86% 1.20%

2.08% 2.29% 2.84%

2.97%

0.33% 0.45% 0.82%

1.73%

2.25%

2.90% 3.09% 3.37% 3.51%

0%

1%

2%

3%

4%

1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 30Y

GOVERNMENT BOND TRADING RATE - VBMA BENCHMARK 22,600

22,700 22,800 22,900 23,000 23,100 23,200 23,300 23,400 23,500 23,600 23,700 23,800 23,900

T1-20 T3-20 T5-20 T7-20 T9-20 T11-20 T1-21 T3-21 T5-21 T7-21

Exchange rate USD/VND

Central rate

Bid (commercial bank) Ask (commercial bank)

0 20 40 60 80 100

T1-20 T5-20 T9-20 T1-21 T5-21

OUTRIGHT AND REPO TRADING

VOLUME

Outright Repo

(2)

Source: SBV

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Source: SBV

Weekly report

Money market

23 3.02 2.89 3.14 -25 -24

22 13 -66 -35 -79 -36

% MoM

6M 9M

2.79 2.83 2.61

1M 1.34 1.28 1.21 7

3M 1.99 1.79 2.31 -52

1W 0.74 0.68 0.74 -6

2W 0.94 0.93 0.90 3

Unit: % Avg 5 days 8/27/2021 8/20/2021 % WoW

ON 0.65 0.64 0.66 -2

- 0.50 1.00 1.50 2.00 2.50 3.00

T1-21 T2-21 T4-21 T5-21 T7-21

AVERAGE INTERBANK RATE

ON 1W 1M 3M

-25 -15 -5 5 15 25

-150 -125 -100 -75 -50 -25 0 25 50 75 100 125 150

6/1/201910/29/20193/27/20208/24/2020 2/2/2021 T-bill & OMO AUCTION

T-bill Issuance (LHS) OMO Issuance (LHS)

Total T-bill Outstanding (RHS) Total OMO Outstanding (RHS)

-80 -60 -40 -20 0 20 40 60 80

T7 T9 T11 T1 T4 T6 T8 T11 T1 T3 T6

NET MONEY SUPPLY CHANGE

Interbank interest rate: Last week, the average interbank interest rates decreased by 6, 11 and 4 bps at overnight, 1-week, and 2-week tenors to 0.65%, 0.74%, 0.94%, respectively. Compared to the same period last year, interbank rates of these tenors were 44-55 bps higher. Compared to the lowest interest rate of 2019 before the Covid pandemic, 1-week and 2-week interbank rates were respectively 116 bps and 115 bps lower than in October 2019, while overnight interest rate decreased by 85 bps compared to the figure at the end of 2019.

Trading volume: The total trading volume on the interbank market last week reached VND 731 trillion, increased by 15% compared to the previous week. In which, overnight and 2-week tenors had the largest trading volume, reached VND 616 trillion and VND 54.3 trillion, respectively. The total trading volume of these two tenors reached VND 670.3 trillion, +19% WoW, accounting for 91.6% of the total trading volume of the whole week.

Open Market Operations: During the week, there were no new transactions on the open market.

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Central rate

Source: SBV

Sources: SBV, Vietcombank

Sources: investing.com

8/27/2021 23,142 -0.004%

Weekly report

Foreign exchange market

8/26/2021

% change Exch rate

8/16/2021 8/17/2021 8/18/2021

23,151

-0.060%

0.047%

23,165

-0.052%

23,143

-0.035%

8/23/2021 8/24/2021

0.052%

23,177 8/25/2021

23,154

-0.043%

23,166 8/19/2021

8/20/2021

23,153

23,158

0.022%

23,164

0.026%

8/27/2021 8/20/2021 % WoW % YTD

USD index

0.0000439

1.1793

0.1545 VND/USD

EUR/USD CNY/USD JPY/USD GBP/USD

0.9103

1.3757

92.6900

1.00%

-6.12%

1.39%

3.14%

93.5000

-0.87%

1.3621

1.27%

0.0000438

1.1696

0.1538

0.9105

-3.71%

-0.13%

0.16%

0.83%

0.46%

-0.02%

22,600 22,700 22,800 22,900 23,000 23,100 23,200 23,300 23,400 23,500 23,600 23,700 23,800 23,900

Exchange rate USD/VND

Central rate

Bid (commercial bank) Ask (commercial bank)

VND/USD exchange rate: During the week, the central exchange rate was adjusted downward by the State Bank to 23,142 VND/USD (-24 VND/USD compared to the last Friday). Bid and ask exchange rates at Vietcombank both decreased by 25 VND/USD, ending the week at 22,690 VND/USD (transfer bid), and 22,890 VND/USD (offer).

Foreign currency market: Last week, USD index slightly decreased by 0.87% to 92.69. EUR/USD,

CNY/USD, GBP/USD all increased compared to last week, in which GBP/USD had the highest increase

(+1% WoW). JPY/USD dropped 0.2% compared to last Friday.

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3 x 1 2

1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10

11

Source: HNX

Source: HNX Source: HNX Unit: %

1 Weekly report

Government bond - Primary market

0%

200%

400%

600%

0 10,000 20,000 30,000

T7-20 T8-20 T9-20 T10-20 T11-20 T12-20 T2-21 T3-21 T4-21 T5-21 T6-21 T8-21

AUCTION VOLUME OF GOVERNMENT BOND 2020-2021 AUG

Amount Bidded Amount Offered Subscribe rate

0%

20%

40%

60%

80%

100%

120%

0 10 20 30

T7-20 T8-20 T9-20 T11-20 T12-20 T2-21 T3-21 T5-21 T6-21 T7-21

AUCTION RESULT 2020 - 2021 AUG

5Y 7Y 10Y 15Y 20Y 30Y winning rate

- 1 2 3 4

T1-20 T2-20 T3-20 T4-20 T6-20 T7-20 T8-20 T9-20 T10-20 T11-20 T12-20 T12-20 T1-21 T3-21 T4-21 T5-21 T6-21 T7-21 T8-21

GOVERNMENT BOND RATE (WINNING RATE) 2020 - 2021

JUL

5Y 7Y 10Y 15Y 20Y 30Y

Government Bond: During the week, the State Treasury called for auction for a total of VND 9,250 billion of

Government bond including tenors of 10-year (VND 2,000 billion), 15-years (VND 3,500 billion) and 30-year (VND 3,750 billion). The total winning value reached VND 3,908 billion (equipvalent to the winning rate of 42%), in which winning value of 10-year bond was VND 1,370 billion (equipvalent to the winning rate of 69%), of 15-year bond was VND 1,505 billion (equipvalent to the winning rate of 43%), of 30-year bond was VND 1,033 billion (equipvalent to the winning rate of 28%). The winning yield of 30-year bond decreased by 3bps compared to last auction.

Until now, the total value of G-bonds issued since the beginning of the year has reached 57% of the annual plan.

Specifically, since the beginning of the year, the issuing values of the 5, 7, 10, 15, 20 and 30-year tenors were VND 18,232 billion (reaching 91% of the 2021 plan), and VND 4,231 billion (reaching 28% of the 2021 plan), VND 93,854 billion (reaching 78% of the 2021 plan), VND 60,901 billion (reaching 45% of the 2021 plan), VND 5,080 billion (17% of the 2021 plan) and VND 16,958 billion (reaching 57% of the 2021 plan), respectively.

Government-guaranteed Bond: In the previous week, there was no auction for Government-guaranteed bonds.

Issuance plan: Next week, the State Treasury will call for auction a total of VND 8,000 billion of Government Bond at tenors of 5-year (VND 1,000 billion), 10-year (VND 2,000 billion), 15-years (VND 3,000 billion) and 20-year (VND 2,000 billion).

91%

28%

78%

45%

17%

57% 57%

0%

20%

40%

60%

80%

100%

0 50 100 150 200 250 300 350 400

NGHÌN TỶ

ISSUED VALUE BY TENORS

Annual Plan Issued Vol % Complete Annual Plan

(5)

Source: HNX Unit: VND Thsd Bn Source: HNX

Weekly report

Government bond - Secondary market

20Y

Last week 0.0 0.0 -6.2 -2.5 -1.2 -0.4 -0.1 -1.4

Compared to 1Y 2Y 3Y 5Y 30Y

-0.5 -10.0

-14.2 -8.2 -16.0 -12.1

Sources: VBMA

Last month -2.4 -2.2 -18.4 -21.0

7Y 10Y 15Y

Secondary Market: This week, the secondary market's trading value was VND 48.4 trillion (+24% WoW) of which the outright trading value was VND 32.4 trillion (+24% WoW) and the repo trading value was VND 16 trillion (+24% WoW).

Foreign investors: During the week, foreign investors bought VND 518 billion and sold VND 359 billion of government bonds. Accordingly, for the whole week, foreign investors net bought VND 159 billion of government bonds. Thus, since the beginning of the year, foreign investors have net bought VND 11,000 billion.

Government bond yields (according to VBMA): Compared to the previous week, government bond yields according to VBMA outright trading room slightly decreased at tenors of 10 years (-0.4 bps), 15 years (-0.1 bps), 30 years (-0.5 bps) and dropped by 1 - 6 bps at tenors of 3 years, 5 years, 7 years and 20 years, of which the yield of 3-year bond decreased the most. The yields of 1-year and 2-year bond remained the same as previous week.

(3,000) (2,000) (1,000) - 1,000 2,000 3,000 4,000

07-01 07-02 07-03 07-04 07-05 07-06 07-07 07-08 FOREIGN INVESTOR ACTIVITIES 2021

Foreign Purchase Foreign sell Net buy / sell

0.32% 0.55% 0.75% 0.86% 1.20%

2.08% 2.29% 2.84% 2.97%

0.33% 0.45% 0.82%

1.73%

2.25%

2.90% 3.09% 3.37% 3.51%

0%

1%

2%

3%

4%

1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 30Y

GOVERNMENT BOND TRADING RATE - VBMA BENCHMARK

27/08/2021 20/08/2021 27/08/2020

0 20 40 60 80 100

T1-20 T4-20 T7-20 T10-20 T1-21 T4-21 T7-21

OUTRIGHT AND REPO TRADING VOLUME

Outright Repo

(6)

Unit: VND bn

Source: HNX

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Weekly report

Corporate Bond Market

Corporate bonds issued until August 20 2021:

According to data from HNX and SSC, by 27/8/2021, in August, there were 35 issuances under private placement with a total value VND 13,613 billion.

Banking sector ranked first as of the issuing value with total value of VND 7,120 billion, accounting for 52.3%.

Orient Commercial Joint Stock Bank had the highest issuing value of VND 2,000 billion. Real estate sector, stood at second place with 7 successful issuances with total value of VND 2,750 billion, accounting for 20.2% of the total issuing value. Big Gain Investment Company Limited had the highest issuing value of VND 1,000 billion among Real estate companies.

Accumulated since the beginning of 2021, Banking is still the sector with the highest issuing value with VND 111 trillion, accounting for almost 39% of total issuing value.

(Detail of issued bond in Appendix 2)

Corporate bond issuance plan in 2021 Viet Dragon Securities Corporation

The Board of Directors of Viet Dragon Securities Corporation has approved the issuance plan under private placement of VND 1,500 billion of non-convertible, without warrants, unsecured bonds in September, October and November 2021.

Thuan Duc JSC

The Board of Directors of Thuan Duc JSC has approved the issuance plan under private placement of VND 230 billion of non-convertible, without warrants, secured bonds to supplement working capital and invest in company assets. The bonds are expected to be issued in early September, 2021.

MB Securities Company

The Board of Directors of MB Securities Company has approved the issuance plan under private placement with maximum issuing value of VND 200 billion of non-convertible, without warrants, unsecured bonds to

supplement operational capital, invest in government bonds, certificates of deposit and/or structure debts.

1300 2025

3750 3718 1100

400

1320

0 1000 2000 3000 4000

1.0Y 2.0Y 3.0Y 4.0Y 5.0Y 7.0Y 8.0Y

Domestic Issued value by tenor

20.2%

0.4%

9.7%

52.3% 1.6%

4.4%

1.8% 5.1%4.4%

Issued value by sector

Real estate Securities Consumer services Consumer staples Banking Finance

Manufacturing Materials Energy

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Trade Balance (Jul) Trade Balance (USD) (Aug) CPI (MoM) (Aug)

PPI (YoY) (Aug)

PPI and Core PPI (MoM) (Aug)

Current trend of Inflation of countries in the region

Inflation rate of countries in the region

Sources: Trading Economics

Average yields of 5-year G-bond of top regional and global economies

Decrease Increase

(0.11)

1.51 0.20%

-0.40%

4.00%

T8 2021 2.69 (0.12) 2.63 2.73 0.58 0.77 0.91 T7 2021 2.64% 0.45%

T9 2020 3.00 (0.10) 2.17 2.77 T8 2020 2.84

T7 2020 2.71

-1.57%

T9 2020

Singapore

-0.50%

-0.40%

T5 2021 2.90% 2.44%

Vietnam

0.27

1.72 2.50%

T6 2021 2.40% 1.25% 2.40%

2.21 Weekly report

International news

Date Vietnam Thailand

T10 2020 2.52% -0.50%

10/09/2021 United States USD Medium

-0.98%

3.18% -0.98%

T7 2020 3.39% -0.98%

T8 2020 3.18%

China

Event

China CNY

Date

0.40%

T12 2020 0.18% -0.27% 0.00%

02/09/2021 07/09/2021 08/09/2021 08/09/2021

Country Curr Impact

United States USD Medium

China CNY Medium

1.48% -0.41%

CNY Medium

Medium

T3 2021 1.16% -0.08% 1.30%

T4 2021 2.70% 3.41% 2.10%

-0.97% -0.34%

T6 2020 3.17%

2.37 0.78 0.28

3.53%

3.30%

2.50%

2.70%

Phillipines

2.70%

2.50%

4.50%

4.70%

4.20%

-1.17%

4.10%

0.20%

T2 2021 0.70% 0.70%

T11 2020 T1 2021

US

T1 2021 T12 2020 T11 2020 T10 2020

Unit: %

3.08 (0.12) 2.15 2.70

China Japan Malaysia Philippines

(0.09)

2.08 2.49

3.12 (0.11) 2.13 2.80 3.07

(0.10) 2.14 2.74

2.96 (0.11) 2.09 2.67

1.14 2.91

(0.10) 2.57 2.62

3.21 0.91 0.83 3.00

(0.10) 2.58 3.30 0.80

1.09 3.06

(0.09) 2.22 2.82 0.54 1.07

T7 2021 2.80 (0.12) 2.52 2.88 0.65 0.77 1.06 0.73

T5 2021 T4 2021 T3 2021 T2 2021

3.06 (0.08)

T6 2021 2.96 (0.10) 2.54 3.06 0.69 0.83 1.10 3.28

0.79

0.86 1.16 0.81

0.62 0.44 1.10

4.50%

0.38

1.09 4.50%

0.63

Thailand

1.85 0.79

0.33 1.21 0.78

0.39 1.28 0.81

2.40%

0.81

0.27

-6%

-4%

-2%

0%

2%

4%

6%

8%

Indonesia Malaysia Philippines

Thailand Vietnam Singapore

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Government bond aunction (23/8 - 27/8/2021)

No Bond code Issuer Tenor Date Offer (bn) Sub (bn) WinVal (bn) Rate Change (bps) 1 TD2151043 STV

2 TD2136028 STV 3 TD2131017 STV

Gov bond auction plan (30/8 - 3/9/2021)

No Date Issuer Bond code Type Tenor Value (bn)

1 2 3

Government bond auction plan 2021

No

1 2 3 4 5 6

Top 10 most traded bond code of the week

No Bond codeTrading Val (bn) Issuing tenor Remaining tenor Rate

1 TD1929178

2 TD1934190

3 TD2025005

4 TD1530258

5 6

7 TD2131016

8 TD2126003

9 TD2131017

10 TD2136028

Weekly report

Appendix 1

6/9/2021 STV TD2136028 15

2.05 1,370

1,033 15

25/8/2021 25/8/2021

3,750

3,500

4,958

6,055

5 STV

6/9/2021

2,000

5,170 30

TD2131014

1221 1230

1,505

2.98 2.26

10 9.7

1179 2.07 - 2.1201

30.000 Billion Value 20.000 Billion STV

6/9/2021

-3 0 0 25/8/2021

10

10 15

15 14.1

1771

TD2126003 Additional Additional

8.4

1.1599 - 3.1 2.2893 - 2.5 0.94 - 1.9401

2.1 - 2.1 30.000 Billion

350.000 Billion 120.000 Billion 135.000 Billion

2753

10 5

15

9.8 4.9 9.9

2.04 - 2.1 0.8199 - 1.0499

2.06 - 2.3096 10

1209 2642

14.7 1269

2.28 - 2.5055 30 years

Total

15.000 Billion

3,000

2,000

1,000

Additional 20

TD2141038

2.28 - 3 1173

5 15

7.4 12.7

3.8 1043

Tenor 5 years 7 years 10 years 15 years 20 years

TD2035026

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Corporate bonds issued in the month (up to 27/8/2021)

Weekly report

Appendix 2

ISSUER TYPE OF

PLACEMENT

VALUE

(VND Bn) BOND CODE SEGMENT DATE INTEREST RATE TENOR (year) Neo floor JSC Private 250 NEOCH2123001 Industrial 04/08/2021 11.5%/year 2 SMC Trading JSC Private 200 SMCH2124001 Real estate 02/08/2021 8.2%/year 3

Ha Long bay hotel JSC Private 250 HLHCH2125001 Real estate 02/08/2021

11%/year: 1st year, Others: = Average Deposit IntRt 12M (SEAB,

BIDV, VCB, CTG) + 3.8%/year

4

OUTSTANDING INVESTMENT JSC Private 600 OSDCH2126003 Financial 09/08/2021 N/A 5

Vietnam International bank Private 150 VIBL2128010 Banking 12/08/2021

Average Deposit IntRt 12M (VCB, BID, CTG,

AGR) + 2%/year (Issuing rate: 7.575%)

7

SUNRISE VIETNAM INVESTMENT

AND CONSTRUCTION JSC Private 500 SRSCH2124001 Real estate 06/08/2021

11%/year: 1st year, Others: = Average Deposit IntRt 12M (VCB,

BID, CTG) + 4.5%/year 3

PHAT DAT REAL ESTATE JSC Private 200 PDRH2123005 Real estate 11/08/2021 13%/year 2

HUNG THINH LAND JSC Private 300 H79CH2122003 Real estate 02/08/2021 10.3%/year 1

CMC JSC Private 100 CVTB2122001 Materials 11/08/2021 9.5%/year 1

CMC JSC Private 100 CVTB2123002 Materials 11/08/2021 10%/year 2

TNH HOTELS & RESORTS MANAGEMENT AND INVESTMENT JSC

Private 300 TNHCH2122004 Real estate 11/08/2021 10%/year 1

Vietnam International

Commercial Joint Stock Bank Private 100 VIB2128011 Banking 16/08/2021

First 5 year:

Deposit IntRt 12M (CTG, BIDV, VCB, AGR) + 2.0%

(Issuing rate: 7.575%) 7

An Binh Commercial Joint Stock

Bank Private 500 ABBL2123009 Banking 16/08/2021 3.5%/year 2

Joint stock Commercial Bank for Investment and Development

of Viet Nam

Private 500 BIDL2129026 Banking 12/08/2021

Deposit IntRt 12M (AGRIBANK, BIDV, CTG,

VCB) + 0.9%/year (Issuing rate: 6.45%)

8

Ban Viet Commercial Joint Stock

Bank Private 50 BVBLH2128002 Banking 05/08/2021 7.6%/year 7

Ban Viet Commercial Joint Stock

Bank Private 50 BVBLH2128001 Banking 02/08/2021 7.6%/year 7

TRUNG NAM CONSTRUCTION

INVESTMENT JSC Private 600 TNGCB2122002 Energy 16/08/2021 9.5%/year 1

Vietnam Maritime Commercial

Join Stock Bank Private 1000 MSBL2124005 Banking 11/08/2021 3.7%/year 3

(10)

Corporate bonds issued in the month (up to 27/8/2021)

Weekly report

Appendix 2

Joint stock Commercial Bank for Investment and Development

of Viet Nam

Private 100 BIDL2129025 Banking 18/08/2021

Floating rate = Average Deposit IntRt 12M(BID,

VCB, CTG, AGR) + 0.9%/year.

(Actual Rate: 6.43%) 8

Commercial Joint Stock Bank Private 50 VIBL2128012 Banking 19/08/2021

Floating rate = Average Deposit IntRt 12M (BID,

VCB, CTG, AGR) + 2.0%/year.

(Actual rate: 7.575%) 7

TRANSIMEX JSC Private 300 TMSH2126001 Consumer

services 13/08/2021 ^8.3%/year ⁵ Ha Noi Water Manufacturing JSC

No 3 Private 145 NS3H2125001 Consumer

staples 17/08/2021 11%/year 4

MAROON BELLS JSC Private 1023 MRBCH2125001 Consumer

services 18/08/2021 ^8.0%/year ⁴ KN Van Ninh Solar Power

Investment and Development Co., Ltd

Private 595 KNVCH2131001 Energy 29/07/2021

9.8%/year: 1st year, Others: = Deposit IntRt

24M MBBANK + 3.0%/year

11

VietNam Joint Stock Commercial

Bank for Industry and Trade Private 720 CTGL2129008 Banking 16/8/2021

Floating rate = Deposit IntRt 12M (BID, VCB,

CTG, AGR) + 0.9%/year.

(Actual rate: 6.43%) 8

An Phat Finance JSC Private 50 APACH2124002 ^Consumer_staples 13/8/2021 8%/year 3 GALAXY ENTERTAINMENT AND

EDUCATION JOINT STOCK COMPANY

Private 25 GMECH2123004 ^Consumer_staples 19/8/2021 10%/year 2

Big Gain Investment Company

Limited Private 1000 BGICH2125003 Real estate 19/8/2021

11%/year: 1st year, Others: = Deposit IntRt 12M (VCB, BID, CTG) +

4.5%/year

4

Commercial Joint Stock Bank Private 600 VIB2125013 Banking 25/8/2021 3.8%/year 4 Orient Commercial Joint Stock

Bank Private 1000 OCBL2124005 Banking 24/8/2021 3.5%/year 3

Orient Commercial Joint Stock

Bank Private 1000 OCBL2124006 Banking 24/8/2021 3.5%/year 3

Saigon - Ha Noi Commercial Joint

Stock Bank Private 900 SHBH2123006 Banking 26/8/2021 4.2%/year 2

Commercial Joint Stock Bank Private 400 VIBL2125014 Banking 26/8/2021 3.8%/year 4 Viet Capital Securities JSC Private 50 VCIH2123005 Securities 13/8/2021 8.5%/year 2

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